# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-010102
**Filing Date:** 2025-9
**Character Count:** 98824
**Document Hash:** ab242a678da9b1c199ab66721ad17d4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010102.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010102

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251338565

**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 |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $122085465.45

**Total Liabilities:** $5354182.56

**Net Assets:** $116731282.89

**Delayed Delivery Securities:** $4358338.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 686.63000000 | **1-Year:** 3192.01000000 | **5-Year:** 25838.21000000 | **10-Year:** 38275.36000000 | **30-Year:** 226.82000000

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

- **3-Month:** 8.18000000 | **1-Year:** 71.14000000 | **5-Year:** 643.99000000 | **10-Year:** 878.16000000 | **30-Year:** 197.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225367 | 0.39%                | 0.64%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-103137.55              | $129542.68                                 |
| Month 2  | $-70378.14               | $341259.32                                 |
| Month 3  | $-99755.78               | $-109245.84                                |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    495000 | PA      | $497595.81    | 0.43%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $724345.82    | 0.62%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County/The                                         | COBB CNTY GA DEV AUTH CHARTERSCH REVENUE                     | CUSIP: 190779AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98743.28     | 0.08%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876JJ7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071454.39   | 0.92%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $187124.86    | 0.16%             | 2035-12-01      | Fixed         | 6.25%                 | 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      | $173904.24    | 0.15%             | 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        |    100000 | PA      | $99846.87     | 0.09%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JSR0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    655000 | PA      | $737060.40    | 0.63%             | 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      | $529949.60    | 0.45%             | 2031-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252686.94    | 0.22%             | 2027-07-15      | 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      | $796062.52    | 0.68%             | 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        |    565000 | PA      | $609664.10    | 0.52%             | 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      | $247959.25    | 0.21%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1095985.44   | 0.94%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $509152.96    | 0.44%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GSV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212004.26    | 0.18%             | 2038-07-01      | Fixed         | 5.25%                 | 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      | $90042.44     | 0.08%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285ACD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $943443.59    | 0.81%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTB4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515344.58    | 0.44%             | 2043-11-01      | Fixed         | 5.00%                 | 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      | $1035223.95   | 0.89%             | 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      | $507960.25    | 0.44%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005VN5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000918.96   | 0.86%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | SHREVEPORT LA WTR & SWR REVENUE                              | CUSIP: 825485UR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $129191.64    | 0.11%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    195000 | PA      | $197895.90    | 0.17%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $743493.98    | 0.64%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                      | INDIANA ST HLTH FAC FING AUTH                                | CUSIP: 454798SZ3<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125340.61    | 0.11%             | 2034-11-15      | Fixed         | 5.00%                 | 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        |    445000 | PA      | $443415.92    | 0.38%             | 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        |    155000 | PA      | $157252.99    | 0.13%             | 2030-09-01      | Floating      | 4.00%                 | 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      | $303189.35    | 0.26%             | 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      | $245486.99    | 0.21%             | 2049-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258239.69    | 0.22%             | 2040-05-01      | Fixed         | 5.25%                 | 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      | $165405.08    | 0.14%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FSW1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005506.52   | 0.86%             | 2038-07-01      | 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      | $632981.24    | 0.54%             | 2034-11-01      | Fixed         | 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      | $348214.52    | 0.30%             | 2040-02-01      | 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      | $103157.23    | 0.09%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | MONTGOMERY CNTY TX                                           | CUSIP: 6136813C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $736268.15    | 0.63%             | 2037-03-01      | Fixed         | 5.00%                 | 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      | $786139.15    | 0.67%             | 2034-03-01      | 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: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $307735.92    | 0.26%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    525000 | PA      | $560246.44    | 0.48%             | 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      | $313037.84    | 0.27%             | 2060-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GUE2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    855000 | PA      | $877967.95    | 0.75%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231476.04    | 0.20%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KA33<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $141722.04    | 0.12%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $313057.57    | 0.27%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $747425.14    | 0.64%             | 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      | $516855.47    | 0.44%             | 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      | $680488.53    | 0.58%             | 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      | $291547.18    | 0.25%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389H27<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    435000 | PA      | $455359.36    | 0.39%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $224940.85    | 0.19%             | 2030-07-15      | 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: 70868YAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516946.22    | 0.44%             | 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      | $772324.75    | 0.66%             | 2036-07-01      | Fixed         | 5.25%                 | 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      | $214273.61    | 0.18%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990EW86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    585000 | PA      | $586094.60    | 0.50%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1661448.01   | 1.42%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $395697.21    | 0.34%             | 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      | $247729.74    | 0.21%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCS5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    290000 | PA      | $306254.15    | 0.26%             | 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        |    100000 | PA      | $100017.30    | 0.09%             | 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      | $1014517.67   | 0.87%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512420.31    | 0.44%             | 2041-10-01      | 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      | $990227.47    | 0.85%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HET6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    205000 | PA      | $146410.62    | 0.13%             | 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      | $302311.87    | 0.26%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    150000 | PA      | $144031.21    | 0.12%             | 2032-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758UG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $420350.75    | 0.36%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CUG5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    145000 | PA      | $135310.86    | 0.12%             | 2030-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                              | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841R99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531630.94    | 0.46%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223588.30    | 0.19%             | 2034-11-15      | Fixed         | 5.75%                 | 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      | $1056585.16   | 0.91%             | 2036-07-01      | Fixed         | 5.00%                 | 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      | $356549.39    | 0.31%             | 2042-01-01      | 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: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $608382.72    | 0.52%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092QE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559020.81    | 0.48%             | 2034-12-01      | 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      | $1604897.50   | 1.37%             | 2035-06-01      | Fixed         | 5.00%                 | 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      | $1217352.14   | 1.04%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    335000 | PA      | $355473.97    | 0.30%             | 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      | $245671.89    | 0.21%             | 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      | $253011.74    | 0.22%             | 2041-10-01      | Fixed         | 5.00%                 | 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      | $137621.51    | 0.12%             | 2032-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KYP8<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    895000 | PA      | $948092.01    | 0.81%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    225000 | PA      | $240031.60    | 0.21%             | 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      | $105509.41    | 0.09%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    405000 | PA      | $430843.63    | 0.37%             | 2053-01-01      | Floating      | 5.50%                 | 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      | $104407.14    | 0.09%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034402.47   | 0.89%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414PS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $540987.78    | 0.46%             | 2035-11-15      | Fixed         | 5.00%                 | 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      | $571503.82    | 0.49%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAZ0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000511.02   | 0.86%             | 2025-10-01      | Fixed         | 4.00%                 | 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        |   1200000 | PA      | $1205003.90   | 1.03%             | 2051-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1633128.97   | 1.40%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1820980.51   | 1.56%             | 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        |    635000 | PA      | $666549.53    | 0.57%             | 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      | $540961.78    | 0.46%             | 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      | $261193.54    | 0.22%             | 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        |    415000 | PA      | $428154.16    | 0.37%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $94006.59     | 0.08%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000301.44   | 0.86%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJE3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    850000 | PA      | $895553.06    | 0.77%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    300000 | PA      | $320331.78    | 0.27%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1137137.13   | 0.97%             | 2050-12-01      | 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      | $537671.03    | 0.46%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280829.95    | 0.24%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $716600.34    | 0.61%             | 2033-01-01      | Fixed         | 5.00%                 | 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      | $785922.08    | 0.67%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEJ3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $831933.23    | 0.71%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057683.03   | 0.91%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    475000 | PA      | $499082.35    | 0.43%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518193.71    | 0.44%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761784.67    | 0.65%             | 2053-12-01      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202256.96    | 0.17%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    750000 | PA      | $802473.28    | 0.69%             | 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      | $999629.14    | 0.86%             | 2036-06-15      | 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: 87638TJA2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070239.64   | 0.92%             | 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      | $107795.31    | 0.09%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YXG7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $320000.18    | 0.27%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                                | ALLEN TX INDEP SCH DIST                                      | CUSIP: 018106KF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007883.22   | 0.86%             | 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      | $274348.82    | 0.24%             | 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      | $107314.26    | 0.09%             | 2038-11-15      | 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      | $1059558.64   | 0.91%             | 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: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $236381.52    | 0.20%             | 2038-07-01      | 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      | $471420.68    | 0.40%             | 2065-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457Q6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $385961.91    | 0.33%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RMN2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    650000 | PA      | $676246.82    | 0.58%             | 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      | $524238.44    | 0.45%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502660.41    | 0.43%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    480000 | PA      | $507676.68    | 0.43%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000495.07   | 0.86%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXK0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540814.33    | 0.46%             | 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      | $245531.06    | 0.21%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZA5<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    290000 | PA      | $294734.29    | 0.25%             | 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      | $538198.32    | 0.46%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $408570.58    | 0.35%             | 2029-11-01      | Fixed         | 2.60%                 | 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      | $1069565.47   | 0.92%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    145000 | PA      | $139629.27    | 0.12%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST ALGAS PREPAY REVENUE              | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502461.55    | 0.43%             | 2049-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGP2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425274.74    | 0.36%             | 2043-07-01      | 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: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $185047.16    | 0.16%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WBW3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    270000 | PA      | $224841.37    | 0.19%             | 2033-12-01      | Fixed         | 2.05%                 | 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      | $291215.82    | 0.25%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140CR2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    720000 | PA      | $742051.48    | 0.64%             | 2037-01-01      | Fixed         | 5.00%                 | 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      | $469756.27    | 0.40%             | 2033-12-01      | 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      | $682698.81    | 0.58%             | 2037-03-15      | 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      | $522937.59    | 0.45%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3L8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    495000 | PA      | $501762.48    | 0.43%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254932.37    | 0.22%             | 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        |    100000 | PA      | $104110.75    | 0.09%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814EA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501479.08    | 0.43%             | 2035-10-01      | 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        |    155000 | PA      | $155234.15    | 0.13%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JMD7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    185000 | PA      | $189507.91    | 0.16%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | OHIO ST WTR DEV AUTH WTR POLL CONTROL REVENUE                | CUSIP: 67766WR95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $484036.20    | 0.41%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001ND0<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1151984.47   | 0.99%             | 2041-02-01      | 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        |   6756435 | NS      | $6757110.72   | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    455000 | PA      | $478502.46    | 0.41%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $326174.19    | 0.28%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496976.70    | 0.43%             | 2042-05-01      | Floating      | 2.99%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH MF HSG REVENUE                   | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375623.33    | 0.32%             | 2042-02-01      | Floating      | 3.73%                 | 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      | $250259.34    | 0.21%             | 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      | $123172.91    | 0.11%             | 2035-02-01      | Floating      | 1.75%                 | 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      | $531962.13    | 0.46%             | 2040-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457R4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543948.98    | 0.47%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151PM5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506644.06    | 0.43%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUZ4<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1948805.87   | 1.67%             | 2041-04-01      | 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        |     50000 | PA      | $52020.14     | 0.04%             | 2029-06-30      | 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      | $218410.06    | 0.19%             | 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      | $518158.61    | 0.44%             | 2037-05-15      | 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      | $424733.64    | 0.36%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                             | OREGON ST DEPT OF ADMIN SVCS LOTTERY REVENUE                 | CUSIP: 68607V6M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077267.00   | 0.92%             | 2039-04-01      | 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        |   1010000 | PA      | $1025987.92   | 0.88%             | 2036-11-15      | 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        |    275000 | PA      | $302855.52    | 0.26%             | 2057-11-15      | Floating      | 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      | $59208.42     | 0.05%             | 2026-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp                                         | NEW YORK ENERGY FIN DEV CORP                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1147072.27   | 0.98%             | 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        |    350000 | PA      | $369417.96    | 0.32%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486N70<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    895000 | PA      | $928382.98    | 0.80%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96562.26     | 0.08%             | 2027-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238570.69    | 0.20%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EU53<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1647882.12   | 1.41%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353892M9<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517921.83    | 0.44%             | 2040-07-01      | Fixed         | 5.25%                 | 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      | $490901.19    | 0.42%             | 2029-07-15      | Fixed         | 4.00%                 | 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      | $239851.76    | 0.21%             | 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      | $1551507.95   | 1.33%             | 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      | $283847.98    | 0.24%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    450000 | PA      | $458016.89    | 0.39%             | 2056-05-01      | Floating      | 5.25%                 | 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      | $769547.14    | 0.66%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1311394.89   | 1.12%             | 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      | $103675.22    | 0.09%             | 2040-02-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pueblo Urban Renewal Authority                                                   | PUEBLO CO URBAN RENEWAL AUTH TAX INCR REVENUE                | CUSIP: 744826AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242750.00    | 0.21%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $282867.18    | 0.24%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GGJ2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481066.74    | 0.41%             | 2036-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    215000 | PA      | $232914.08    | 0.20%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CV6<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    100000 | PA      | $95548.08     | 0.08%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GF90<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256563.68    | 0.22%             | 2048-06-15      | Fixed         | 5.25%                 | 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        |   1000000 | PA      | $1008156.59   | 0.86%             | 2050-02-01      | Floating      | 4.00%                 | 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      | $1068944.70   | 0.92%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma City Airport Trust                                                      | OKLAHOMA CITY OK ARPT TRUST                                  | CUSIP: 6785354C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485209.77    | 0.42%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    465000 | PA      | $413850.00    | 0.35%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                               | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002MA1<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    650000 | PA      | $668377.31    | 0.57%             | 2043-08-15      | 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      | $525107.66    | 0.45%             | 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      | $1220038.31   | 1.05%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    185000 | PA      | $167930.32    | 0.14%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L31<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102156.27    | 0.09%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Water & Sewer System Revenue                                  | GARLAND TX WTR & SWR REVENUE                                 | CUSIP: 366168TB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $405944.68    | 0.35%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEH6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315508.55    | 0.27%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244255.06    | 0.21%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797355L93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $518045.54    | 0.44%             | 2031-07-01      | None          | 0.00%                 | 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      | $306410.89    | 0.26%             | 2035-06-01      | 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      | $672322.24    | 0.58%             | 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      | $145072.73    | 0.12%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JVZ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083053.59   | 0.93%             | 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        |    500000 | PA      | $521742.82    | 0.45%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QKA0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    445000 | PA      | $385225.09    | 0.33%             | 2032-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371514T3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303401.32    | 0.26%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                               | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REV  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    365000 | PA      | $364579.28    | 0.31%             | 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      | $107139.69    | 0.09%             | 2030-08-01      | 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      | $525439.07    | 0.45%             | 2054-12-01      | Floating      | 5.00%                 | 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        |    150000 | PA      | $151651.66    | 0.13%             | 2027-09-15      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer