# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-26-066711
**Filing Date:** 2026-6
**Character Count:** 116913
**Document Hash:** c7e860980262d9f6b787177787a6f667
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-066711.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001410368-26-066711

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 261121633

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

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

## Series and Classes Contracts Data

### iShares Short-Term California Muni Active ETF (Series ID: S000080457)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000242862 | iShares Short-Term California Muni Active ETF |  |

## Nport-Ex

April 30, 2026

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Short-Term California Muni Active ETF \| CALI \| NASDAQ |

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2026

**iShares Short-Term California Muni Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 98.6%** | **California — 98.6%** | **California — 98.6%** |
| &nbsp;&nbsp;&nbsp; Amador Water Agency Financing Corp., COP, 5.00%, <br> 05/14/26<br>| &nbsp;&nbsp;&nbsp; $500 | $500557 |
| &nbsp;&nbsp;&nbsp; Anaheim Redevelopment Successor Agency, 5.00%, <br> 02/01/28<br>| &nbsp;&nbsp;&nbsp; 425 | 443397 |
| Bay Area Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 3.00%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3150 | 3150000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.00%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.30%, 05/07/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 2500000 |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, 2.37%, 08/10/26<br>| &nbsp;&nbsp;&nbsp; 2000 | 1998831 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority Clean <br> Energy Project, RB, VRDN, 3.09%, 05/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 590 | 590000 |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 3230 | 3270480 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 3525 | 3569731 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 | &nbsp;&nbsp;&nbsp; 410 | 418884 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | &nbsp;&nbsp;&nbsp; 770 | 798666 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | &nbsp;&nbsp;&nbsp; 150 | 156022 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | &nbsp;&nbsp;&nbsp; 800 | 819710 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/29 | &nbsp;&nbsp;&nbsp; 1000 | 1038669 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 8540 | 8918518 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 | &nbsp;&nbsp;&nbsp; 2000 | 2099882 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 1235 | 1298903 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 | &nbsp;&nbsp;&nbsp; 2450 | 2550708 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | &nbsp;&nbsp;&nbsp; 6000 | 6376286 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 | &nbsp;&nbsp;&nbsp; 3710 | 3918124 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 | &nbsp;&nbsp;&nbsp; 500 | 525720 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/30 | &nbsp;&nbsp;&nbsp; 3525 | 3732498 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/28 | &nbsp;&nbsp;&nbsp; 3145 | 3287494 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/30 | &nbsp;&nbsp;&nbsp; 2040 | 2227090 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.35%, 05/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 2500000 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, RB, <br> 5.00%, 06/01/28<br>| &nbsp;&nbsp;&nbsp; 430 | 448881 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities, RB, VRDN, 3.11%, <br> 05/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4275 | 4275000 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, RB, <br> 4.00%, 05/14/26<br>| &nbsp;&nbsp;&nbsp; 260 | 260089 |
| California Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 03/01/29 (HUD SECT 8) | &nbsp;&nbsp;&nbsp; 500 | 492924 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/01/28 | &nbsp;&nbsp;&nbsp; 1385 | 1376968 |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/01/56 | &nbsp;&nbsp;&nbsp; 2500 | 2496783 |
| &nbsp;&nbsp;&nbsp; 2.95%, 01/01/29 | &nbsp;&nbsp;&nbsp; 1000 | 1000697 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/30 (FHA 542(C)) | &nbsp;&nbsp;&nbsp; 460 | 465646 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.65%, 05/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2100 | 2100000 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> RB, VRDN, 3.09%, 05/07/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 125 | 125000 |
| California Municipal Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/28 | &nbsp;&nbsp;&nbsp; 2000 | 1969072 |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp; 2.93%, 06/01/28 | &nbsp;&nbsp;&nbsp; 2000 | 2001239 |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/28 (HUD SECT 8) | &nbsp;&nbsp;&nbsp; 1500 | 1501816 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/28 | &nbsp;&nbsp;&nbsp; 5000 | 5008390 |
| &nbsp;&nbsp;&nbsp; 3.30%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1001756 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 150 | 157258 |
| California Municipal Finance Authority, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 06/15/26 | &nbsp;&nbsp;&nbsp; 1000 | 999327 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 | &nbsp;&nbsp;&nbsp; 1000 | 999548 |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 | &nbsp;&nbsp;&nbsp; 2300 | 2299138 |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/05/28 | &nbsp;&nbsp;&nbsp; 1000 | 993804 |
| &nbsp;&nbsp;&nbsp; 3.45%, 05/24/26 | &nbsp;&nbsp;&nbsp; 1500 | 1508539 |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/01/26 | &nbsp;&nbsp;&nbsp; 1000 | 1002417 |
| &nbsp;&nbsp;&nbsp; 3.85%, 05/24/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999615 |
| California Pollution Control Financing Authority, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/17/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6000 | 5990570 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/24/26 | &nbsp;&nbsp;&nbsp; 360 | 360086 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 | &nbsp;&nbsp;&nbsp; $500 | $506697 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, VRDN, 3.07%, <br> 05/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2150 | 2150000 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, VRDN, RB, 3.07%, <br> 05/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1335 | 1335000 |
| California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/24/26 | &nbsp;&nbsp;&nbsp; 500 | 502694 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/26 | &nbsp;&nbsp;&nbsp; 1000 | 1011384 |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 05/24/26 | &nbsp;&nbsp;&nbsp; 200 | 200714 |
| California State University |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/05/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999805 |
| &nbsp;&nbsp;&nbsp; 2.40%, 05/06/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999801 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, 4.00%, 09/02/28<br>| &nbsp;&nbsp;&nbsp; 785 | 792662 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, RB, 5.00%, 11/01/29<br>| &nbsp;&nbsp;&nbsp; 1500 | 1617358 |
| Campbell Union School District, GO, 5.00%, 08/01/26 | &nbsp;&nbsp;&nbsp; 3500 | 3520307 |
| Central Valley Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 | &nbsp;&nbsp;&nbsp; 250 | 262964 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.09%, 05/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 155 | 155000 |
| &nbsp;&nbsp;&nbsp; Chino Valley Unified School District, GO, VRDN, 3.63%, <br> 05/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 500000 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Harbor Revenue, RB AMT, 5.00%, <br> 05/15/27<br>| &nbsp;&nbsp;&nbsp; 400 | 408781 |
| City of Los Angeles CA, RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 10/01/28 | &nbsp;&nbsp;&nbsp; 1000 | 997099 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/25/26 | &nbsp;&nbsp;&nbsp; 2000 | 2006929 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, 2.38%, <br> 05/05/26<br>| &nbsp;&nbsp;&nbsp; 2000 | 1999871 |
| City of Los Angeles Department of Airports, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 780 | 780639 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/24/26 | &nbsp;&nbsp;&nbsp; 890 | 891438 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 | &nbsp;&nbsp;&nbsp; 1760 | 1801097 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp; 200 | 206340 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/28 | &nbsp;&nbsp;&nbsp; 1000 | 1043344 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/28 | &nbsp;&nbsp;&nbsp; 770 | 802115 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29 | &nbsp;&nbsp;&nbsp; 1485 | 1578701 |
| &nbsp;&nbsp;&nbsp; City of Modesto Water Revenue COP, VRDN, 2.80%, <br> 05/07/26 (AGM)<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 11465 | 11465000 |
| &nbsp;&nbsp;&nbsp; Compton Community Redevelopment Successor Agency, <br> 5.00%, 08/01/26 (AGM)<br>| &nbsp;&nbsp;&nbsp; 415 | 417429 |
| County of Riverside CA, RB, 5.00%, 06/30/26 | &nbsp;&nbsp;&nbsp; 2000 | 2007766 |
| &nbsp;&nbsp;&nbsp; County of Sacramento Airport System Revenue, RB AMT, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp;&nbsp; 700 | 753433 |
| &nbsp;&nbsp;&nbsp; County of Sacramento CA Airport System Revenue RB, <br> RB AMT, 5.00%, 07/01/28<br>| &nbsp;&nbsp;&nbsp; 2485 | 2583931 |
| &nbsp;&nbsp;&nbsp; East County Advanced Water Purification Joint Powers <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 | &nbsp;&nbsp;&nbsp; 240 | 239866 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 125 | 125235 |
| &nbsp;&nbsp;&nbsp; East Side Union High School District, GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 108680 |
| &nbsp;&nbsp;&nbsp; Eastern Municipal Water District, RB, VRDN, VRDN, <br> 3.00%, 05/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2500 | 2500000 |
| &nbsp;&nbsp;&nbsp; El Monte City School District/CA, GO, 5.00%, 08/01/26 <br> (AG)<br>| &nbsp;&nbsp;&nbsp; 1615 | 1624789 |
| El Rancho Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 (BAM) | &nbsp;&nbsp;&nbsp; 125 | 132102 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/27 (BAM) | &nbsp;&nbsp;&nbsp; 110 | 114247 |
| &nbsp;&nbsp;&nbsp; Fullerton Redevelopment Successor Agency, 4.00%, <br> 09/01/26 (BAM)<br>| &nbsp;&nbsp;&nbsp; 375 | 376464 |
| &nbsp;&nbsp;&nbsp; Irvine Ranch Water District Water Service Corp., SA, <br> VRDN, VRDN, 3.00%, 05/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2600 | 2600000 |
| &nbsp;&nbsp;&nbsp; Jefferson Union High School District, GO, 5.00%, <br> 08/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 108680 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short-Term California Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; Jurupa Public Financing Authority, 4.00%, 09/01/29 <br> (BAM)<br>| &nbsp;&nbsp;&nbsp; $1000 | $1051525 |
| Jurupa Unified School District, GO, 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 1000 | 1032487 |
| &nbsp;&nbsp;&nbsp; Lake Elsinore Facilities Financing Authority Successor <br> Agency, 5.00%, 09/01/29 (AG)<br>| &nbsp;&nbsp;&nbsp; 500 | 540022 |
| &nbsp;&nbsp;&nbsp; Long Beach Unified School District, GO, 0.00%, <br> 05/14/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 478643 |
| Los Angeles County, 2.32%, 05/06/26 | &nbsp;&nbsp;&nbsp; 500 | 499946 |
| Los Angeles Housing Authority, RB, 3.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 1575 | 1576906 |
| Metropolitan Water District of Southern California, RB |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 2.35%, 05/07/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5900 | 5900000 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.50%, 05/07/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5600 | 5600000 |
| Modesto Irrigation District, RB, 5.00%, 05/14/26 | &nbsp;&nbsp;&nbsp; 920 | 922216 |
| &nbsp;&nbsp;&nbsp; Mount Diablo Unified School District California , GO, <br> 5.00%, 08/01/29<br>| &nbsp;&nbsp;&nbsp; 550 | 597737 |
| &nbsp;&nbsp;&nbsp; Mount Diablo Unified School District/CA, COP, 5.00%, <br> 09/01/26 (AG)<br>| &nbsp;&nbsp;&nbsp; 620 | 624722 |
| M-S-R Energy Authority, RB, 6.13%, 11/01/29 | &nbsp;&nbsp;&nbsp; 515 | 541689 |
| Municipal Improvement Corp. of Los Angeles |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/03/26 | &nbsp;&nbsp;&nbsp; 1000 | 999763 |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/02/26 | &nbsp;&nbsp;&nbsp; 1000 | 999723 |
| &nbsp;&nbsp;&nbsp; 2.32%, 08/06/26 | &nbsp;&nbsp;&nbsp; 4000 | 3998341 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, RB, 5.00%, <br> 11/01/29<br>| &nbsp;&nbsp;&nbsp; 330 | 357705 |
| &nbsp;&nbsp;&nbsp; Municipal Water District of Orange County Water <br> Facilities Corp., COP, VRDN, 2.28%, 05/07/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 8545 | 8545000 |
| Northern California Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | &nbsp;&nbsp;&nbsp; 375 | 376518 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | &nbsp;&nbsp;&nbsp; 4295 | 4527787 |
| &nbsp;&nbsp;&nbsp; Northern California Transmission Agency, RB, 5.00%, <br> 05/24/26<br>| &nbsp;&nbsp;&nbsp; 285 | 285875 |
| Ontario Public Financing Authority, RB, 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 190 | 207640 |
| Pasadena California, GO, VRDN, 3.45%, 05/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp; Peralta Community College District, GO, 5.00%, <br> 08/01/27<br>| &nbsp;&nbsp;&nbsp; 500 | 516997 |
| &nbsp;&nbsp;&nbsp; Pittsburg California Public Facilities Financing Authority, <br> RB, VRDN, 3.12%, 05/07/26 (AG)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 3000 | 3000000 |
| Port of Los Angeles, RB AMT, 5.00%, 08/01/29 | &nbsp;&nbsp;&nbsp; 400 | 426264 |
| Port of Oakland RB, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp; 590 | 606264 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 730 | 770804 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | &nbsp;&nbsp;&nbsp; 555 | 590484 |
| Port of Oakland, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 | &nbsp;&nbsp;&nbsp; 400 | 407836 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp; 1100 | 1131469 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 1625 | 1687426 |
| &nbsp;&nbsp;&nbsp; Poway Redevelopment Successor Agency, 5.00%, <br> 05/24/26<br>| &nbsp;&nbsp;&nbsp; 565 | 571392 |
| &nbsp;&nbsp;&nbsp; Poway Unified School District Public Financing Authority, <br> 5.00%, 09/01/26<br>| &nbsp;&nbsp;&nbsp; 500 | 503139 |
| &nbsp;&nbsp;&nbsp; Public Facilities Financing Authority Of The City Of San <br> Diego/Lease Revenue, RB, VRDN, 3.12%, <br> 05/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp; Riverside County Housing Authority, RB, VRDN, 2.64%, <br> 05/07/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 345 | 345000 |
| &nbsp;&nbsp;&nbsp; Sacramento County Housing Authority, RB, VRDN, <br> 2.64%, 05/07/26 (FANNIE MAE)<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 260 | 260000 |
| &nbsp;&nbsp;&nbsp; San Diego California Unified School District, GO, VRDN, <br> 3.12%, 05/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2010 | 2010000 |
| San Diego County Regional Airport Authority, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp; 405 | 406500 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 300 | 319628 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 1785 | 1890078 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | &nbsp;&nbsp;&nbsp; 1835 | 1982537 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Transportation Commission, <br> 2.35%, 06/01/26<br>| &nbsp;&nbsp;&nbsp; 3000 | 2999059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| San Diego County Water Authority |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/18/26 | &nbsp;&nbsp;&nbsp; $1500 | $1498294 |
| &nbsp;&nbsp;&nbsp; 2.35%, 06/03/26 | &nbsp;&nbsp;&nbsp; 4000 | 3998634 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority Water <br> Revenue, 2.34%, 05/20/26<br>| &nbsp;&nbsp;&nbsp; 2000 | 1999442 |
| San Diego Public Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; VRDN, 3.09%, 05/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1875 | 1875000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.64%, 05/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 800 | 800000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.70%, 05/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4600 | 4600000 |
| &nbsp;&nbsp;&nbsp; San Francisco California City and County, RB, VRDN, <br> 3.09%, 05/07/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1690 | 1690000 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission San <br> Francisco International Airport RB, RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 | &nbsp;&nbsp;&nbsp; 335 | 341497 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | &nbsp;&nbsp;&nbsp; 3000 | 3233597 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport RB, RB AMT, 5.00%, <br> 05/01/30<br>| &nbsp;&nbsp;&nbsp; 1360 | 1465897 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, RB, VRDN, 2.35%, <br> 05/07/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3000 | 3000000 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | &nbsp;&nbsp;&nbsp; 1145 | 1194881 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | &nbsp;&nbsp;&nbsp; 2765 | 2935058 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | &nbsp;&nbsp;&nbsp; 800 | 862293 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission, <br> 2.32%, 08/04/26<br>| &nbsp;&nbsp;&nbsp; 2000 | 1998890 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Power Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 08/05/26 | &nbsp;&nbsp;&nbsp; 2221 | 2219775 |
| &nbsp;&nbsp;&nbsp; 2.35%, 07/07/26 | &nbsp;&nbsp;&nbsp; 400 | 399842 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utility Commission <br> Water Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.32%, 06/04/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999315 |
| &nbsp;&nbsp;&nbsp; 2.32%, 06/09/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999207 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Redevelopment Successor <br> Agency, 5.00%, 08/01/28 (AGC)<br>| &nbsp;&nbsp;&nbsp; 520 | 549675 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority, RB, 5.00%, <br> 07/01/29<br>| &nbsp;&nbsp;&nbsp; 840 | 876821 |
| &nbsp;&nbsp;&nbsp; San Mateo California Union High School District, GO, <br> VRDN, 3.00%, 05/01/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 480 | 480000 |
| &nbsp;&nbsp;&nbsp; San Mateo County Transit District Sales Tax Revenue, <br> RB, VRDN, 2.95%, 05/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 425 | 425000 |
| &nbsp;&nbsp;&nbsp; San Mateo Union High School District, GO, Series C, <br> 0.00%, 09/01/27 (NPFGC)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 400 | 386462 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, RB, VRDN, <br> VRDN, 2.30%, 05/07/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 985 | 985000 |
| &nbsp;&nbsp;&nbsp; Sequoia Union High School District, GO, 4.00%, <br> 07/01/26<br>| &nbsp;&nbsp;&nbsp; 440 | 441425 |
| Southern California Public Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 150 | 150685 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; 200 | 216572 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/30 | &nbsp;&nbsp;&nbsp; 4800 | 5020137 |
| State of California |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/05/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999804 |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/03/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999332 |
| State of California, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 800 | 806507 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp; 750 | 755833 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; 800 | 825262 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | &nbsp;&nbsp;&nbsp; 500 | 518825 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/29 | &nbsp;&nbsp;&nbsp; 850 | 908724 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.25%, 05/07/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 2500000 |
| &nbsp;&nbsp;&nbsp; VRDN, 2.65%, 05/07/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5000 | 5000000 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short-Term California Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; Temecula Valley Unified School District Financing <br> Authority, 5.00%, 09/01/26<br>| &nbsp;&nbsp;&nbsp; $500 | $503976 |
| University of California |  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 06/04/26 | &nbsp;&nbsp;&nbsp; 1500 | 1499475 |
| &nbsp;&nbsp;&nbsp; 2.43%, 06/12/26 | &nbsp;&nbsp;&nbsp; 2000 | 1999644 |
| University of California, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/26 | &nbsp;&nbsp;&nbsp; 400 | 400390 |
| &nbsp;&nbsp;&nbsp; Series AL 4, VRDN, 3.00%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1700 | 1700000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.00%, 05/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5800 | 5800000 |
| &nbsp;&nbsp;&nbsp; VRDN, 3.11%, 05/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1325 | 1325000 |
| &nbsp;&nbsp;&nbsp; Ventura California Unified School District, GO, VRDN, <br> 3.35%, 05/01/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 160 | 160000 |
| &nbsp;&nbsp;&nbsp; Yucaipa Valley Water District Financing Authority, RB, <br> 5.00%, 05/14/26<br>| &nbsp;&nbsp;&nbsp; 400 | 400657 |
|  |  | 298589045 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $298,642,130)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $298,642,130)** | 298589045 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Liquidity Funds: MuniCash, 3.31%<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 544049 | 544103 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $544,103)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $544,103)** | 544103 |
| **Total Investments — 98.8%** <br>**(Cost: $299,186,233)** | **Total Investments — 98.8%** <br>**(Cost: $299,186,233)** | 299133148 |
| **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 3565590 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $302698738 |

---

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/26*<br>| *Shares* <br>*Held at* <br>*04/30/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $57012<br> $487091 <br><sup>(a)</sup><br>| $— | $— | $— | $544103 | 544049 | $10235 | $— |

---

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

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

**Fair Value Hierarchy as of Period End** 

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short-Term California Muni Active ETF**

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

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298589045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298589045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 544103 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 544103 |
|  | &nbsp;&nbsp; $544103 | &nbsp;&nbsp; $298589045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $299133148 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Mutual Assurance Co. |
| COP | Certificates of Participation |

---

---

| | |
|:---|:---|
| FHA | Federal Housing Administration |
| GO | General Obligation |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Short-Term California Muni Active ETF

- **b. EDGAR series identifier (if any):** S000080457

- **c. LEI of Series:** 529900R8UUYH8SM2G094

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $302613362.20

**Total Liabilities:** $7482093.16

**Net Assets:** $295131269.04

**Delayed Delivery Securities:** $3523030.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1864.66000000 | **1-Year:** 7564.66000000 | **5-Year:** 27235.43000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 106.19000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242862 | 0.36%                | -0.39%               | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $442471.50                                 |
| Month 2  | $819.46                  | $-1742698.04                               |
| Month 3  | $577.75                  | $86354.31                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                             | CUSIP: 713575ZD3<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516996.75    | 0.18%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CALIF UN HIGH SCH DIST                                             | SAN MATEO CALIF UN HIGH SCH DIST                                      | CUSIP: 88035FEX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480000.00    | 0.16%             | 2031-03-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                            | CUSIP: 482085EQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051525.10   | 0.36%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                                   | CUSIP: 13048TGV9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.68%             | 2035-11-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| Sequoia Union High School District                                           | SEQUOIA CA UNION HIGH SCH DIST                                        | CUSIP: 817409F83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $441424.54    | 0.15%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3270479.98   | 1.11%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY                                  | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY                           | CUSIP: 88035RKG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4275000 | PA      | $4275000.00   | 1.45%             | 2055-10-01      | Floating      | 3.11%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001756.20   | 0.34%             | 2039-02-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Amador Water Agency Financing Corp                                           | AMADOR CA WTR AGY COPS                                                | CUSIP: 022653BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500556.85    | 0.17%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999615.40   | 0.68%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DSN0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    705000 | PA      | $748360.25    | 0.25%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024C75<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 0.29%             | 2059-04-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445BT5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    890000 | PA      | $891437.80    | 0.30%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union School District                                               | CAMPBELL CA UNION SCH DIST                                            | CUSIP: 1341412F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3520306.65   | 1.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   4295000 | PA      | $4527786.85   | 1.53%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LVT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200713.86    | 0.07%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDV5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $819709.92    | 0.28%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                       | LOS ANGELES CA                                                        | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006929.40   | 0.68%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1687425.68   | 0.57%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063C8S2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    800000 | PA      | $825261.68    | 0.28%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                         | CUSIP: 13032WCQ5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    460000 | PA      | $465645.86    | 0.16%             | 2030-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4173773.20   | 1.41%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| El Monte City School District/CA                                             | EL MONTE CA CITY SCH DIST                                             | CUSIP: 283309QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $774657.19    | 0.26%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445ND7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    570000 | PA      | $570467.34    | 0.19%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002417.30   | 0.34%             | 2044-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| El Monte City School District/CA                                             | EL MONTE CA CITY SCH DIST                                             | CUSIP: 283309QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $850132.19    | 0.29%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035ERN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 1.56%             | 2043-10-15      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1131469.46   | 0.38%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                           | CUSIP: 91412GSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5800000.00   | 1.97%             | 2048-05-15      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DVD8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    915000 | PA      | $971276.07    | 0.33%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483JX9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001238.60   | 0.68%             | 2045-12-01      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CALIF PUB FING AUTH                                                | PITTSBURG CALIF PUB FING AUTH                                         | CUSIP: 88035PFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.02%             | 2052-08-01      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| Anaheim Redevelopment Agency Successor Agency                                | ANAHEIM CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                     | CUSIP: 032564AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $443397.02    | 0.15%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DLB3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.02%             | 2058-05-01      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2227090.44   | 0.75%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536KL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506696.55    | 0.17%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency            | SAN FRANCISCO CITY & CNTY CA REDEV AGY SUCCESSOR AGY TAX              | CUSIP: 79770GKF2<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    520000 | PA      | $549674.74    | 0.19%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $606264.06    | 0.21%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission                      | San Francisco City & County Public Utilities Commission               | CUSIP: 79769KCV0<br>LEI: 213800P9VO3CSYYNM193 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1998889.60   | 0.68%             | 2026-08-04      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483LE8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5008390.50   | 1.70%             | 2057-02-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360085.97    | 0.12%             | 2027-07-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                               | CUSIP: 59266TZB0<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5600000.00   | 1.90%             | 2047-07-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Lake Elsinore Facilities Financing Authority Successor Agency                | LAKE ELSINORE CA FACS FING AUTH LOCAL AGY REVENUE                     | CUSIP: 50962CCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540021.60    | 0.18%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4540000 | PA      | $4744744.92   | 1.61%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAT4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999327.50    | 0.34%             | 2056-03-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA ARPT AUTH CA ARPT REVENUE IAM COML                 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign            | CUSIP: 12082FAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998830.80   | 0.68%             | 2076-02-24      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| East County Advanced Water Purification Joint Powers Authority               | EAST CNTY ADVANCED WTR PURIFICATION JT PWRS AUTH                      | CUSIP: 271843AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $239866.15    | 0.08%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                         | LONG BEACH CA HARBOR REVENUE                                          | CUSIP: 542424UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408781.48    | 0.14%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency Successor Agency                      | COMPTON CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION               | CUSIP: 204713AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $417429.20    | 0.14%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DVJ5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    800000 | PA      | $862292.56    | 0.29%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3569730.84   | 1.21%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035TQH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.85%             | 2055-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DVH9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1194881.35   | 0.40%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority Water Revenue                | San Diego Public Facilities Financing Authority Water Revenue         | CUSIP: 79731CDJ9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999441.60   | 0.68%             | 2026-05-20      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5990569.80   | 2.03%             | 2043-07-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                                   | CUSIP: 786107RN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2583931.33   | 0.88%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445W88<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    640000 | PA      | $680383.10    | 0.23%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East County Advanced Water Purification Joint Powers Authority               | EAST CNTY ADVANCED WTR PURIFICATION JT PWRS AUTH                      | CUSIP: 271843AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125235.06    | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fullerton Redevelopment Agency Successor Agency                              | FULLERTON CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                   | CUSIP: 35981VAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $376463.74    | 0.13%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE                       | CUSIP: 13078YPE9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    785000 | PA      | $792661.84    | 0.27%             | 2028-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHINO VY UNI SCH DIST CALIF                                                  | CHINO VY UNI SCH DIST CALIF                                           | CUSIP: 88035G8N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2029-02-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JGV2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2550708.48   | 0.86%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temecula Valley Unified School District Financing Authority                  | TEMECULA VLY UNIF SCH DIST FING AUTH CA SPL TAX REVENUE               | CUSIP: 87975BBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503976.15    | 0.17%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports                            | CUSIP: 54443VCB7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999870.60   | 0.68%             | 2026-05-05      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                           | CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                    | CUSIP: 88035J8W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.05%             | 2033-02-01      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| Long Beach Unified School District                                           | LONG BEACH CA UNIF SCH DIST                                           | CUSIP: 542433QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478642.70    | 0.16%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DWG0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    645000 | PA      | $684670.02    | 0.23%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE          | CUSIP: 13016NHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $448880.74    | 0.15%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Redevelopment Agency Successor Agency                                  | POWAY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                       | CUSIP: 738798AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $571391.90    | 0.19%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN                              | SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN                       | CUSIP: 88035RLT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1690000.00   | 0.57%             | 2055-11-01      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFJ0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $841394.72    | 0.29%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DSL4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    335000 | PA      | $341496.59    | 0.12%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508538.90   | 0.51%             | 2041-10-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JHN9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6376286.40   | 2.16%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063EGR1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.69%             | 2053-05-01      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999547.90    | 0.34%             | 2045-10-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| San Mateo County Transit District Sales Tax Revenue                          | SAN MATEO CNTY CA TRANSPRTN AUTH SALES TAX REVENUE                    | CUSIP: 79905CAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425000.00    | 0.14%             | 2049-06-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3710000 | PA      | $3918123.95   | 1.33%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063EEZ5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.85%             | 2048-05-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University                                           | CUSIP: 13080UAU3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999800.60   | 0.68%             | 2026-05-06      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3287493.97   | 1.11%             | 2054-05-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sacramento County Housing Authority                                          | SACRAMENTO CNTY CA HSG AUTH                                           | CUSIP: 786111EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.09%             | 2029-07-15      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                              | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE                      | CUSIP: 15569DAC6<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262963.88    | 0.09%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Water Authority                                             | San Diego County Water Authority                                      | CUSIP: 79741UQY0<br>LEI: 549300Y0QN5OFKA1G520 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1498293.90   | 0.51%             | 2026-11-18      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445SH3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043344.40   | 0.35%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH REVENUE                                    | CUSIP: 13057EFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1335000.00   | 0.45%             | 2062-07-15      | Floating      | 3.07%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GLS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1890077.95   | 0.64%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LYV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011384.50   | 0.34%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GSL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $319627.86    | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                               | CUSIP: 13080SYA6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1617357.75   | 0.55%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE             | CUSIP: 79811YAC2<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |    840000 | PA      | $876821.40    | 0.30%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                         | CUSIP: 801577HF7<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |    985000 | PA      | $985000.00    | 0.33%             | 2035-05-15      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| City of Modesto CA Water Revenue                                             | MODESTO CA WTR REVENUE COPS                                           | CUSIP: 607804AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11465000 | PA      | $11465000.00  | 3.88%             | 2036-10-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE                        | CUSIP: 607767BH2<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |    920000 | PA      | $922216.10    | 0.31%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2023E)                                | CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2023E)                         | CUSIP: 88035JCT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.09%             | 2029-03-01      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035RKR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325000.00   | 0.45%             | 2053-05-15      | Floating      | 3.11%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $407836.48    | 0.14%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DVE6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3233597.10   | 1.10%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | ONTARIO CA PUBLIC FING AUTH LEASE REVENUE                             | CUSIP: 68304RDR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $207640.32    | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District/CA                                      | MOUNT DIABLO CA UNIF SCH DIST                                         | CUSIP: 621196V35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $597737.36    | 0.20%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GLN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $406499.84    | 0.14%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURA CALIF UNI SCH DIST                                                   | VENTURA CALIF UNI SCH DIST                                            | CUSIP: 88035PYP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.05%             | 2055-08-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CALIFORNIA ST PUBLIC PWR AUTH                                   | CUSIP: 842475Q81<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216571.60    | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3732497.72   | 1.26%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California                                                   | CUSIP: 13068NDC2<br>LEI: 9845007J7054602FF597 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999804.20   | 0.68%             | 2026-05-05      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445FR5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206340.14    | 0.07%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024M74<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.85%             | 2059-04-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| Irvine Ranch Water District                                                  | IRVINE RANCH CA WTR DIST                                              | CUSIP: 4636324Q9<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 0.88%             | 2037-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Transportation Commission                          | San Diego County Regional Transportation Commission                   | CUSIP: 79739KT23<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2999059.20   | 1.02%             | 2026-06-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483KF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501815.60   | 0.51%             | 2031-07-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District/CA                                      | MOUNT DIABLO CA UNIF SCH DIST COPS                                    | CUSIP: 621204DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $624722.23    | 0.21%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132102.31    | 0.04%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063ELG9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    850000 | PA      | $908724.12    | 0.31%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utility Commission Water Revenue          | San Francisco City & County Public Utility Commission Water Revenue   | CUSIP: 79766RAD0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999206.80   | 0.68%             | 2026-06-09      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GQV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1982537.30   | 0.67%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035RS39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1875000.00   | 0.64%             | 2055-10-15      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LS32<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260088.74    | 0.09%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $770804.23    | 0.26%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Capital Asset Leasing Corp                                | Los Angeles County Capital Asset Leasing Corp                         | CUSIP: 54468VLX9<br>LEI: 5493008TSJ8UPQJX7Y66 | Long             | STIV             | MUN               | US        |    500000 | PA      | $499945.70    | 0.17%             | 2026-05-06      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DCC6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2496783.50   | 0.85%             | 2056-05-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156021.87    | 0.05%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JHR0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525719.75    | 0.18%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF UNI SCH DIST                                                 | SAN DIEGO CALIF UNI SCH DIST                                          | CUSIP: 88035RMF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2010000.00   | 0.68%             | 2047-07-01      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2299137.96   | 0.78%             | 2051-07-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063CR69<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755833.28    | 0.26%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DXF1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530751.95    | 0.18%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DBL7<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000697.30   | 0.34%             | 2046-06-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV                 | CUSIP: 79766DUD9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1465897.35   | 0.50%             | 2030-05-01      | 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        |    441781 | NS      | $441825.12    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Port of Los Angeles                                                          | LOS ANGELES CA HARBOR DEPT                                            | CUSIP: 544552B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $426264.04    | 0.14%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445A82<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    845000 | PA      | $898318.32    | 0.30%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH REVENUE                                      | CUSIP: 84247PMY4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150684.68    | 0.05%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EZ8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    770000 | PA      | $802115.31    | 0.27%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LQP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502693.70    | 0.17%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                | LOS ANGELES CA HSG AUTH MF HSG REVENUE                                | CUSIP: 544562DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1576906.38   | 0.53%             | 2046-01-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | Municipal Improvement Corp of Los Angeles                             | CUSIP: 54460VAP6<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999723.00    | 0.34%             | 2026-06-02      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | Municipal Improvement Corp of Los Angeles                             | CUSIP: 54460VAQ4<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999762.70    | 0.34%             | 2026-06-03      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035RK52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.69%             | 2054-09-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                           | CUSIP: 91412GSK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.58%             | 2048-05-15      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                      | NTHRN CA TRANSMISSION AGY REVENUE                                     | CUSIP: 664848BM9<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285875.26    | 0.10%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Unified School District                                               | JURUPA CA UNIF SCH DIST                                               | CUSIP: 482124TD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032486.70   | 0.35%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DD62<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    800000 | PA      | $806506.96    | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                               | CUSIP: 59266TXN6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5900000.00   | 2.00%             | 2047-07-01      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| San Diego County Water Authority                                             | San Diego County Water Authority                                      | CUSIP: 79741UQT1<br>LEI: 549300Y0QN5OFKA1G520 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3998634.00   | 1.35%             | 2026-06-03      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                     | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE               | CUSIP: 73885QJP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503138.70    | 0.17%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University                                           | CUSIP: 13080UAT6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999805.40   | 0.68%             | 2026-05-05      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFZ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    435000 | PA      | $457508.38    | 0.16%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH                                           | SAN DIEGO CALIF PUB FACS FING AUTH                                    | CUSIP: 88035M6Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.68%             | 2054-10-15      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                                        | CUSIP: 91412HTC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400389.52    | 0.14%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839D54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114246.78    | 0.04%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue        | San Francisco City & County Public Utilities Commission Power Revenue | CUSIP: 79766MDM8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2221000 | PA      | $2219774.67   | 0.75%             | 2026-08-05      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Yucaipa Valley Water District Financing Authority                            | YUCAIPA VLY WTR DIST FING AUTH REVENUE                                | CUSIP: 98840BBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400656.72    | 0.14%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCW4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038669.40   | 0.35%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District                                             | ESTRN CA MUNI WTR DIST WTR & WSTWTR REVENUE                           | CUSIP: 27627TCH3<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3600000.00   | 1.22%             | 2046-07-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                            | CUSIP: 544587V21<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    330000 | PA      | $357704.99    | 0.12%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.34%             | 2055-04-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024C59<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.78%             | 2059-04-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035F7U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.27%             | 2048-10-15      | Floating      | 3.11%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993803.60    | 0.34%             | 2050-09-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH REVENUE                                      | CUSIP: 84247PND9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $5020137.12   | 1.70%             | 2055-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Housing Authority                                           | RIVERSIDE CNTY CA HSG AUTH                                            | CUSIP: 76911MCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345000.00    | 0.12%             | 2027-01-15      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE                  | CUSIP: 13033WTH6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.04%             | 2031-03-01      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AF2<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $376518.08    | 0.13%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445K40<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210172.18    | 0.07%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                       | M-S-R CA ENERGY AUTH GAS REVENUE                                      | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    515000 | PA      | $541689.46    | 0.18%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                         | EAST SIDE CA UNION HIGH SCH DIST SANTA CLARA CNTY                     | CUSIP: 275282TD3<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108679.52    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483KW9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1969072.00   | 0.67%             | 2046-03-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                         | SAN MATEO CA UNION HIGH SCH DIST                                      | CUSIP: 799017DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $386462.20    | 0.13%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YKP0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999644.00   | 0.68%             | 2026-06-12      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California                                                   | CUSIP: 13066UXY8<br>LEI: 9845007J7054602FF597 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999332.20   | 0.68%             | 2026-06-03      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DBE3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1376968.11   | 0.47%             | 2029-11-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | Municipal Improvement Corp of Los Angeles                             | CUSIP: 54460VAT8<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3998341.20   | 1.35%             | 2026-08-06      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                       | LOS ANGELES CA MF REVENUE                                             | CUSIP: 544582YA1<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997099.30    | 0.34%             | 2060-05-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| County of Riverside CA                                                       | RIVERSIDE CNTY CA                                                     | CUSIP: 769110CZ8<br>LEI: 254900CB5HEOBAVTY629 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007765.60   | 0.68%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCT1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $418884.33    | 0.14%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157257.96    | 0.05%             | 2056-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDH6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    770000 | PA      | $798665.71    | 0.27%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                                | CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                         | CUSIP: 88035HW69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.11%             | 2030-02-01      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JEW2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099881.60   | 0.71%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Union High School District                                         | JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY                       | CUSIP: 4724667F2<br>LEI: 549300S1EAFO90X8HQ88 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108679.52    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue        | San Francisco City & County Public Utilities Commission Power Revenue | CUSIP: 79766MDL0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    400000 | PA      | $399842.16    | 0.14%             | 2026-07-07      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $590483.59    | 0.20%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                                   | CUSIP: 786107WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $753432.82    | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DAH7<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.71%             | 2027-12-01      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH REVENUE                                    | CUSIP: 13057EFQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2150000.00   | 0.73%             | 2062-07-15      | Floating      | 3.07%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YHQ2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499475.45   | 0.51%             | 2026-06-04      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utility Commission Water Revenue          | San Francisco City & County Public Utility Commission Water Revenue   | CUSIP: 79766RAE8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999314.60   | 0.68%             | 2026-06-04      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Municipal Water District Of Orange County Water Facilities Corp              | ORANGE CNTY CA WTR DIST COPS                                          | CUSIP: 684421CB4<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |   8545000 | PA      | $8545000.00   | 2.90%             | 2042-08-01      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DBU1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518824.80    | 0.18%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DBU7<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492923.80    | 0.17%             | 2047-10-01      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EX3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1801096.70   | 0.61%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer