# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-26-066698
**Filing Date:** 2026-6
**Character Count:** 243800
**Document Hash:** f8996a1e43991dc62ad4940b963f4609
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-066698.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001410368-26-066698

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 261121621

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

April 30, 2026

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

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

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

---

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

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2026

**iShares Intermediate Muni Income 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 — 7.3%** | **Alabama — 7.3%** | **Alabama — 7.3%** |
| &nbsp;&nbsp;&nbsp; Alabama Highway Authority, RB, 5.00%, 09/01/41 <br> (AG)<br>| &nbsp;&nbsp;&nbsp; $950 | $1056738 |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB <br> AMT, 5.00%, 06/01/55<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1100 | 1123821 |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.97%, 10/01/52<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 535 | 535238 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/49 | &nbsp;&nbsp;&nbsp; 950 | 953262 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/30 | &nbsp;&nbsp;&nbsp; 465 | 486615 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/31 | &nbsp;&nbsp;&nbsp; 300 | 316783 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | &nbsp;&nbsp;&nbsp; 3875 | 4110771 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | &nbsp;&nbsp;&nbsp; 1820 | 1911459 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/55 | &nbsp;&nbsp;&nbsp; 4375 | 4660114 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | &nbsp;&nbsp;&nbsp; 2390 | 2533102 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/53 | &nbsp;&nbsp;&nbsp; 1275 | 1335833 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/54 | &nbsp;&nbsp;&nbsp; 605 | 643141 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/55 | &nbsp;&nbsp;&nbsp; 465 | 482424 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/53 | &nbsp;&nbsp;&nbsp; 900 | 941010 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/54 | &nbsp;&nbsp;&nbsp; 700 | 754419 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue, RB, 5.25%, <br> 10/01/42<br>| &nbsp;&nbsp;&nbsp; 1000 | 1083390 |
| Energy Southeast A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/53 | &nbsp;&nbsp;&nbsp; 1000 | 1074053 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/54 | &nbsp;&nbsp;&nbsp; 225 | 245503 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/51 | &nbsp;&nbsp;&nbsp; 1315 | 1330142 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 2670 | 2853426 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/55 | &nbsp;&nbsp;&nbsp; 2155 | 2329715 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 505 | 536875 |
| &nbsp;&nbsp;&nbsp; VRDN, VRDN, 4.22%, 05/01/53 (1-day SOFR)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 2050 | 2076460 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 110 | 110770 |
|  |  | 33485064 |
| **Arizona — 0.2%** | **Arizona — 0.2%** | **Arizona — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arizona Department of Transportation State Highway <br> Fund Revenue, RB, 5.00%, 07/01/34<br>| &nbsp;&nbsp;&nbsp; 215 | 215784 |
| Salt Verde Financial Corp., RB, 5.50%, 12/01/29 | &nbsp;&nbsp;&nbsp; 670 | 714676 |
|  |  | 930460 |
| **California — 7.2%** | **California — 7.2%** | **California — 7.2%** |
| Bay Area Toll Authority, RB, 5.00%, 04/01/61 | &nbsp;&nbsp;&nbsp; 1000 | 1136092 |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/53<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 750 | 764400 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/56 | &nbsp;&nbsp;&nbsp; 275 | 293388 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/56 | &nbsp;&nbsp;&nbsp; 4140 | 4436231 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/36 | &nbsp;&nbsp;&nbsp; 1625 | 1749985 |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, 3.60%, <br> 07/01/56<br>| &nbsp;&nbsp;&nbsp; 3900 | 3898518 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/65<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2325 | 2324428 |
| &nbsp;&nbsp;&nbsp; 12.00%, 01/01/65<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2240 | 1299200 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp;&nbsp; 500 | 502879 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/17/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 360 | 359434 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/31 | &nbsp;&nbsp;&nbsp; 525 | 531174 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, RB, 5.00%, 10/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4000 | 4197220 |
| City of Los Angeles Department of Airports, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/24/26 | &nbsp;&nbsp;&nbsp; 475 | 475767 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/30 | &nbsp;&nbsp;&nbsp; 430 | 430678 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/34 | &nbsp;&nbsp;&nbsp; 355 | 397127 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/35 | &nbsp;&nbsp;&nbsp; 500 | 561940 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/36 | &nbsp;&nbsp;&nbsp; 685 | 685782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/39 | &nbsp;&nbsp;&nbsp; $1000 | $1090796 |
| &nbsp;&nbsp;&nbsp; Hidden Valley Lake Community Services District, SA, <br> 3.50%, 09/02/32<br>| &nbsp;&nbsp;&nbsp; 361 | 351645 |
| &nbsp;&nbsp;&nbsp; Northern California Transmission Agency, RB, 5.00%, <br> 05/01/33<br>| &nbsp;&nbsp;&nbsp; 625 | 626525 |
| &nbsp;&nbsp;&nbsp; Riverside County Community Facilities Districts, ST, <br> 3.88%, 09/01/28<br>| &nbsp;&nbsp;&nbsp; 405 | 404863 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District California , GO, <br> Series C, 0.00%, 07/01/38<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1945 | 1265780 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, RB AMT, 5.00%, <br> 05/01/33<br>| &nbsp;&nbsp;&nbsp; 500 | 555142 |
| State of California, GO, 5.00%, 10/01/44 | &nbsp;&nbsp;&nbsp; 2500 | 2785107 |
| &nbsp;&nbsp;&nbsp; Yosemite Community College District, GO, 0.00%, <br> 08/01/38<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 2700 | 1739837 |
|  |  | 32863938 |
| **Colorado — 4.0%** | **Colorado — 4.0%** | **Colorado — 4.0%** |
| &nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/35 | &nbsp;&nbsp;&nbsp; 1010 | 1046813 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/34 | &nbsp;&nbsp;&nbsp; 200 | 229472 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Co. Airport System Revenue, <br> RB AMT, 5.00%, 11/15/41<br>| &nbsp;&nbsp;&nbsp; 895 | 948460 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Co. Utilities System <br> Revenue, RB, 5.00%, 11/15/44<br>| &nbsp;&nbsp;&nbsp; 2210 | 2420398 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 | &nbsp;&nbsp;&nbsp; 305 | 340457 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/57 | &nbsp;&nbsp;&nbsp; 330 | 368418 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/60 | &nbsp;&nbsp;&nbsp; 285 | 307482 |
| &nbsp;&nbsp;&nbsp; Colorado State Education Loan Program, RB, 5.00%, <br> 06/30/26<br>| &nbsp;&nbsp;&nbsp; 8775 | 8805812 |
| &nbsp;&nbsp;&nbsp; Denver City & County Housing Authority, RB, 5.00%, <br> 06/01/29<br>| &nbsp;&nbsp;&nbsp; 415 | 432530 |
| Denver City & County School District No. 1, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/35 (SAW) | &nbsp;&nbsp;&nbsp; 1860 | 1880852 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 (SAW) | &nbsp;&nbsp;&nbsp; 640 | 646803 |
| State of Colorado, COP, 5.00%, 03/15/37 | &nbsp;&nbsp;&nbsp; 675 | 684050 |
|  |  | 18111547 |
| **Connecticut — 3.0%** | **Connecticut — 3.0%** | **Connecticut — 3.0%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, RB, 1.85%, <br> 05/15/38<br>| &nbsp;&nbsp;&nbsp; 205 | 153277 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/01/37 | &nbsp;&nbsp;&nbsp; 905 | 905578 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 | &nbsp;&nbsp;&nbsp; 740 | 742027 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/36 | &nbsp;&nbsp;&nbsp; 175 | 204218 |
| State of Connecticut Special Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/36 | &nbsp;&nbsp;&nbsp; 500 | 576289 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/38 | &nbsp;&nbsp;&nbsp; 220 | 241875 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | &nbsp;&nbsp;&nbsp; 5000 | 5621996 |
| State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/35 | &nbsp;&nbsp;&nbsp; 125 | 144130 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/38 | &nbsp;&nbsp;&nbsp; 3585 | 4058625 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp; 895 | 993003 |
|  |  | 13641018 |
| **Delaware — 0.4%** | **Delaware — 0.4%** | **Delaware — 0.4%** |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, RB, <br> 4.00%, 10/01/45<br>| &nbsp;&nbsp;&nbsp; 1455 | 1455072 |
| &nbsp;&nbsp;&nbsp; Delaware Transportation Authority, RB, 5.00%, <br> 09/01/26<br>| &nbsp;&nbsp;&nbsp; 315 | 317476 |
|  |  | 1772548 |
| **District of Columbia — 1.2%** | **District of Columbia — 1.2%** | **District of Columbia — 1.2%** |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, RB, 5.00%, <br> 06/01/40<br>| &nbsp;&nbsp;&nbsp; 175 | 195611 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| District of Columbia Water & Sewer Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | &nbsp;&nbsp;&nbsp; $1000 | $1157387 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/41 | &nbsp;&nbsp;&nbsp; 685 | 757146 |
| District of Columbia, GO, 5.00%, 06/01/39 | &nbsp;&nbsp;&nbsp; 1500 | 1702660 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/34 | &nbsp;&nbsp;&nbsp; 300 | 333932 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/37 | &nbsp;&nbsp;&nbsp; 295 | 317159 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/41 | &nbsp;&nbsp;&nbsp; 585 | 646526 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, RB, 0.00%, 10/01/27 (AG)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 395 | 378449 |
|  |  | 5488870 |
| **Florida — 4.0%** | **Florida — 4.0%** | **Florida — 4.0%** |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, RB, 5.00%, <br> 07/01/34<br>| &nbsp;&nbsp;&nbsp; 2415 | 2673896 |
| &nbsp;&nbsp;&nbsp; County of Broward FL Airport System Revenue, RB <br> AMT, 5.00%, 10/01/35<br>| &nbsp;&nbsp;&nbsp; 1570 | 1600394 |
| County of Lee FL Airport Revenue RB, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/56 | &nbsp;&nbsp;&nbsp; 2620 | 2816115 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/44 | &nbsp;&nbsp;&nbsp; 1240 | 1337858 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue, RB AMT, <br> 5.00%, 10/01/34<br>| &nbsp;&nbsp;&nbsp; 2000 | 2226215 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade FL, GO, Series A, 5.00%, <br> 07/01/38<br>| &nbsp;&nbsp;&nbsp; 1075 | 1077652 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department RB, RB <br> AMT, 5.00%, 10/01/36<br>| &nbsp;&nbsp;&nbsp; 1330 | 1423359 |
| County of Osceola Transportation Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | &nbsp;&nbsp;&nbsp; 435 | 451242 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/39 | &nbsp;&nbsp;&nbsp; 985 | 1005603 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB AMT, 4.38%, <br> 10/01/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 251375 |
| &nbsp;&nbsp;&nbsp; Kissimmee Park Community Development District, <br> 5.00%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 555 | 553147 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District, <br> 2.75%, 05/01/26<br>| &nbsp;&nbsp;&nbsp; 95 | 95000 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, RB, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp;&nbsp; 250 | 250355 |
| &nbsp;&nbsp;&nbsp; Palmetto Ridge Community Development District, <br> 4.13%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 740 | 731502 |
| &nbsp;&nbsp;&nbsp; Pinery Community Development District, 4.25%, <br> 05/01/31<br>| &nbsp;&nbsp;&nbsp; 500 | 493287 |
| &nbsp;&nbsp;&nbsp; Sarasota County School Board, COP, 5.00%, <br> 07/01/26<br>| &nbsp;&nbsp;&nbsp; 350 | 351272 |
| &nbsp;&nbsp;&nbsp; School District of Broward County Florida, COP, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp;&nbsp; 515 | 516878 |
| &nbsp;&nbsp;&nbsp; School District of Broward County/FL, COP, 5.00%, <br> 07/01/32<br>| &nbsp;&nbsp;&nbsp; 320 | 321167 |
| &nbsp;&nbsp;&nbsp; Tohoqua Community Development District, 2.38%, <br> 05/01/26<br>| &nbsp;&nbsp;&nbsp; 60 | 60000 |
|  |  | 18236317 |
| **Georgia — 1.5%** | **Georgia — 1.5%** | **Georgia — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Atlanta GA Department of Aviation, RB AMT, <br> 5.25%, 07/01/42<br>| &nbsp;&nbsp;&nbsp; 300 | 327075 |
| &nbsp;&nbsp;&nbsp; County of DeKalb Water & Sewerage Revenue, RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; 1000 | 1106368 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County.(The), RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 101359 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, 4.05%, <br> 12/01/35 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 250 | 253527 |
| Main Street Energy Inc., RB, 5.00%, 12/01/33 | &nbsp;&nbsp;&nbsp; 1120 | 1178304 |
| Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/50 | &nbsp;&nbsp;&nbsp; 720 | 721931 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 | &nbsp;&nbsp;&nbsp; 850 | 889276 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/37 | &nbsp;&nbsp;&nbsp; 500 | 539940 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/53 | &nbsp;&nbsp;&nbsp; 50 | 52859 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/53 | &nbsp;&nbsp;&nbsp; $200 | $211785 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/54 | &nbsp;&nbsp;&nbsp; 500 | 529185 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/55 | &nbsp;&nbsp;&nbsp; 270 | 285789 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | &nbsp;&nbsp;&nbsp; 500 | 527387 |
|  |  | 6724785 |
| **Hawaii — 0.5%** | **Hawaii — 0.5%** | **Hawaii — 0.5%** |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, RB AMT, <br> 5.00%, 07/01/42<br>| &nbsp;&nbsp;&nbsp; 2250 | 2414749 |
| **Idaho — 0.9%** | **Idaho — 0.9%** | **Idaho — 0.9%** |
| Idaho Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 12/01/48 | &nbsp;&nbsp;&nbsp; 195 | 195000 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/60 | &nbsp;&nbsp;&nbsp; 1810 | 2011895 |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, 5.00%, <br> 08/15/43<br>| &nbsp;&nbsp;&nbsp; 1750 | 1927832 |
|  |  | 4134727 |
| **Illinois — 4.0%** | **Illinois — 4.0%** | **Illinois — 4.0%** |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/32 | &nbsp;&nbsp;&nbsp; 625 | 668318 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/38 | &nbsp;&nbsp;&nbsp; 1900 | 2082252 |
| Chicago O'Hare International Airport RB, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/37 | &nbsp;&nbsp;&nbsp; 1230 | 1340787 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/42 | &nbsp;&nbsp;&nbsp; 1500 | 1625163 |
| Chicago O'Hare International Airport, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/37 | &nbsp;&nbsp;&nbsp; 570 | 576647 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/38 | &nbsp;&nbsp;&nbsp; 1925 | 1946381 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | &nbsp;&nbsp;&nbsp; 670 | 681849 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 | &nbsp;&nbsp;&nbsp; 785 | 818812 |
| City of Chicago Illinois, GO, 5.00%, 01/01/27 | &nbsp;&nbsp;&nbsp; 100 | 100757 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, 6.25%, <br> 10/01/56 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 750 | 850766 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp;&nbsp; 785 | 786428 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency, RB, 4.00%, <br> 12/01/36<br>| &nbsp;&nbsp;&nbsp; 100 | 99282 |
| &nbsp;&nbsp;&nbsp; Rock Island County School District No. 41 Rock <br> Island, GO, 5.00%, 01/01/42 (AGC)<br>| &nbsp;&nbsp;&nbsp; 350 | 371833 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 225 | 243531 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/34 | &nbsp;&nbsp;&nbsp; 500 | 558406 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; 1120 | 1128116 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/37 | &nbsp;&nbsp;&nbsp; 100 | 109671 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/43 | &nbsp;&nbsp;&nbsp; 1000 | 1052817 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 | &nbsp;&nbsp;&nbsp; 3000 | 3226391 |
|  |  | 18268207 |
| **Indiana — 0.9%** | **Indiana — 0.9%** | **Indiana — 0.9%** |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/34 | &nbsp;&nbsp;&nbsp; 775 | 779982 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/40 | &nbsp;&nbsp;&nbsp; 325 | 364790 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/42 | &nbsp;&nbsp;&nbsp; 625 | 683534 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/57 | &nbsp;&nbsp;&nbsp; 1970 | 2199416 |
|  |  | 4027722 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| PEFA Inc., RB, 5.00%, 09/01/49 | &nbsp;&nbsp;&nbsp; 110 | 110634 |
| **Kansas — 0.5%** | **Kansas — 0.5%** | **Kansas — 0.5%** |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation, RB, <br> 5.00%, 09/01/43<br>| &nbsp;&nbsp;&nbsp; 1745 | 1915963 |
| &nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, RB, 5.00%, <br> 03/01/55<br>| &nbsp;&nbsp;&nbsp; 565 | 603067 |
|  |  | 2519030 |
| **Kentucky — 1.2%** | **Kentucky — 1.2%** | **Kentucky — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB AMT, 3.70%, <br> 01/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 99653 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Public Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 | &nbsp;&nbsp;&nbsp; $1050 | $1060414 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | &nbsp;&nbsp;&nbsp; 2055 | 2178265 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/55 | &nbsp;&nbsp;&nbsp; 660 | 698216 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; 1040 | 1135121 |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br> RB, 1.75%, 02/01/35<br>| &nbsp;&nbsp;&nbsp; 125 | 124557 |
|  |  | 5296226 |
| **Louisiana — 0.6%** | **Louisiana — 0.6%** | **Louisiana — 0.6%** |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities <br> & Community Development Authority, RB, <br> Class A,2.00%, 06/01/30<br>| &nbsp;&nbsp;&nbsp; 175 | 164131 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB AMT, 4.38%, <br> 05/01/53<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2022265 |
| Parish of St. James Louisiana, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/01/41 | &nbsp;&nbsp;&nbsp; 100 | 100900 |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 549676 |
|  |  | 2836972 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| City of Baltimore Maryland, RB, 4.00%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 197462 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, 5.00%, <br> 06/01/35<br>| &nbsp;&nbsp;&nbsp; 500 | 513621 |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities <br> Commission, RB, 3.85%, 07/01/34 (FHA 542(C))<br>| &nbsp;&nbsp;&nbsp; 365 | 372803 |
|  |  | 1083886 |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, 5.00%, <br> 10/01/32<br>| &nbsp;&nbsp;&nbsp; 510 | 576373 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, 5.00%, <br> 07/01/36<br>| &nbsp;&nbsp;&nbsp; 520 | 521792 |
| &nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust.(The), RB, 5.00%, <br> 02/01/43<br>| &nbsp;&nbsp;&nbsp; 4000 | 4485923 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> 5.00%, 10/01/65<br>| &nbsp;&nbsp;&nbsp; 950 | 1069775 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, RB, 5.00%, <br> 02/15/41<br>| &nbsp;&nbsp;&nbsp; 350 | 392698 |
|  |  | 7046561 |
| **Michigan — 1.1%** | **Michigan — 1.1%** | **Michigan — 1.1%** |
| &nbsp;&nbsp;&nbsp; Caledonia Community Schools, GO, 5.00%, 05/01/26 <br> (Q-SBLF)<br>| &nbsp;&nbsp;&nbsp; 410 | 410000 |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/15/38 | &nbsp;&nbsp;&nbsp; 850 | 813265 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/20/26 | &nbsp;&nbsp;&nbsp; 610 | 613950 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/29/40 | &nbsp;&nbsp;&nbsp; 100 | 107975 |
| Michigan State Hospital Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/55 | &nbsp;&nbsp;&nbsp; 215 | 235315 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/55 | &nbsp;&nbsp;&nbsp; 1830 | 2041074 |
| Michigan Strategic Fund, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/26 | &nbsp;&nbsp;&nbsp; 150 | 151305 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/29 | &nbsp;&nbsp;&nbsp; 490 | 507578 |
|  |  | 4880462 |
| **Minnesota — 1.2%** | **Minnesota — 1.2%** | **Minnesota — 1.2%** |
| City of Rochester MN, RB, 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 725 | 819027 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, 6.00%, <br> 01/01/53 (GNMA/FNMA/FHLMC COLL)<br>| &nbsp;&nbsp;&nbsp; 4360 | 4627438 |
|  |  | 5446465 |
| **Missouri — 0.5%** | **Missouri — 0.5%** | **Missouri — 0.5%** |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State <br> of Missouri, RB, 5.00%, 04/01/35<br>| &nbsp;&nbsp;&nbsp; 500 | 567452 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, RB <br> AMT, 5.00%, 03/01/34<br>| &nbsp;&nbsp;&nbsp; 750 | 779846 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, <br> 5.75%, 05/01/57 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; $875 | $969586 |
|  |  | 2316884 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| Central Plains Energy Project, RB, 5.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 1170 | 1224261 |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, 6.25%, <br> 03/01/55 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 725 | 810753 |
|  |  | 2035014 |
| **Nevada — 0.7%** | **Nevada — 0.7%** | **Nevada — 0.7%** |
| Clark County School District, GOL |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/36 | &nbsp;&nbsp;&nbsp; 1000 | 1001161 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1113081 |
| County of Washoe Nevada, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/36 | &nbsp;&nbsp;&nbsp; 275 | 277821 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/36 | &nbsp;&nbsp;&nbsp; 90 | 91491 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, 5.00%, <br> 06/01/34<br>| &nbsp;&nbsp;&nbsp; 530 | 531003 |
|  |  | 3014557 |
| **New Hampshire — 1.6%** | **New Hampshire — 1.6%** | **New Hampshire — 1.6%** |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/20/43 | &nbsp;&nbsp;&nbsp; 2158 | 2116583 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/20/41 | &nbsp;&nbsp;&nbsp; 1025 | 1001397 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/28/43 | &nbsp;&nbsp;&nbsp; 1585 | 1596364 |
| &nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority, RB, <br> 6.25%, 07/01/55 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 2220 | 2471971 |
|  |  | 7186315 |
| **New Jersey — 2.9%** | **New Jersey — 2.9%** | **New Jersey — 2.9%** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, <br> 5.00%, 06/15/28<br>| &nbsp;&nbsp;&nbsp; 225 | 235716 |
| New Jersey Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/35 | &nbsp;&nbsp;&nbsp; 1510 | 1548036 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/38 | &nbsp;&nbsp;&nbsp; 100 | 110021 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 5.00%, 07/01/29<br>| &nbsp;&nbsp;&nbsp; 900 | 903264 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB AMT, 5.00%, 12/01/33<br>| &nbsp;&nbsp;&nbsp; 450 | 483176 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> RB, 3.50%, 05/01/29 (HUD SECT 8)<br>| &nbsp;&nbsp;&nbsp; 240 | 242836 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/32 | &nbsp;&nbsp;&nbsp; 750 | 837583 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/35 | &nbsp;&nbsp;&nbsp; 1110 | 1260636 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/37 | &nbsp;&nbsp;&nbsp; 290 | 319672 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | &nbsp;&nbsp;&nbsp; 1000 | 1082027 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | &nbsp;&nbsp;&nbsp; 595 | 648125 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/34<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2015 | 1503406 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/37<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3165 | 2069638 |
| Tobacco Settlement Financing Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 | &nbsp;&nbsp;&nbsp; 570 | 593265 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/34 | &nbsp;&nbsp;&nbsp; 945 | 979109 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | &nbsp;&nbsp;&nbsp; 500 | 515809 |
|  |  | 13332319 |
| **New Mexico — 0.8%** | **New Mexico — 0.8%** | **New Mexico — 0.8%** |
| New Mexico Mortgage Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.92%, 02/01/42 | &nbsp;&nbsp;&nbsp; 250 | 249999 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/57 | &nbsp;&nbsp;&nbsp; 3000 | 3282039 |
|  |  | 3532038 |
| **New York — 6.7%** | **New York — 6.7%** | **New York — 6.7%** |
| City of New York NY, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/36 | &nbsp;&nbsp;&nbsp; 350 | 401660 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/42 | &nbsp;&nbsp;&nbsp; 500 | 545351 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax <br> Fund, RB, 5.00%, 11/15/31<br>| &nbsp;&nbsp;&nbsp; 225 | 227576 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, 5.00%, <br> 11/15/43<br>| &nbsp;&nbsp;&nbsp; 1355 | 1452803 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Intermediate Muni Income 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; New York City Housing Development Corp., RB, <br> 3.13%, 11/01/65 (HUD SECT 8)<br>| &nbsp;&nbsp;&nbsp; $605 | $603195 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> 5.00%, 06/15/38<br>| &nbsp;&nbsp;&nbsp; 1000 | 1175376 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/01/65 | &nbsp;&nbsp;&nbsp; 1550 | 1555855 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/01/65 | &nbsp;&nbsp;&nbsp; 465 | 470175 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/33 | &nbsp;&nbsp;&nbsp; 905 | 1027569 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/37 | &nbsp;&nbsp;&nbsp; 620 | 620794 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/40 (SAW) | &nbsp;&nbsp;&nbsp; 2000 | 2255273 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/41 | &nbsp;&nbsp;&nbsp; 500 | 554313 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/42 | &nbsp;&nbsp;&nbsp; 1800 | 1973021 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/44 | &nbsp;&nbsp;&nbsp; 185 | 199618 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, New York, RB, <br> 5.00%, 06/01/36<br>| &nbsp;&nbsp;&nbsp; 730 | 730730 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, RB, 5.00%, <br> 05/01/38<br>| &nbsp;&nbsp;&nbsp; 1000 | 1128188 |
| &nbsp;&nbsp;&nbsp; New York Energy Finance Development Corp., RB, <br> 5.00%, 07/01/56<br>| &nbsp;&nbsp;&nbsp; 1100 | 1132555 |
| New York State Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/38 (AG SAW) | &nbsp;&nbsp;&nbsp; 1000 | 1128883 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/39 | &nbsp;&nbsp;&nbsp; 500 | 565975 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/42 | &nbsp;&nbsp;&nbsp; 630 | 691866 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/36 | &nbsp;&nbsp;&nbsp; 1225 | 1232886 |
| &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; 500 | 507081 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 262897 |
| New York State Thruway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/40 | &nbsp;&nbsp;&nbsp; 1000 | 1123310 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/41 | &nbsp;&nbsp;&nbsp; 1000 | 1082554 |
| New York Transportation Development Corp., RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 250 | 232911 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | &nbsp;&nbsp;&nbsp; 450 | 454241 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/28 | &nbsp;&nbsp;&nbsp; 275 | 283458 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/31 | &nbsp;&nbsp;&nbsp; 500 | 539259 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/33 | &nbsp;&nbsp;&nbsp; 710 | 725173 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/40 | &nbsp;&nbsp;&nbsp; 500 | 563381 |
| Port Authority of New York & New Jersey, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 | &nbsp;&nbsp;&nbsp; 965 | 1047999 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/41 | &nbsp;&nbsp;&nbsp; 565 | 614195 |
| Triborough Bridge & Tunnel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 100 | 111499 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp; 650 | 715231 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp; 150 | 164884 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/43 | &nbsp;&nbsp;&nbsp; 1000 | 1103336 |
| &nbsp;&nbsp;&nbsp; Series A-2, 2.00%, 05/15/45 | &nbsp;&nbsp;&nbsp; 1250 | 1249620 |
|  |  | 30454691 |
| **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** |
| County of Wake NC, RB, 5.00%, 05/01/40 | &nbsp;&nbsp;&nbsp; 1000 | 1122470 |
| &nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities & Pollution <br> Control Financing Authority, RB AMT, 3.13%, <br> 12/01/27<br>| &nbsp;&nbsp;&nbsp; 1925 | 1921945 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, RB, 3.45%, <br> 11/01/30<br>| &nbsp;&nbsp;&nbsp; 250 | 248792 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp;&nbsp; 300 | 315038 |
| State of North Carolina, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | &nbsp;&nbsp;&nbsp; 260 | 299933 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/39 | &nbsp;&nbsp;&nbsp; 2320 | 2601755 |
|  |  | 6509933 |
| **Ohio — 3.3%** | **Ohio — 3.3%** | **Ohio — 3.3%** |
| City of Columbus OH, GOL, 5.00%, 04/01/32 | &nbsp;&nbsp;&nbsp; 600 | 673664 |
| County of Franklin OH, RB, 2.63%, 12/01/46 | &nbsp;&nbsp;&nbsp; 285 | 285000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB, 4.00%, <br> 09/01/30<br>| &nbsp;&nbsp;&nbsp; $230 | $232128 |
| Ohio Air Quality Development Authority, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/01/28 | &nbsp;&nbsp;&nbsp; 3325 | 3348468 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/01/29 | &nbsp;&nbsp;&nbsp; 2165 | 2184036 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/39 | &nbsp;&nbsp;&nbsp; 615 | 620155 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 185413 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, 6.00%, 03/01/55 <br> (GNMA/FNMA/FHLMC COLL)<br>| &nbsp;&nbsp;&nbsp; 1605 | 1753185 |
| Ohio Water Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 1005 | 1110968 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 | &nbsp;&nbsp;&nbsp; 2195 | 2389936 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 253785 |
| State of Ohio RB, RB AMT, 5.00%, 12/31/39 | &nbsp;&nbsp;&nbsp; 1500 | 1499918 |
| State of Ohio, GO, 5.00%, 05/01/38 | &nbsp;&nbsp;&nbsp; 400 | 459245 |
|  |  | 14995901 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, RB, 4.00%, <br> 03/01/50 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 440 | 444377 |
| Oklahoma Turnpike Authority, RB, 5.00%, 01/01/41 | &nbsp;&nbsp;&nbsp; 515 | 570588 |
|  |  | 1014965 |
| **Oregon — 2.4%** | **Oregon — 2.4%** | **Oregon — 2.4%** |
| City of Portland Oregon, GOL, 5.00%, 05/01/40 | &nbsp;&nbsp;&nbsp; 2500 | 2818358 |
| &nbsp;&nbsp;&nbsp; Lane County School District No 19 Springfield, GO, <br> 0.00%, 06/15/33<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1115 | 892251 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1J Portland, <br> GO, 5.00%, 06/15/39 (GTD)<br>| &nbsp;&nbsp;&nbsp; 485 | 548829 |
| Port of Morrow Oregon, GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2360 | 2360364 |
| Port of Portland Airport Revenue, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | &nbsp;&nbsp;&nbsp; 500 | 552494 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | &nbsp;&nbsp;&nbsp; 1000 | 1072339 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | &nbsp;&nbsp;&nbsp; 300 | 317755 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/41 | &nbsp;&nbsp;&nbsp; 665 | 720447 |
| &nbsp;&nbsp;&nbsp; Port of Portland OR Airport Revenue RB, RB AMT, <br> 5.00%, 07/01/38<br>| &nbsp;&nbsp;&nbsp; 345 | 375456 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J, GO, 0.00%, <br> 06/15/27 (GTD)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1250 | 1209693 |
|  |  | 10867986 |
| **Pennsylvania — 5.6%** | **Pennsylvania — 5.6%** | **Pennsylvania — 5.6%** |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB, 5.50%, 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 410 | 440969 |
| Commonwealth Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/34 | &nbsp;&nbsp;&nbsp; 1615 | 1672681 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | &nbsp;&nbsp;&nbsp; 1605 | 1612122 |
| Commonwealth of Pennsylvania, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/29 | &nbsp;&nbsp;&nbsp; 2000 | 2137693 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/42 | &nbsp;&nbsp;&nbsp; 5000 | 5541135 |
| &nbsp;&nbsp;&nbsp; Dauphin County General Authority, RB, 5.00%, <br> 06/01/34<br>| &nbsp;&nbsp;&nbsp; 560 | 561013 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB, 5.00%, 03/15/60<br>| &nbsp;&nbsp;&nbsp; 535 | 587073 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/49 | &nbsp;&nbsp;&nbsp; 2400 | 2398915 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/38 | &nbsp;&nbsp;&nbsp; 500 | 542275 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/40 | &nbsp;&nbsp;&nbsp; 500 | 537760 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/42 (AGM) | &nbsp;&nbsp;&nbsp; 395 | 428163 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/40 | &nbsp;&nbsp;&nbsp; 250 | 273389 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/38 | &nbsp;&nbsp;&nbsp; 2000 | 2210086 |
| Pennsylvania Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/32 | &nbsp;&nbsp;&nbsp; 445 | 394798 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/32 | &nbsp;&nbsp;&nbsp; 125 | 137129 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/32 | &nbsp;&nbsp;&nbsp; $150 | $165231 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/33 | &nbsp;&nbsp;&nbsp; 225 | 248008 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/33 | &nbsp;&nbsp;&nbsp; 275 | 304376 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 1095 | 1210457 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 650 | 712071 |
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, RB, 5.00%, <br> 06/01/32 (AG SAW)<br>| &nbsp;&nbsp;&nbsp; 3540 | 3579686 |
|  |  | 25695030 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, 4.33%, 07/01/40<br>| &nbsp;&nbsp;&nbsp; 250 | 247168 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health & Educational Building Corp., <br> RB, 5.00%, 09/15/35<br>| &nbsp;&nbsp;&nbsp; 585 | 595468 |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., <br> RB, 5.00%, 09/15/28 (SAP)<br>| &nbsp;&nbsp;&nbsp; 230 | 231458 |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., RB, <br> 5.00%, 10/01/41 (GNMA COLL)<br>| &nbsp;&nbsp;&nbsp; 250 | 267626 |
|  |  | 1094552 |
| **South Carolina — 2.1%** | **South Carolina — 2.1%** | **South Carolina — 2.1%** |
| &nbsp;&nbsp;&nbsp; Charleston Housing Authority South Carolina, RB, <br> 4.50%, 09/01/35<br>| &nbsp;&nbsp;&nbsp; 1000 | 1012251 |
| City of Hardeeville South Carolina, 3.00%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95 | 93482 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/62 | &nbsp;&nbsp;&nbsp; 145 | 146249 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; 575 | 644828 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/38 | &nbsp;&nbsp;&nbsp; 1000 | 1090634 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/49 | &nbsp;&nbsp;&nbsp; 225 | 252057 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/42 | &nbsp;&nbsp;&nbsp; 1225 | 1341693 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/46 | &nbsp;&nbsp;&nbsp; 1000 | 1080606 |
| South Carolina Public Service Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 | &nbsp;&nbsp;&nbsp; 300 | 300558 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/31 | &nbsp;&nbsp;&nbsp; 1520 | 1522642 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 300 | 322593 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, 6.25%, 01/01/56 <br> (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 1700 | 1910103 |
|  |  | 9717696 |
| **Tennessee — 2.9%** | **Tennessee — 2.9%** | **Tennessee — 2.9%** |
| &nbsp;&nbsp;&nbsp; Lewisburg Industrial Development Board RB, RB AMT, <br> 3.00%, 07/02/35<br>| &nbsp;&nbsp;&nbsp; 235 | 235000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Health & Educational Facilities Board, RB, <br> 5.00%, 07/01/34<br>| &nbsp;&nbsp;&nbsp; 680 | 764260 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), RB <br> AMT, 5.00%, 07/01/41<br>| &nbsp;&nbsp;&nbsp; 2510 | 2721177 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), RB RB <br> AMT, 5.00%, 07/01/35<br>| &nbsp;&nbsp;&nbsp; 1730 | 1927721 |
| Tennergy Corp. Tennessee, RB, 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 750 | 796993 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, 5.00%, <br> 11/01/34<br>| &nbsp;&nbsp;&nbsp; 6250 | 6679517 |
|  |  | 13124668 |
| **Texas — 16.7%** | **Texas — 16.7%** | **Texas — 16.7%** |
| &nbsp;&nbsp;&nbsp; Allen Independent School District, GO, 5.00%, <br> 02/15/35 (PSF)<br>| &nbsp;&nbsp;&nbsp; 100 | 100114 |
| &nbsp;&nbsp;&nbsp; Alvin Independent School District/TX, GO, 5.00%, <br> 02/15/36 (PSF)<br>| &nbsp;&nbsp;&nbsp; 840 | 969881 |
| &nbsp;&nbsp;&nbsp; Austin Independent School District, GO, 5.00%, <br> 08/01/30 (PSF)<br>| &nbsp;&nbsp;&nbsp; 225 | 226196 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, <br> RB, 5.00%, 08/15/38<br>| &nbsp;&nbsp;&nbsp; 2205 | 2580387 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, RB, 5.00%, <br> 01/01/27<br>| &nbsp;&nbsp;&nbsp; $1195 | $1213011 |
| &nbsp;&nbsp;&nbsp; City of Austin TX Airport System Revenue RB, RB <br> AMT, 5.00%, 11/15/36<br>| &nbsp;&nbsp;&nbsp; 280 | 310183 |
| &nbsp;&nbsp;&nbsp; City of Austin TX Water & Wastewater System <br> Revenue, RB, 5.00%, 11/15/38<br>| &nbsp;&nbsp;&nbsp; 850 | 964727 |
| &nbsp;&nbsp;&nbsp; City of Austin Water & Wastewater System Revenue, <br> RB, 5.00%, 11/15/36<br>| &nbsp;&nbsp;&nbsp; 1145 | 1154851 |
| &nbsp;&nbsp;&nbsp; City of El Paso Water & Sewer Revenue, RB, 5.00%, <br> 03/01/42<br>| &nbsp;&nbsp;&nbsp; 960 | 1039804 |
| &nbsp;&nbsp;&nbsp; City of Galveston Wharves & Terminal Revenue, RB <br> AMT, 5.00%, 08/01/33<br>| &nbsp;&nbsp;&nbsp; 500 | 537545 |
| City of Houston Airport System Revenue, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/36 | &nbsp;&nbsp;&nbsp; 715 | 810156 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/37 | &nbsp;&nbsp;&nbsp; 100 | 106947 |
| City of Houston Texas, GOL, 5.00%, 03/01/41 | &nbsp;&nbsp;&nbsp; 2175 | 2390875 |
| &nbsp;&nbsp;&nbsp; City of Houston TX Airport System Revenue RB, <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 (AG) | &nbsp;&nbsp;&nbsp; 1000 | 1098429 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/45 | &nbsp;&nbsp;&nbsp; 960 | 1048632 |
| &nbsp;&nbsp;&nbsp; City of San Antonio TX Electric & Gas Systems <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/01/55 | &nbsp;&nbsp;&nbsp; 1000 | 995626 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/40 | &nbsp;&nbsp;&nbsp; 2000 | 2235180 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, 5.00%, <br> 02/15/43 (PSF)<br>| &nbsp;&nbsp;&nbsp; 5160 | 5635180 |
| County of Hays TX, 4.50%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300 | 300712 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, GO, 5.00%, <br> 02/01/40 (PSF)<br>| &nbsp;&nbsp;&nbsp; 1640 | 1826991 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport RB, RB AMT, <br> 5.00%, 11/01/32<br>| &nbsp;&nbsp;&nbsp; 1000 | 1096891 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, RB, 5.00%, <br> 11/01/34<br>| &nbsp;&nbsp;&nbsp; 500 | 571401 |
| Dallas Fort Worth International Airport, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/41 | &nbsp;&nbsp;&nbsp; 375 | 409511 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/43 | &nbsp;&nbsp;&nbsp; 2550 | 2749616 |
| Del Mar College District, GOL, 5.00%, 08/15/30 | &nbsp;&nbsp;&nbsp; 420 | 422429 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District, GO, 5.00%, <br> 08/15/43 (PSF)<br>| &nbsp;&nbsp;&nbsp; 415 | 446666 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 12/01/36<br>| &nbsp;&nbsp;&nbsp; 855 | 976221 |
| &nbsp;&nbsp;&nbsp; Harris County Industrial Development Corp., RB, <br> 4.05%, 11/01/50<br>| &nbsp;&nbsp;&nbsp; 475 | 485881 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, GO, 5.00%, <br> 08/15/39 (PSF)<br>| &nbsp;&nbsp;&nbsp; 560 | 626530 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, GO, 5.00%, <br> 08/15/42 (PSF)<br>| &nbsp;&nbsp;&nbsp; 880 | 954053 |
| Lower Colorado River Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/40 (BAM) | &nbsp;&nbsp;&nbsp; 750 | 830446 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/45 | &nbsp;&nbsp;&nbsp; 475 | 517891 |
| Matagorda County Navigation District No. 1, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/01/29 | &nbsp;&nbsp;&nbsp; 590 | 574758 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/30 | &nbsp;&nbsp;&nbsp; 3550 | 3551112 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., RB AMT, <br> 4.00%, 06/01/54<br>| &nbsp;&nbsp;&nbsp; 2005 | 2019631 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/34 | &nbsp;&nbsp;&nbsp; 750 | 752738 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/41 | &nbsp;&nbsp;&nbsp; 160 | 179015 |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp., RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 231719 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., RB, 5.00%, <br> 08/15/37<br>| &nbsp;&nbsp;&nbsp; 1000 | 983386 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, RB, 0.00%, 01/01/38 <br> (AG)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 2785 | 1790612 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Intermediate Muni Income 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; Port Arthur Housing Authority, RB, 3.90%, 04/01/36 <br> (FNMA COLL)<br>| &nbsp;&nbsp;&nbsp; $1000 | $1010514 |
| &nbsp;&nbsp;&nbsp; San Antonio Independent School District/TX, GO, <br> 5.00%, 08/15/30 (PSF)<br>| &nbsp;&nbsp;&nbsp; 265 | 266530 |
| San Antonio Water System, RB, 5.00%, 05/15/42 | &nbsp;&nbsp;&nbsp; 1250 | 1366902 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, GO, 5.00%, <br> 08/15/40 (PSF)<br>| &nbsp;&nbsp;&nbsp; 635 | 703848 |
| State of Texas, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | &nbsp;&nbsp;&nbsp; 1270 | 1421676 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/40 | &nbsp;&nbsp;&nbsp; 2000 | 2241866 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/42 | &nbsp;&nbsp;&nbsp; 2000 | 2219410 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | &nbsp;&nbsp;&nbsp; 1000 | 1082196 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp; 2645 | 2926306 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp; 540 | 593892 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 2280 | 2454347 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/51 | &nbsp;&nbsp;&nbsp; 1650 | 1813947 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/51 | &nbsp;&nbsp;&nbsp; 2460 | 2741943 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/64 | &nbsp;&nbsp;&nbsp; 725 | 802878 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District/TX, GO, 5.00%, <br> 08/01/41 (PSF)<br>| &nbsp;&nbsp;&nbsp; 1000 | 1096552 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, <br> RB, 6.00%, 01/01/57 (GNMA COLL)<br>| &nbsp;&nbsp;&nbsp; 1075 | 1206785 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. I, RB, <br> 3.34%, 12/15/26<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1170 | 1170121 |
| Texas Municipal Gas Acquisition & Supply Corp. II, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.29%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 110 | 110099 |
| &nbsp;&nbsp;&nbsp; 3.51%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2004038 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. V, <br> RB, 5.00%, 01/01/55<br>| &nbsp;&nbsp;&nbsp; 520 | 554401 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission, GO, 5.00%, <br> 04/01/36<br>| &nbsp;&nbsp;&nbsp; 1500 | 1684223 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Finance Corp., RB, 5.00%, <br> 10/01/43<br>| &nbsp;&nbsp;&nbsp; 1000 | 1094686 |
|  |  | 76283094 |
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Airport Revenue, RB AMT, <br> 5.00%, 07/01/36<br>| &nbsp;&nbsp;&nbsp; 1000 | 1109526 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City UT Airport Revenue RB, RB <br> AMT, 5.00%, 07/01/35<br>| &nbsp;&nbsp;&nbsp; 1355 | 1510986 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB, 5.00%, 06/01/35 (AG)<br>| &nbsp;&nbsp;&nbsp; 475 | 539983 |
|  |  | 3160495 |
| **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, 2.05%, <br> 12/01/33<br>| &nbsp;&nbsp;&nbsp; 270 | 234023 |
| **Washington — 2.8%** | **Washington — 2.8%** | **Washington — 2.8%** |
| Energy Northwest, RB, 5.00%, 07/01/40 | &nbsp;&nbsp;&nbsp; 400 | 448572 |
| Port of Seattle WA RB, RB AMT, 5.00%, 08/01/42 | &nbsp;&nbsp;&nbsp; 545 | 575800 |
| Port of Seattle Washington, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/32 | &nbsp;&nbsp;&nbsp; 435 | 456800 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/41 | &nbsp;&nbsp;&nbsp; 1000 | 1105172 |
| Seattle Housing Authority, RB, 5.00%, 12/01/29 | &nbsp;&nbsp;&nbsp; 500 | 522553 |
| State of Washington, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 | &nbsp;&nbsp;&nbsp; 500 | 502887 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/40 | &nbsp;&nbsp;&nbsp; 4000 | 4515836 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/41 | &nbsp;&nbsp;&nbsp; 1565 | 1719455 |
| Vancouver Housing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/32 | &nbsp;&nbsp;&nbsp; 100 | 105672 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 | &nbsp;&nbsp;&nbsp; 130 | 138717 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/40 | &nbsp;&nbsp;&nbsp; 500 | 514919 |
| &nbsp;&nbsp;&nbsp; Washington Economic Development Finance <br> Authority, RB AMT, 5.88%, 12/01/45<br>| &nbsp;&nbsp;&nbsp; 1000 | 1015322 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Washington Health Care Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 | &nbsp;&nbsp;&nbsp; $100 | $105742 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/49 | &nbsp;&nbsp;&nbsp; 1265 | 1266136 |
|  |  | 12993583 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, RB, 5.00%, <br> 06/01/36<br>| &nbsp;&nbsp;&nbsp; 550 | 558730 |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Milwaukee Sewerage System Revenue, RB, <br> 4.00%, 06/01/31<br>| &nbsp;&nbsp;&nbsp; 145 | 145060 |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/63 | &nbsp;&nbsp;&nbsp; 1275 | 1268502 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/34 | &nbsp;&nbsp;&nbsp; 780 | 780905 |
| Public Finance Authority, RB AMT, 3.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 680 | 680000 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 08/15/28 | &nbsp;&nbsp;&nbsp; 55 | 55003 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp; 725 | 725555 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development <br> Authority Home Ownership Revenue, RB, 5.75%, <br> 09/01/56 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 1000 | 1096162 |
|  |  | 4751187 |
| **Total Municipal Debt Obligations — 94.5%** <br>**(Cost: $430,128,661)** | **Total Municipal Debt Obligations — 94.5%** <br>**(Cost: $430,128,661)** | 432441017 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Warrants** | **Warrants** | **Warrants** |
| **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** |
| &nbsp;&nbsp;&nbsp; Brightline West (Expires 11/26/35, Strike Price <br> USD 5.00)<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; 2792 | 4886 |
| **Total Warrants — 0.0%** <br>**(Cost $0)** | **Total Warrants — 0.0%** <br>**(Cost $0)** | 4886 |
| **Total Long-Term Investments — 94.5%** <br>**(Cost: $430,128,661)** | **Total Long-Term Investments — 94.5%** <br>**(Cost: $430,128,661)** | 432445903 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** |
| BlackRock Liquidity Funds: MuniCash, 3.31%<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 20795905 | 20797985 |
| **Total Short-Term Securities — 4.6%** <br>**(Cost: $20,797,985)** | **Total Short-Term Securities — 4.6%** <br>**(Cost: $20,797,985)** | 20797985 |
| **Total Investments — 99.1%** <br>**(Cost: $450,926,646)** | **Total Investments — 99.1%** <br>**(Cost: $450,926,646)** | 453243888 |
| **Other Assets Less Liabilities — 0.9%** | **Other Assets Less Liabilities — 0.9%** | 4240446 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $457484334 |

---

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

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

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

<sup>(c)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. 

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

<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.

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Intermediate Muni Income Active ETF**

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/26*<br>| *Shares* <br>*Held at* <br>*04/30/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $5797475<br> $15000510 <br><sup>(a)</sup><br>| $— | $— | $— | $20797985 | 20795905 | $247304 | $— |

---

&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; $432441017 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $432441017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4886 | &nbsp;&nbsp; 4886 |
| &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; 20797985 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20797985 |
|  | &nbsp;&nbsp; $20797985 | &nbsp;&nbsp; $432441017 | &nbsp;&nbsp; $4886 | &nbsp;&nbsp; $453243888 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Mutual Assurance Co. |
| COP | Certificates of Participation |
| FHA | Federal Housing Administration |
| GO | General Obligation |
| GOL | General Obligation Limited |
| GTD | Guaranteed |

---

---

| | |
|:---|:---|
| PSF | Permanent School Fund |
| Q-SBLF | Qualified School Bond Loan Fund |
| RB | Revenue Bonds |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SOFR | Secured Overnight Financing Rate |
| ST | Special Tax |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $461688223.69

**Total Liabilities:** $4207445.56

**Net Assets:** $457480778.13

**Delayed Delivery Securities:** $4060615.45

**Cash Not Reported:** $1583712.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1182.47000000 | **1-Year:** 7722.00000000 | **5-Year:** 69270.15000000 | **10-Year:** 179362.04000000 | **30-Year:** 0.00000000

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

- **3-Month:** 5.29000000 | **1-Year:** 1027.38000000 | **5-Year:** 3912.44000000 | **10-Year:** 2017.45000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225367 | 1.18%                | -2.13%               | 1.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $169833.29               | $3070724.83                                |
| Month 2  | $-11020.52               | $-9879867.74                               |
| Month 3  | $-24804.70               | $3117986.18                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Crowley Independent School District                                              | CROWLEY TX INDEP SCH DIST                                    | CUSIP: 228130MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1826991.00   | 0.40%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1266135.97   | 0.28%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $979109.49    | 0.21%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lane County School District No 19 Springfield                                    | LANE CNTY OR SCH DIST #19 SPRINGFIELD                        | CUSIP: 515318LF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $892251.32    | 0.20%             | 2033-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Del Mar College District                                                         | DEL MAR TX CLG DIST                                          | CUSIP: 245176HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $422428.99    | 0.09%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3551111.51   | 0.78%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RNC5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    150000 | PA      | $164883.53    | 0.04%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County/The                                         | COBB CNTY GA DEV AUTH CHARTERSCH REVENUE                     | CUSIP: 190779AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101358.85    | 0.02%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59259N4E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227575.96    | 0.05%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876JJ7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122469.60   | 0.25%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827242G1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1421675.47   | 0.31%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063ESM9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2785106.75   | 0.61%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    200000 | PA      | $185412.54    | 0.04%             | 2048-01-15      | Fixed         | 4.50%                 | 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        |   1100000 | PA      | $1123821.05   | 0.25%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE WEST EQ WARRANTS                                                      | BRIGHTLINE WEST EQ WARRANTS                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      2792 | NS      | $4886.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RW77<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    510000 | PA      | $576373.34    | 0.13%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JSR0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    905000 | PA      | $1027569.40   | 0.22%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $531174.11    | 0.12%             | 2031-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445BT5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    475000 | PA      | $475767.36    | 0.10%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    725000 | PA      | $802877.62    | 0.18%             | 2064-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $2011895.00   | 0.44%             | 2060-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU43<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    225000 | PA      | $248008.30    | 0.05%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $593264.78    | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CDW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571401.35    | 0.12%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV WTR FAC REVENUE                               | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91491.25     | 0.02%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190SH6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1927721.18   | 0.42%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225LH7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    650000 | PA      | $712070.71    | 0.16%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3579685.88   | 0.78%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kissimmee Park Community Development District                                    | KISSIMMEE PARK CDD FL CAPITAL IMPT REVENUE                   | CUSIP: 497859AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $553147.19    | 0.12%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE        | CUSIP: 54640TAN9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022265.20   | 0.44%             | 2053-05-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2158378 | PA      | $2116583.35   | 0.46%             | 2043-04-20      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP ECON DEV REVENUE                   | CUSIP: 57420NCC3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513621.45    | 0.11%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7F1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2324427.59   | 0.51%             | 2065-01-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GNS8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995625.60    | 0.22%             | 2055-02-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1046812.88   | 0.23%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515808.50    | 0.11%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151305.09    | 0.03%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST                                                      | CUSIP: 677523RS3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    400000 | PA      | $459245.44    | 0.10%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Housing Authority                                                        | SEATTLE WA HSG AUTH MF REVENUE                               | CUSIP: 812635CL2<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522552.90    | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675937X4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1340786.59   | 0.29%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    615000 | PA      | $620154.68    | 0.14%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Harris County Industrial Development Corp                                        | HARRIS CNTY TX INDL DEV CORP                                 | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $485880.97    | 0.11%             | 2050-11-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    230000 | PA      | $232128.10    | 0.05%             | 2030-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | CUSIP: 88256CAW9<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1170120.74   | 0.26%             | 2026-12-15      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    275000 | PA      | $304375.64    | 0.07%             | 2033-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    225000 | PA      | $252057.06    | 0.06%             | 2049-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | COLUMBUS OH                                                  | CUSIP: 19951BDF8<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $673664.10    | 0.15%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU35<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $165230.52    | 0.04%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                  | CUSIP: 485424UD5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1915962.89   | 0.42%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FSW1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1077651.49   | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352405A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072338.70   | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BM2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    575000 | PA      | $644828.35    | 0.14%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                          | UNIV OF KANSAS KS HOSP AUTH HLTH FACS REVENUE                | CUSIP: 914367KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $603066.76    | 0.13%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EMG5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    325000 | PA      | $364789.75    | 0.08%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WN48<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    620000 | PA      | $620793.54    | 0.14%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106947.44    | 0.02%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI LEASE DEV REVENUE                         | CUSIP: 74444YAS3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    780000 | PA      | $780904.80    | 0.17%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | HAYS CNTY TX SPL ASSMNT REVENUE                              | CUSIP: 420894AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300712.35    | 0.07%             | 2035-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1880851.90   | 0.41%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822ZR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1039804.22   | 0.23%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    725000 | PA      | $725554.84    | 0.16%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647LV1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    295000 | PA      | $317159.28    | 0.07%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QZN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096162.30   | 0.24%             | 2056-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416RD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2673895.73   | 0.58%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    465000 | PA      | $482424.20    | 0.11%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FZQ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    285000 | PA      | $307481.57    | 0.07%             | 2060-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DVU3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    905000 | PA      | $905577.57    | 0.20%             | 2037-07-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346DB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983385.60    | 0.21%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HC2<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    670000 | PA      | $681849.35    | 0.15%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KNM3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1555854.82   | 0.34%             | 2065-11-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247167.70    | 0.05%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BT84<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $830446.35    | 0.18%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $327075.09    | 0.07%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | CUSIP: 605155BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2019630.69   | 0.44%             | 2054-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BTW8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1069774.67   | 0.23%             | 2065-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675936A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625162.85   | 0.36%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH MF HSG REVENUE                   | CUSIP: 64719HET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249999.10    | 0.05%             | 2042-02-01      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FL48<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1702660.20   | 0.37%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KA33<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    125000 | PA      | $144129.96    | 0.03%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1921102.92   | 0.42%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1455071.59   | 0.32%             | 2045-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                  | CHARLESTON SC HSG AUTH REVENUE                               | CUSIP: 160340AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012251.40   | 0.22%             | 2035-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752737.73    | 0.16%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537760.35    | 0.12%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $720446.90    | 0.16%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $299932.96    | 0.07%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yosemite Community College District                                              | YOSEMITE CA CMNTY CLG DIST                                   | CUSIP: 987388DQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $1739837.07   | 0.38%             | 2038-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389H27<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    435000 | PA      | $456800.33    | 0.10%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBC0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2076459.97   | 0.45%             | 2053-05-01      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542274.60    | 0.12%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $810155.78    | 0.18%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $310183.30    | 0.07%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $232910.73    | 0.05%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972LAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2255273.40   | 0.49%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052477Q74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $964727.05    | 0.21%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR                                                              | PORTLAND OR REVENUE                                          | CUSIP: 736740ZJ3<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2818358.25   | 0.62%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission                                                  | TEXAS ST TRANSPRTN COMMISSION                                | CUSIP: 882830BW1<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1684223.40   | 0.37%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1672681.50   | 0.37%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                       | SAN ANTONIO TX INDEP SCH DIST                                | CUSIP: 796269WR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $266530.24    | 0.06%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $428162.70    | 0.09%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251374.48    | 0.05%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $378448.43    | 0.08%             | 2027-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CHM3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    595000 | PA      | $648124.63    | 0.14%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $359434.19    | 0.08%             | 2043-07-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCS5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    290000 | PA      | $319672.25    | 0.07%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JJH7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55003.14     | 0.01%             | 2028-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGE2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082026.60   | 0.24%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507081.35    | 0.11%             | 2050-09-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP HGR EDU FAC REVENUE | CUSIP: 762197ZJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $595468.22    | 0.13%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1005602.65   | 0.22%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024L34<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136092.20   | 0.25%             | 2061-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 882725BC7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2241866.40   | 0.49%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974FFA6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4515835.60   | 0.99%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HET6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    205000 | PA      | $153277.19    | 0.03%             | 2038-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352405C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317754.66    | 0.07%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TU68<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    550000 | PA      | $526230.16    | 0.12%             | 2038-10-15      | Floating      | 1.20%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | NEW YORK CNTYS NY TOBACCO TRUST VI                           | CUSIP: 64945JAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $730729.93    | 0.16%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182THB6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1775742.21   | 0.39%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99652.67     | 0.02%             | 2032-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1249619.88   | 0.27%             | 2045-05-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HJS7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103335.50   | 0.24%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CUG5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    175000 | PA      | $164131.35    | 0.04%             | 2030-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp II                               | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP II GAS SPLY REVENU | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004038.00   | 0.44%             | 2027-09-15      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                              | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841R99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $626529.90    | 0.14%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197461.70    | 0.04%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TC0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $229472.08    | 0.05%             | 2034-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alvin Independent School District/TX                                             | ALVIN TX INDEP SCH DIST                                      | CUSIP: 0224474N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $969881.39    | 0.21%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576MQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109526.30   | 0.24%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $1299200.00   | 0.28%             | 2065-01-01      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371833.42    | 0.08%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914P5D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137693.40   | 0.47%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NY3<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    585000 | PA      | $646525.74    | 0.14%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211785.12    | 0.05%             | 2053-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Energy Inc                                                           | MAIN STREET ENERGY INC ENERGY PROJ REVENUE                   | CUSIP: 560354AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1178303.73   | 0.26%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                          | CUSIP: 20281PJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1612122.19   | 0.35%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinery Community Development District                                            | PINERY CDD FL CAPITAL IMPT REVENUE                           | CUSIP: 72330HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493287.10    | 0.11%             | 2031-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505ZZ2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2082252.18   | 0.46%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port Arthur Housing Authority                                                    | PORT ARTHUR TX HSG AUTH RSDL DEV REVENUE                     | CUSIP: 733501AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010514.40   | 0.22%             | 2036-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CFW3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1260636.21   | 0.28%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966STA4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    350000 | PA      | $401659.83    | 0.09%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    605000 | PA      | $643140.77    | 0.14%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    225000 | PA      | $245502.97    | 0.05%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221SBJ9<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267625.80    | 0.06%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $409510.91    | 0.09%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Housing Finance Authority                                          | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE                     | CUSIP: 64469D6T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2471971.11   | 0.54%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJX2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2741942.81   | 0.60%             | 2051-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County School Board                                                     | SARASOTA CNTY FL SCH BRD COPS                                | CUSIP: 80330QCQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351272.46    | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2398914.96   | 0.52%             | 2049-06-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                         | PEFA INC IA GAS PROJ REVENUE                                 | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110634.33    | 0.02%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BZ3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080606.30   | 0.24%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU27<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    125000 | PA      | $137128.98    | 0.03%             | 2032-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470JL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1337858.32   | 0.29%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KYP8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    895000 | PA      | $993002.68    | 0.22%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $2041074.21   | 0.45%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    225000 | PA      | $235716.41    | 0.05%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153KW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109671.21    | 0.02%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    505000 | PA      | $536874.94    | 0.12%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389V88<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    545000 | PA      | $575800.18    | 0.13%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RKD7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    520000 | PA      | $521791.76    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067FP8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110020.93    | 0.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1001396.81   | 0.22%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554313.00    | 0.12%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TFF9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    465000 | PA      | $486615.48    | 0.11%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914P5S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5541135.50   | 1.21%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    670000 | PA      | $714676.14    | 0.16%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083390.10   | 0.24%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $587073.42    | 0.13%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH HOSP REVENUE                         | CUSIP: 45129UCB8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.04%             | 2048-12-01      | Floating      | 2.63%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SOL WST DISP REVENUE                      | CUSIP: 74445MAG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    680000 | PA      | $680000.00    | 0.15%             | 2027-09-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1330142.49   | 0.29%             | 2051-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2199415.76   | 0.48%             | 2057-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    900000 | PA      | $941010.03    | 0.21%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111D92<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    515000 | PA      | $570587.45    | 0.12%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TTS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273388.65    | 0.06%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031DU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $451242.33    | 0.10%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332FV9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2390874.62   | 0.52%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454241.34    | 0.10%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.02%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJE3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    850000 | PA      | $889276.21    | 0.19%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue                  | ARIZONA ST TRANSPRTN BRD HIGHWAY REVENUE                     | CUSIP: 040654XD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215784.19    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GTM4<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1366901.63   | 0.30%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315037.59    | 0.07%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP HGR EDU FAC REVENUE | CUSIP: 762197SN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $231458.41    | 0.05%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    720000 | PA      | $721930.82    | 0.16%             | 2050-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | LAS VEGAS VLY NV WTR DIST                                    | CUSIP: 517845BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $531003.61    | 0.12%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712GBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1910102.83   | 0.42%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $725173.34    | 0.16%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QSZ0<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2389935.97   | 0.52%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST GAS SPLY REVENUE   | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2329714.69   | 0.51%             | 2055-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KJ7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    785000 | PA      | $786427.84    | 0.17%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080S2U7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4197220.00   | 0.92%             | 2028-10-01      | Fixed         | 5.00%                 | 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        |    100000 | PA      | $100899.51    | 0.02%             | 2041-08-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEJ3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $837583.43    | 0.18%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452U2<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090796.40   | 0.24%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549675.85    | 0.12%             | 2038-06-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4660113.94   | 1.02%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084186U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6552535.20   | 1.43%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545351.25    | 0.12%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443JQ0<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6679517.50   | 1.46%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1423358.82   | 0.31%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447UAC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    610000 | PA      | $613950.18    | 0.13%             | 2026-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $764399.85    | 0.17%             | 2053-12-01      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| Lewisburg Industrial Development Board                                           | LEWISBURG TN INDL DEV BRD SOL WST DISP REVENUE               | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.05%             | 2035-07-02      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514918.90    | 0.11%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470JS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2816114.86   | 0.62%             | 2056-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $576646.88    | 0.13%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AWZ1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $567451.35    | 0.12%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TFX0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316782.87    | 0.07%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 83715BCX3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205381.98    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 83715BCL9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    490000 | PA      | $490907.04    | 0.11%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    750000 | PA      | $796992.75    | 0.17%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059YR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001160.80   | 0.22%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DH39<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $204217.72    | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJA2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082195.90   | 0.24%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                               | TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE       | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110769.54    | 0.02%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CA5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    685000 | PA      | $685781.86    | 0.15%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074053.00   | 0.23%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Highway Authority                                                        | ALABAMA ST HIGHWAY AUTH SPL OBLIG REVENUE                    | CUSIP: 010559AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1056737.73   | 0.23%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBS2<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3898518.39   | 0.85%             | 2056-07-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                                | ALLEN TX INDEP SCH DIST                                      | CUSIP: 018106KF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100114.36    | 0.02%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV GAS & WTR FACS REVENUE                        | CUSIP: 940797AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $277820.68    | 0.06%             | 2036-03-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HGE1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111499.16    | 0.02%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182THS9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2335028.70   | 0.51%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123310.40   | 0.25%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758K77<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    220000 | PA      | $241874.86    | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                              | MASSACHUSETTS ST CLEAN WTR TRUST                             | CUSIP: 575829PX8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4485923.60   | 0.98%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    465000 | PA      | $470175.36    | 0.10%             | 2065-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MFA9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    775000 | PA      | $779982.09    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Education Loan Program                                            | COLORADO ST EDUC LOAN PROGRAM                                | CUSIP: 19672MDH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8775000 | PA      | $8805813.41   | 1.92%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457Q6<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    355000 | PA      | $397126.71    | 0.09%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmetto Ridge Community Development District                                    | PALMETTO RIDGE CDD FL SPL ASSMNT                             | CUSIP: 697119AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $731501.62    | 0.16%             | 2031-05-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4360000 | PA      | $4627438.04   | 1.01%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XFH0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1047998.97   | 0.23%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | WEST VIRGINIA ST HOSP FIN AUTH                               | CUSIP: 956622N42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558730.21    | 0.12%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525XA0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3348467.52   | 0.73%             | 2028-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KQL2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    605000 | PA      | $603194.62    | 0.13%             | 2065-11-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082553.90   | 0.24%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RMN2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    650000 | PA      | $715231.27    | 0.16%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537545.45    | 0.12%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJN4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2926306.33   | 0.64%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52859.33     | 0.01%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2414749.28   | 0.53%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2178265.27   | 0.48%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552494.15    | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BR1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090633.80   | 0.24%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hidden Valley Lake Community Services District                                   | HIDDEN VLY LAKE CA CMNTY SVCS DIST                           | CUSIP: 429519BP5<br>LEI: 549300QYPGM0SL12SF03 | Long             | DBT              | MUN               | US        |    361000 | PA      | $351644.72    | 0.08%             | 2032-09-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2853425.80   | 0.62%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203M2J9<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $850765.73    | 0.19%             | 2056-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | GEORGIA ST HSG & FIN AUTH REVENUE                            | CUSIP: 37353PSJ9<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253526.58    | 0.06%             | 2035-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DXK0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555141.95    | 0.12%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526U0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $243531.09    | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZA5<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    515000 | PA      | $516878.41    | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539259.15    | 0.12%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $574757.65    | 0.13%             | 2029-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845UB4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    685000 | PA      | $757145.64    | 0.17%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151F4H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1135120.69   | 0.25%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                                | DELAWARE ST TRANSPRTN AUTH GRANT ANTICIPATION BONDS          | CUSIP: 246419BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $317476.40    | 0.07%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146248.42    | 0.03%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KF79<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   3585000 | PA      | $4058625.46   | 0.89%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST ALGAS PREPAY REVENUE              | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    950000 | PA      | $953262.02    | 0.21%             | 2049-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000D67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $392698.01    | 0.09%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYG4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    175000 | PA      | $195610.75    | 0.04%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750T36<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1206785.22   | 0.26%             | 2057-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WBW3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    270000 | PA      | $234022.74    | 0.05%             | 2033-12-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                  | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE                      | CUSIP: 67886MTE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $444377.08    | 0.10%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    275000 | PA      | $293388.37    | 0.06%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $179014.51    | 0.04%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YK1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    450000 | PA      | $483175.85    | 0.11%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098429.10   | 0.24%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST BLDG EXCELLENT SCHS TODAY COPS                   | CUSIP: 19668QHP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $684050.27    | 0.15%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                          | NTHRN CA TRANSMISSION AGY REVENUE                            | CUSIP: 664848BT4<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |    625000 | PA      | $626524.88    | 0.14%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527386.60    | 0.12%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105672.42    | 0.02%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2184036.20   | 0.48%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MPQ3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    625000 | PA      | $683534.00    | 0.15%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 1810597A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113081.10   | 0.24%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MUNI CTFS                                 | CUSIP: 74449EAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1268502.22   | 0.28%             | 2063-06-15      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XNU2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    565000 | PA      | $614195.17    | 0.13%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 1966327Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2420397.97   | 0.53%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $903264.21    | 0.20%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QRW8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1110967.60   | 0.24%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894XQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1600394.26   | 0.35%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262897.38    | 0.06%             | 2050-09-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1341692.52   | 0.29%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037958.80   | 0.45%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 882725DD3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2219409.80   | 0.49%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QT6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    895000 | PA      | $948459.96    | 0.21%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2360364.15   | 0.52%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FB78<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    305000 | PA      | $340457.38    | 0.07%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JMD7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    185000 | PA      | $199618.20    | 0.04%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTA6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1973020.86   | 0.43%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1128115.52   | 0.25%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  19216837 | NS      | $19218759.10  | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Denver City & County Housing Authority                                           | DENVER CO CITY & CNTY MF HSG REVENUE                         | CUSIP: 24917QBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $432529.72    | 0.09%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    520000 | PA      | $554401.38    | 0.12%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                            | FRANKLIN CNTY OH REVENUE                                     | CUSIP: 353202FK5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285000.00    | 0.06%             | 2046-12-01      | Floating      | 2.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NR8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    300000 | PA      | $333932.25    | 0.07%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GQD4<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    875000 | PA      | $969586.28    | 0.21%             | 2057-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1921945.03   | 0.42%             | 2027-12-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE          | CUSIP: 593338AQ9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250355.48    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT POLL CONTROL REVENUE | CUSIP: 546749AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124557.41    | 0.03%             | 2035-02-01      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WJ6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $2069638.44   | 0.45%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4140000 | PA      | $4436231.08   | 0.97%             | 2056-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1048631.52   | 0.23%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YVR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248792.25    | 0.05%             | 2030-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $563380.45    | 0.12%             | 2040-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHT3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $565974.55    | 0.12%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153QK8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558406.25    | 0.12%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZC1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    320000 | PA      | $321167.17    | 0.07%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457R4<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    500000 | PA      | $561940.40    | 0.12%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190SP8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2721176.84   | 0.59%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498NR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1213011.40   | 0.27%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576MP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1510986.52   | 0.33%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QTF6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2454347.27   | 0.54%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJP9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    540000 | PA      | $593892.38    | 0.13%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2210086.20   | 0.48%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758Z71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5621996.00   | 1.23%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $507577.82    | 0.11%             | 2029-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                     | DE KALB CNTY GA WTR & SWR REVENUE                            | CUSIP: 240523D72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106368.30   | 0.24%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $227165.96    | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBS0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539939.80    | 0.12%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353893Y2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105172.20   | 0.24%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2533102.45   | 0.55%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HD0<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    785000 | PA      | $818812.07    | 0.18%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST PRIVATE ACTIVITY REVENUE                             | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499918.10   | 0.33%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C7C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $448572.12    | 0.10%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052476V39<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1154850.78   | 0.25%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | LEWISVILLE TX INDEP SCH DIST                                 | CUSIP: 52882PGZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $954053.23    | 0.21%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                                      | CALEDONIA MI CMNTY SCHS                                      | CUSIP: 129271RB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410000.00    | 0.09%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    535000 | PA      | $535237.54    | 0.12%             | 2052-10-01      | Floating      | 3.44%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GV68<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1175375.70   | 0.26%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FXE9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    330000 | PA      | $368417.87    | 0.08%             | 2057-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514APC3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2580386.48   | 0.56%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tohoqua Community Development District                                           | TOHOQUA CDD FL SPL ASSMNT REVENUE                            | CUSIP: 88907RAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.01%             | 2026-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445BU2<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    430000 | PA      | $430677.85    | 0.09%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp                                         | NEW YORK ENERGY FIN DEV CORP                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1132555.05   | 0.25%             | 2056-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    660000 | PA      | $698215.65    | 0.15%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2749615.53   | 0.60%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $93481.90     | 0.02%             | 2027-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YYC5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    740000 | PA      | $742026.71    | 0.16%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231718.70    | 0.05%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                  | CUSIP: 64720ABH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3282039.00   | 0.72%             | 2057-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EU53<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1719454.70   | 0.38%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WCD6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $1790612.41   | 0.39%             | 2038-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                            | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE               | CUSIP: 63968XGH2<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    725000 | PA      | $810752.93    | 0.18%             | 2055-03-01      | Fixed         | 6.25%                 | 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        |    500000 | PA      | $502878.50    | 0.11%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No 24J                                              | SALEM-KEIZER OR SCH DIST #24J                                | CUSIP: 794173FT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1209692.63   | 0.26%             | 2027-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | PORT OF GTR CINCINNATI DEV AUTH OH REVENUE                   | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253785.33    | 0.06%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460665J5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1548035.69   | 0.34%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    270000 | PA      | $285788.84    | 0.06%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NAW9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    750000 | PA      | $779846.25    | 0.17%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 83715BCJ4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95175.85     | 0.02%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $375455.88    | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $440969.23    | 0.10%             | 2032-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                                 | DAUPHIN CNTY PA GEN AUTH HLTHSYS REVENUE                     | CUSIP: 23825EDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $561012.82    | 0.12%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp                                                | TEXAS ST TRANSPRTN FIN CORP SH 288 SYS TOLL REVENUE          | CUSIP: 88283PAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094685.60   | 0.24%             | 2043-10-01      | 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      | $668318.06    | 0.15%             | 2032-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1335833.31   | 0.29%             | 2053-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH ACT 38 FACS SENIOR REVEUE               | CUSIP: 59447NAX4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107974.22    | 0.02%             | 2040-02-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHW9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1749985.25   | 0.38%             | 2036-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $283457.71    | 0.06%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No 1J Portland                                  | MULTNOMAH CNTY OR SCH DIST #1J PORTLAND                      | CUSIP: 625517PW1<br>LEI: 5493002CTP8R8T4OPS64 | Long             | DBT              | MUN               | US        |    485000 | PA      | $548829.15    | 0.12%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    215000 | PA      | $235315.14    | 0.05%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174VQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $646803.39    | 0.14%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1596363.97   | 0.35%             | 2043-01-28      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CV6<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99281.85     | 0.02%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136XM8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1503405.61   | 0.33%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Economic Development Finance Authority                                | WASHINGTON ST ECON DEV FIN AUTH PORT REVENUE                 | CUSIP: 93975XAA1<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015321.70   | 0.22%             | 2045-12-01      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | AUSTIN TX INDEP SCH DIST                                     | CUSIP: 052430PL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226196.33    | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1060414.43   | 0.23%             | 2050-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096890.90   | 0.24%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SDK6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128882.70   | 0.25%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138717.31    | 0.03%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SALES TAX REVENUE                    | CUSIP: 45130ADL6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1927832.03   | 0.42%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225NS1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1210457.24   | 0.26%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Community Facilities Districts                                  | RIVERSIDE CNTY CA CMNTY FACS DISTS                           | CUSIP: 76911FTC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $404862.54    | 0.09%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845WJ5<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1157387.40   | 0.25%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261A6E2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1452802.95   | 0.32%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                               | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002MA1<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    415000 | PA      | $446666.12    | 0.10%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TGM3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1911459.00   | 0.42%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GS35<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    475000 | PA      | $517891.46    | 0.11%             | 2045-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1224260.74   | 0.27%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DXD5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502887.25    | 0.11%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY RSDL MTGE REVENUE                        | CUSIP: 67756Q4R5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1753185.32   | 0.38%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                             | ROCHESTER MN HLTH CARE FACS REVENUE                          | CUSIP: 771902HX4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    725000 | PA      | $819026.56    | 0.18%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L31<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100757.35    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    240000 | PA      | $242836.25    | 0.05%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFG5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1232886.31   | 0.27%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $312816.65    | 0.07%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 83715BCZ8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1031735.34   | 0.23%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2601755.18   | 0.57%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | SPRING TX INDEP SCH DIST                                     | CUSIP: 850001CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $703848.10    | 0.15%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI Sewerage System Revenue                                     | MILWAUKEE WI SEWERAGE REVENUE                                | CUSIP: 60242MDH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145059.41    | 0.03%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041A98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $764259.96    | 0.17%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JVZ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128188.40   | 0.25%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGP2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    630000 | PA      | $691866.00    | 0.15%             | 2042-03-15      | 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        |    700000 | PA      | $754418.98    | 0.16%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758Z30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $576289.30    | 0.13%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QKA0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    445000 | PA      | $394797.50    | 0.09%             | 2032-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009UD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $976221.30    | 0.21%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371514T3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    300000 | PA      | $322593.24    | 0.07%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GNQ2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2235180.40   | 0.49%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                               | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REV  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    365000 | PA      | $372803.01    | 0.08%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVZ5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105741.46    | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1813946.64   | 0.40%             | 2051-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2226215.00   | 0.49%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529185.25    | 0.12%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                           | TERRELL TX INDEP SCH DIST                                    | CUSIP: 881405NT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096551.70   | 0.24%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797355M84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1265779.74   | 0.28%             | 2038-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp II                               | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP II GAS SPLY REVENU | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110098.52    | 0.02%             | 2027-09-15      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153RF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3226391.10   | 0.71%             | 2044-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153PD5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052817.50   | 0.23%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer