# EDGAR Filing Document

**Accession Number:** 0000105563
**File Stem:** 0001104659-25-071839
**Filing Date:** 2025-7
**Character Count:** 1069952
**Document Hash:** bddfc0af0242ced98cfdfeffeba9211e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-071839.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001104659-25-071839

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WELLINGTON FUND
- **CENTRAL INDEX KEY:** 0000105563

**ORGANIZATION NAME:**
- **EIN:** 510071687
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00121
- **FILM NUMBER:** 251163264

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD/WELLINGTON FUND INC
- **DATE OF NAME CHANGE:** 19940608

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLINGTON FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard U.S. Minimum Volatility ETF (Series ID: S000061301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198465 | ETF Shares   | VFMV            |

### Vanguard U.S. Momentum Factor ETF (Series ID: S000061302)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198466 | ETF Shares   | VFMO            |

### Vanguard U.S. Multifactor Fund (Series ID: S000061303)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000198467 | Admiral Shares | VFMFX           |

### Vanguard U.S. Quality Factor ETF (Series ID: S000061304)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198469 | ETF Shares   | VFQY            |

### Vanguard U.S. Value Factor ETF (Series ID: S000061305)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198470 | ETF Shares   | VFVA            |

### Vanguard U.S. Multifactor ETF (Series ID: S000061310)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198481 | ETF Shares   | VFMF            |

### Vanguard Short-Term Tax-Exempt Bond ETF (Series ID: S000079862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241270 | ETF Shares   | VTES            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-00121**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Wellington Fund** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **Tonya T. Robinson, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: November 30

Date of reporting period: December 1, 2024—May 31, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [U.S. Minimum Volatility ETF](#classname9f0dc9c8-a0a7-4e52-b004-df6143415c51)<br> **[ETF Shares - VFMV](#classname9f0dc9c8-a0a7-4e52-b004-df6143415c51)**  |
|  [U.S. Momentum Factor ETF](#classname38657eb2-9ccf-45d6-9e11-118cbc06f05d)<br> **[ETF Shares - VFMO](#classname38657eb2-9ccf-45d6-9e11-118cbc06f05d)**  |
|  [U.S. Multifactor Fund](#classname3ab812e2-2529-412f-87f4-f0fb7443947d)<br> **[Admiral™ Shares - VFMFX](#classname3ab812e2-2529-412f-87f4-f0fb7443947d)**  |
|  [U.S. Quality Factor ETF](#classname33ccf3be-24df-40b0-8010-b24332af2b65)<br> **[ETF Shares - VFQY](#classname33ccf3be-24df-40b0-8010-b24332af2b65)**  |
|  [U.S. Value Factor ETF](#classname9be6ac53-082c-49b0-a1ca-b99db4110125)<br> **[ETF Shares - VFVA](#classname9be6ac53-082c-49b0-a1ca-b99db4110125)**  |
|  [U.S. Multifactor ETF](#classname6d436c55-ad53-482b-b4c2-780751c728a7)<br> **[ETF Shares - VFMF](#classname6d436c55-ad53-482b-b4c2-780751c728a7)**  |
|  [Short-Term Tax-Exempt Bond ETF](#classname4b982704-858d-436a-b1b1-81fc0ff06ce5)<br> **[ETF Shares - VTES](#classname4b982704-858d-436a-b1b1-81fc0ff06ce5)**  |

---

# Vanguard U.S. Minimum Volatility ETF
![Image](tm2517409d8_ncsrsimg001.jpg)

# ETF Shares (VFMV) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard U.S. Minimum Volatility ETF (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $6 | 0.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $278 |
| Number of Portfolio Holdings | 186 |
| Portfolio Turnover Rate | 16% |

---

## Portfolio Composition % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Consumer Discretionary | 11.0% |
| Consumer Staples | 11.9% |
| Energy | 4.2% |
| Financials | 8.8% |
| Health Care | 11.4% |
| Industrials | 6.7% |
| Real Estate | 6.1% |
| Technology | 23.2% |
| Telecommunications | 7.9% |
| Utilities | 8.4% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4419

# Vanguard U.S. Momentum Factor ETF
![Image](tm2517409d8_ncsrsimg001.jpg)

# ETF Shares (VFMO) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard U.S. Momentum Factor ETF (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $6 | 0.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1040 |
| Number of Portfolio Holdings | 629 |
| Portfolio Turnover Rate | 47% |

---

## Portfolio Composition % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.4% |
| Consumer Discretionary | 16.0% |
| Consumer Staples | 8.0% |
| Energy | 4.4% |
| Financials | 19.7% |
| Health Care | 15.8% |
| Industrials | 15.4% |
| Real Estate | 0.7% |
| Technology | 13.2% |
| Telecommunications | 4.4% |
| Utilities | 0.7% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4418

# Vanguard U.S. Multifactor Fund
![Image](tm2517409d8_ncsrsimg001.jpg)

# Admiral™ Shares (VFMFX)

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard U.S. Multifactor Fund (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $178 |
| Number of Portfolio Holdings | 566 |
| Portfolio Turnover Rate | 36% |

---

## Portfolio Composition % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.1% |
| Consumer Discretionary | 17.4% |
| Consumer Staples | 10.0% |
| Energy | 3.1% |
| Financials | 28.4% |
| Health Care | 12.2% |
| Industrials | 12.2% |
| Real Estate | 0.2% |
| Technology | 10.1% |
| Telecommunications | 3.5% |
| Utilities | 0.1% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR516

# Vanguard U.S. Quality Factor ETF
![Image](tm2517409d8_ncsrsimg001.jpg)

# ETF Shares (VFQY) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard U.S. Quality Factor ETF (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $6 | 0.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $385 |
| Number of Portfolio Holdings | 413 |
| Portfolio Turnover Rate | 20% |

---

## Portfolio Composition % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.7% |
| Consumer Discretionary | 19.8% |
| Consumer Staples | 8.0% |
| Energy | 2.7% |
| Financials | 15.0% |
| Health Care | 10.5% |
| Industrials | 22.1% |
| Technology | 17.3% |
| Telecommunications | 1.7% |
| Other Assets and Liabilities—Net | 0.2% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4417

# Vanguard U.S. Value Factor ETF
![Image](tm2517409d8_ncsrsimg001.jpg)

# ETF Shares (VFVA) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard U.S. Value Factor ETF (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $6 | 0.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $598 |
| Number of Portfolio Holdings | 604 |
| Portfolio Turnover Rate | 37% |

---

## Portfolio Composition % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 4.4% |
| Consumer Discretionary | 17.4% |
| Consumer Staples | 7.9% |
| Energy | 10.5% |
| Financials | 20.8% |
| Health Care | 14.3% |
| Industrials | 12.3% |
| Real Estate | 0.4% |
| Technology | 8.3% |
| Telecommunications | 3.4% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4416

# Vanguard U.S. Multifactor ETF
![Image](tm2517409d8_ncsrsimg001.jpg)

# ETF Shares (VFMF) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard U.S. Multifactor ETF (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $349 |
| Number of Portfolio Holdings | 561 |
| Portfolio Turnover Rate | 31% |

---

## Portfolio Composition % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.7% |
| Consumer Discretionary | 16.8% |
| Consumer Staples | 10.0% |
| Energy | 2.9% |
| Financials | 28.6% |
| Health Care | 13.1% |
| Industrials | 13.2% |
| Technology | 9.5% |
| Telecommunications | 3.8% |
| Utilities | 0.1% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR4421

# Vanguard Short-Term Tax-Exempt Bond ETF
![Image](tm2517409d8_ncsrsimg001.jpg)

# ETF Shares (VTES) NYSE Arca

#### Semi-Annual Shareholder Report \| May 31, 2025
This semi-annual shareholder report contains important information about Vanguard Short-Term Tax-Exempt Bond ETF (the "Fund") for the period of December 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1029 |
| Number of Portfolio Holdings | 2965 |
| Portfolio Turnover Rate | 12% |

---

## Distribution by Stated Maturity % of Net Assets (as of May 31, 2025)

---

| | |
|:---|:---|
| Less than 1 Year | 15.5% |
| 1 to 3 Years | 29.2% |
| 3 to 5 Years | 27.6% |
| 5 to 10 Years | 27.0% |
| 10 to 20 Years | 0.4% |
| 20 to 30 Years | 0.1% |
| Other Assets and Liabilities—Net | 0.2% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SRV014

**Item 2: Code of Ethics.** 

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2517409d8usfactretffini001.jpg)

#### Financial Statements

#### For the six-months ended May 31, 2025

#### Vanguard U.S. Factor ETFs

---

| |
|:---|
| Vanguard U.S. Minimum Volatility ETF |
| Vanguard U.S. Momentum Factor ETF |
| Vanguard U.S. Multifactor ETF |
| Vanguard U.S. Quality Factor ETF |
| Vanguard U.S. Value Factor ETF |

---

------

#### Contents

---

| | |
|:---|:---|
| U.S. Minimum Volatility ETF<br>| 1 |
| U.S. Momentum Factor ETF<br>| 12 |
| U.S. Multifactor ETF<br>| 29 |
| U.S. Quality Factor ETF<br>| 45 |
| U.S. Value Factor ETF<br>| 59 |

---

------

U.S. Minimum Volatility ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** |
| **Consumer Discretionary (11.0%)** | **Consumer Discretionary (11.0%)** | **Consumer Discretionary (11.0%)** | **Consumer Discretionary (11.0%)** |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 49577 | &nbsp;&nbsp;&nbsp;&nbsp; 3627 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 24758 | &nbsp;&nbsp;&nbsp;&nbsp; 3142 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 51397 | &nbsp;&nbsp;&nbsp;&nbsp; 2584 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 75034 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 1852 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 11656 | &nbsp;&nbsp;&nbsp;&nbsp; 1765 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 16967 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | 10022 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | 26958 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 11213 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class C | 29076 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3594 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 47514 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5601 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | 11708 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4604 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8847 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | 11850 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30648** |
| **Consumer Staples (11.9%)** | **Consumer Staples (11.9%)** | **Consumer Staples (11.9%)** | **Consumer Staples (11.9%)** |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 122724 | &nbsp;&nbsp;&nbsp;&nbsp; 4335 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 43380 | &nbsp;&nbsp;&nbsp;&nbsp; 4265 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 13119 | &nbsp;&nbsp;&nbsp;&nbsp; 3821 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 21995 | &nbsp;&nbsp;&nbsp;&nbsp; 3737 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp; 3504 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 49533 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 53636 | &nbsp;&nbsp;&nbsp;&nbsp; 2910 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 24043 | &nbsp;&nbsp;&nbsp;&nbsp; 1623 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 20577 | &nbsp;&nbsp;&nbsp;&nbsp; 1483 |
|  | &nbsp;&nbsp;&nbsp;National Beverage Corp. | 25154 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 10151 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2873 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6526 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;Smithfield Foods Inc. | 12287 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33169** |
| **Energy (4.2%)** | **Energy (4.2%)** | **Energy (4.2%)** | **Energy (4.2%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 31172 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 22049 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9501 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 13152 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 10026 | &nbsp;&nbsp;&nbsp;&nbsp; 856 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 10004 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | 11020 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 10349 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;DTE Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11596** |

---

------

U.S. Minimum Volatility ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Financials (8.8%)** | **Financials (8.8%)** | **Financials (8.8%)** | **Financials (8.8%)** |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | 14419 | &nbsp;&nbsp;&nbsp;&nbsp; 4167 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | 16904 | &nbsp;&nbsp;&nbsp;&nbsp; 3873 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;8620 | &nbsp;&nbsp;&nbsp;&nbsp; 2729 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp; 2293 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9172 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | 42651 | &nbsp;&nbsp;&nbsp;&nbsp; 2025 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 14743 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 613 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5376 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | 16855 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4573 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;California BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;First Financial Northwest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24629** |
| **Health Care (11.4%)** | **Health Care (11.4%)** | **Health Care (11.4%)** | **Health Care (11.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 195747 | &nbsp;&nbsp;&nbsp;&nbsp; 3831 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 24245 | &nbsp;&nbsp;&nbsp;&nbsp; 3763 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 27817 | &nbsp;&nbsp;&nbsp;&nbsp; 3716 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 104592 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 41946 | &nbsp;&nbsp;&nbsp;&nbsp; 3223 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 15473 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 12297 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp; 1589 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 1231 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 10994 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4866 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 28792 | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | 12350 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 14015 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31603** |
| **Industrials (6.7%)** | **Industrials (6.7%)** | **Industrials (6.7%)** | **Industrials (6.7%)** |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 11412 | &nbsp;&nbsp;&nbsp;&nbsp; 3715 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | 15163 | &nbsp;&nbsp;&nbsp;&nbsp; 2747 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp; 2128 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | 17478 | &nbsp;&nbsp;&nbsp;&nbsp; 1972 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 12806 | &nbsp;&nbsp;&nbsp;&nbsp; 1748 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | 12785 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | 35982 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;I3 Verticals Inc. Class A | 24575 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 13504 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |

---

------

U.S. Minimum Volatility ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18721** |
| **Real Estate (6.1%)** | **Real Estate (6.1%)** | **Real Estate (6.1%)** | **Real Estate (6.1%)** |
|  | &nbsp;&nbsp;&nbsp;LTC Properties Inc. | 117023 | &nbsp;&nbsp;&nbsp;&nbsp; 4142 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 68888 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 |
|  | &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 106978 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 |
|  | &nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc. | 111108 | &nbsp;&nbsp;&nbsp;&nbsp; 3068 |
|  | &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 30123 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
|  | &nbsp;&nbsp;&nbsp;Postal Realty Trust Inc. Class A | 40691 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17071** |
| **Technology (23.2%)** | **Technology (23.2%)** | **Technology (23.2%)** | **Technology (23.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | 131697 | &nbsp;&nbsp;&nbsp;&nbsp; 4981 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 23152 | &nbsp;&nbsp;&nbsp;&nbsp; 4233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7174 | &nbsp;&nbsp;&nbsp;&nbsp; 4139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 105211 | &nbsp;&nbsp;&nbsp;&nbsp; 4016 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp;&nbsp;&nbsp; 4015 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 43202 | &nbsp;&nbsp;&nbsp;&nbsp; 3964 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | 52276 | &nbsp;&nbsp;&nbsp;&nbsp; 3882 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 3509 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 16597 | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 105596 | &nbsp;&nbsp;&nbsp;&nbsp; 2629 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9483 | &nbsp;&nbsp;&nbsp;&nbsp; 2457 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 34622 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 258173 | &nbsp;&nbsp;&nbsp;&nbsp; 1732 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | 67275 | &nbsp;&nbsp;&nbsp;&nbsp; 1649 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 172085 | &nbsp;&nbsp;&nbsp;&nbsp; 1511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;N-able Inc. | 163014 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | 12615 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6769 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 68166 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9970 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  | &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 31695 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
|  | &nbsp;&nbsp;&nbsp;NVE Corp. | 11377 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MeridianLink Inc. | 44349 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7729 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6037 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7547 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7149 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeco Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **64464** |
| **Telecommunications (7.9%)** | **Telecommunications (7.9%)** | **Telecommunications (7.9%)** | **Telecommunications (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 94886 | &nbsp;&nbsp;&nbsp;&nbsp; 4171 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 145406 | &nbsp;&nbsp;&nbsp;&nbsp; 4042 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 57880 | &nbsp;&nbsp;&nbsp;&nbsp; 3649 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 12979 | &nbsp;&nbsp;&nbsp;&nbsp; 3143 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | 10342 | &nbsp;&nbsp;&nbsp;&nbsp; 2247 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 35664 | &nbsp;&nbsp;&nbsp;&nbsp; 2197 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 |
|  | &nbsp;&nbsp;&nbsp;Spok Holdings Inc. | 50621 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21894** |
| **Utilities (8.4%)** | **Utilities (8.4%)** | **Utilities (8.4%)** | **Utilities (8.4%)** |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 13781 | &nbsp;&nbsp;&nbsp;&nbsp; 3546 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 33120 | &nbsp;&nbsp;&nbsp;&nbsp; 2981 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 26558 | &nbsp;&nbsp;&nbsp;&nbsp; 2749 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 25643 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | 31575 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 14401 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 |

---

------

U.S. Minimum Volatility ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | 13519 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 16661 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | 35098 | &nbsp;&nbsp;&nbsp;&nbsp; 1146 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 10133 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8097 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23496** |
| **Total Common Stocks (Cost $249,179)** | **Total Common Stocks (Cost $249,179)** | **Total Common Stocks (Cost $249,179)** | &nbsp;&nbsp;&nbsp;&nbsp;**277291** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost** $**535)** | &nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;&nbsp; **535** |
| **Total Investments (99.8%) (Cost $249,714)** | **Total Investments (99.8%) (Cost $249,714)** | **Total Investments (99.8%) (Cost $249,714)** | &nbsp;&nbsp;&nbsp;&nbsp;**277826** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**502** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**278328** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2025 | 1 | 296 | &nbsp;&nbsp;41 |
| Micro E-mini S&P 500 Index | June 2025 | 15 | 444 | &nbsp;&nbsp;18 |
|  |  |  |  | &nbsp;&nbsp;59 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Minimum Volatility ETF

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $249,179) | 277291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |
| Total Investments in Securities | 277826 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 |
| **Total Assets** | **278351** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23** |
| **Net Assets** | **278328** |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 260026 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;18302 |
| **Net Assets** | **278328** |
| **Net Assets** |  |
| **Applicable to 2,195,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **278328** |
| **Net Asset Value Per Share** | **$126.80** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Minimum Volatility ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 2208 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | 2224 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;132 |
| **Net Investment Income** | **2092** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;487 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(61) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**426** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;681 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**734** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **3252** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $12, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $479 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Minimum Volatility ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;22029 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp;&nbsp;&nbsp;28281 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1664) | &nbsp;&nbsp;&nbsp;&nbsp;(1762) |
| **Capital Share Transactions** |  |  |
| Issued | 144617 | &nbsp;&nbsp;&nbsp;&nbsp;51009 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;(21091) | &nbsp;&nbsp;&nbsp;&nbsp;(17707) |
| Net Increase (Decrease) from Capital Share Transactions | 123526 | &nbsp;&nbsp;&nbsp;&nbsp;33302 |
| Total Increase (Decrease) | 125114 | &nbsp;&nbsp;&nbsp;&nbsp;59821 |
| **Net Assets** |  |  |
| **Beginning of Period** | **153214** | &nbsp;&nbsp;&nbsp;&nbsp;**93393** |
| **End of Period** | **278328** | &nbsp;&nbsp;&nbsp;**153214** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Minimum Volatility ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$127.68** | &nbsp;&nbsp;&nbsp;**$101.51** | &nbsp;&nbsp;&nbsp;**$102.91** | &nbsp;&nbsp;&nbsp;**$100.28** | &nbsp;&nbsp;&nbsp;&nbsp;**$87.08** | &nbsp;&nbsp;&nbsp;**$91.10** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.779 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.497 | &nbsp;&nbsp;&nbsp;&nbsp;(3.776) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.871 | &nbsp;&nbsp;&nbsp;&nbsp;(1.997) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.671) | &nbsp;&nbsp;&nbsp;&nbsp;(2.023) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.671) | &nbsp;&nbsp;&nbsp;&nbsp;(2.023) |
| **Net Asset Value, End of Period** | **$126.80** | &nbsp;&nbsp;&nbsp;**$127.68** | &nbsp;&nbsp;&nbsp;**$101.51** | &nbsp;&nbsp;&nbsp;**$102.91** | &nbsp;&nbsp;&nbsp;**$100.28** | &nbsp;&nbsp;&nbsp;**$87.08** |
| **Total Return** | **0.18%** | &nbsp;&nbsp;&nbsp;**27.84%** | &nbsp;&nbsp;&nbsp;**1.13%** | &nbsp;&nbsp;&nbsp;**4.46%** | &nbsp;&nbsp;&nbsp;**17.22%** | &nbsp;&nbsp;&nbsp;**-1.99%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $278 | &nbsp;&nbsp;&nbsp;$153 | &nbsp;&nbsp;&nbsp;$93 | &nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;$57 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | 1.99% | &nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;2.14% |
| Portfolio Turnover Rate<sup>3</sup> | 16% | &nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;83% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.13%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Minimum Volatility ETF

Notes to Financial Statements

Vanguard U.S. Minimum Volatility ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended May 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

U.S. Minimum Volatility ETF

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $7,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of May 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 277290 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;277291 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |
| Total | 277825 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;277826 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 59 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;59 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;249714 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;34630 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(6459) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;28171 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2024, the fund had available capital losses totaling $11,194,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended May 31, 2025, the fund purchased $158,978,000 of investment securities and sold $34,093,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $0 and $1,253,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2025, such purchases were $5,469,000 and sales were $1,274,000, resulting in net realized loss of $180,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

U.S. Minimum Volatility ETF

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (175) | &nbsp;&nbsp;&nbsp;(160) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;280 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At May 31, 2025, one shareholder was the record or beneficial owner of 37% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

U.S. Momentum Factor ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (1.4%)** | **Basic Materials (1.4%)** | **Basic Materials (1.4%)** | **Basic Materials (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp; 2304 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9378 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Perpetua Resources Corp. | 121682 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | 17143 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | 27496 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ASP Isotopes Inc. | 169376 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SSR Mining Inc. (XTSE) | 90133 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MP Materials Corp. | 38880 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
|  | &nbsp;&nbsp;&nbsp;Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4217 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp; 479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novagold Resources Inc. | 125501 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Century Aluminum Co. | 28122 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7611 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials Inc. | 68358 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perimeter Solutions Inc. | 18510 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14860** |
| **Consumer Discretionary (16.0%)** | **Consumer Discretionary (16.0%)** | **Consumer Discretionary (16.0%)** | **Consumer Discretionary (16.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | 17185 | &nbsp;&nbsp;&nbsp;&nbsp; 11430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8451 | &nbsp;&nbsp;&nbsp;&nbsp; 10202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | 28920 | &nbsp;&nbsp;&nbsp;&nbsp; 10020 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 100728 | &nbsp;&nbsp;&nbsp;&nbsp; 9944 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6684 | &nbsp;&nbsp;&nbsp;&nbsp; 6953 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 3709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | 39056 | &nbsp;&nbsp;&nbsp;&nbsp; 3397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | 18645 | &nbsp;&nbsp;&nbsp;&nbsp; 3219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 19816 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 2846 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 56112 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;8450 | &nbsp;&nbsp;&nbsp;&nbsp; 2764 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | 46657 | &nbsp;&nbsp;&nbsp;&nbsp; 2671 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 48158 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amer Sports Inc. | 70481 | &nbsp;&nbsp;&nbsp;&nbsp; 2564 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | 22423 | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | 12118 | &nbsp;&nbsp;&nbsp;&nbsp; 2460 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 2416 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | 14655 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duolingo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp; 2280 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | 28420 | &nbsp;&nbsp;&nbsp;&nbsp; 2232 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8708 | &nbsp;&nbsp;&nbsp;&nbsp; 2163 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7657 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dutch Bros Inc. Class A | 28747 | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
|  | &nbsp;&nbsp;&nbsp;Cinemark Holdings Inc. | 58318 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | 18800 | &nbsp;&nbsp;&nbsp;&nbsp; 1907 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 23718 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 25681 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4286 | &nbsp;&nbsp;&nbsp;&nbsp; 1817 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | 49534 | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | 17797 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
|  | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 192100 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | 12681 | &nbsp;&nbsp;&nbsp;&nbsp; 1674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | 129996 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live Class C | 22341 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | 36615 | &nbsp;&nbsp;&nbsp;&nbsp; 1593 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 54029 | &nbsp;&nbsp;&nbsp;&nbsp; 1516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GameStop Corp. Class A | 49971 | &nbsp;&nbsp;&nbsp;&nbsp; 1489 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
|  | &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | 13410 | &nbsp;&nbsp;&nbsp;&nbsp; 1412 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 10067 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Fitness Inc. Class A | 12881 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live Class A | 18004 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 1292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life Time Group Holdings Inc. | 44301 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 36698 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RealReal Inc. | 220135 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | 71539 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 51184 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hertz Global Holdings Inc. | 176619 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IMAX Corp. | 41486 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | 12555 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2554 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8274 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Peloton Interactive Inc. Class A | 147009 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | 20390 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6299 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | 223602 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd. | 75101 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 46379 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7459 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | 114305 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 40526 | &nbsp;&nbsp;&nbsp;&nbsp; 814 |
|  | &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | 22079 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Champion Homes Inc. | 10923 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eastman Kodak Co. | 122972 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;8459 | &nbsp;&nbsp;&nbsp;&nbsp; 660 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | 14270 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8706 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
|  | &nbsp;&nbsp;&nbsp;Choice Hotels International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4632 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  | &nbsp;&nbsp;&nbsp;Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | 37236 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;National CineMedia Inc. | 97911 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | 10214 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Latham Group Inc. | 89234 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | 28853 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sabre Corp. | 158411 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7054 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 20881 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Driven Brands Holdings Inc. | 21086 | &nbsp;&nbsp;&nbsp;&nbsp; 376 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Global Business Travel Group I | 54540 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | 14392 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | 15062 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1916 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | 13029 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;2953 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7178 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | 14760 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | 42802 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **166168** |
| **Consumer Staples (8.0%)** | **Consumer Staples (8.0%)** | **Consumer Staples (8.0%)** | **Consumer Staples (8.0%)** |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 60207 | &nbsp;&nbsp;&nbsp;&nbsp; 10873 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 143243 | &nbsp;&nbsp;&nbsp;&nbsp; 8682 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 11783 | &nbsp;&nbsp;&nbsp;&nbsp; 8478 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 18695 | &nbsp;&nbsp;&nbsp;&nbsp; 5445 |
|  | &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 126267 | &nbsp;&nbsp;&nbsp;&nbsp; 4176 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 84202 | &nbsp;&nbsp;&nbsp;&nbsp; 4139 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 57552 | &nbsp;&nbsp;&nbsp;&nbsp; 3927 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 52358 | &nbsp;&nbsp;&nbsp;&nbsp; 3775 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | 21611 | &nbsp;&nbsp;&nbsp;&nbsp; 3736 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 89253 | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | 27378 | &nbsp;&nbsp;&nbsp;&nbsp; 2626 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | 28278 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 31027 | &nbsp;&nbsp;&nbsp;&nbsp; 1984 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 80550 | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | 60533 | &nbsp;&nbsp;&nbsp;&nbsp; 1851 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | 15050 | &nbsp;&nbsp;&nbsp;&nbsp; 1726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 21035 | &nbsp;&nbsp;&nbsp;&nbsp; 1664 |
|  | &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc. | 32290 | &nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vita Coco Co. Inc. | 42661 | &nbsp;&nbsp;&nbsp;&nbsp; 1518 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3226 | &nbsp;&nbsp;&nbsp;&nbsp; 1412 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | 22194 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | 17376 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. | 18362 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Honest Co. Inc. | 196994 | &nbsp;&nbsp;&nbsp;&nbsp; 991 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | 15159 | &nbsp;&nbsp;&nbsp;&nbsp; 812 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vital Farms Inc. | 23128 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 19453 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5371 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lifeway Foods Inc. | 12822 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **83082** |
| **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 165862 | &nbsp;&nbsp;&nbsp;&nbsp; 10036 |
|  | &nbsp;&nbsp;&nbsp;DTE Midstream LLC | 28233 | &nbsp;&nbsp;&nbsp;&nbsp; 2957 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 103267 | &nbsp;&nbsp;&nbsp;&nbsp; 2896 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 11987 | &nbsp;&nbsp;&nbsp;&nbsp; 2841 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. Class A | 20671 | &nbsp;&nbsp;&nbsp;&nbsp; 2623 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 16035 | &nbsp;&nbsp;&nbsp;&nbsp; 2532 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 74120 | &nbsp;&nbsp;&nbsp;&nbsp; 2393 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 28930 | &nbsp;&nbsp;&nbsp;&nbsp; 2339 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Comstock Resources Inc. | 86872 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
|  | &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure Inc. | 69051 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 45040 | &nbsp;&nbsp;&nbsp;&nbsp; 1669 |
|  | &nbsp;&nbsp;&nbsp;Archrock Inc. | 65174 | &nbsp;&nbsp;&nbsp;&nbsp; 1623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sable Offshore Corp. | 53159 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 |
|  | &nbsp;&nbsp;&nbsp;Kodiak Gas Services Inc. | 35877 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
|  | &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 29703 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hallador Energy Co. | 57140 | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8591 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextDecade Corp. | 55973 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 22267 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
|  | &nbsp;&nbsp;&nbsp;Diversified Energy Co. plc | 29581 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
|  | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | 42625 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp;Kinetik Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4308 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45465** |
| **Financials (19.7%)** | **Financials (19.7%)** | **Financials (19.7%)** | **Financials (19.7%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 95143 | &nbsp;&nbsp;&nbsp;&nbsp; 8431 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 28536 | &nbsp;&nbsp;&nbsp;&nbsp; 8131 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 48382 | &nbsp;&nbsp;&nbsp;&nbsp; 6194 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 82103 | &nbsp;&nbsp;&nbsp;&nbsp; 6140 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 18463 | &nbsp;&nbsp;&nbsp;&nbsp; 4874 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 60520 | &nbsp;&nbsp;&nbsp;&nbsp; 4520 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | 36134 | &nbsp;&nbsp;&nbsp;&nbsp; 4080 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | 29579 | &nbsp;&nbsp;&nbsp;&nbsp; 3866 |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | 46185 | &nbsp;&nbsp;&nbsp;&nbsp; 3305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | 49186 | &nbsp;&nbsp;&nbsp;&nbsp; 3254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | 16035 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9206 | &nbsp;&nbsp;&nbsp;&nbsp; 3199 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | 13673 | &nbsp;&nbsp;&nbsp;&nbsp; 2870 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 63281 | &nbsp;&nbsp;&nbsp;&nbsp; 2793 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 25926 | &nbsp;&nbsp;&nbsp;&nbsp; 2684 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | 15617 | &nbsp;&nbsp;&nbsp;&nbsp; 2636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | 197869 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | 31606 | &nbsp;&nbsp;&nbsp;&nbsp; 2582 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 13873 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp; 2510 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 157108 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | 20108 | &nbsp;&nbsp;&nbsp;&nbsp; 2451 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 23472 | &nbsp;&nbsp;&nbsp;&nbsp; 2436 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp; 2435 |
|  | &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc. Class A | 21751 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | 10437 | &nbsp;&nbsp;&nbsp;&nbsp; 2188 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 104705 | &nbsp;&nbsp;&nbsp;&nbsp; 2082 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7170 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 50278 | &nbsp;&nbsp;&nbsp;&nbsp; 2029 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 52476 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Porch Group Inc. | 217548 | &nbsp;&nbsp;&nbsp;&nbsp; 1984 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | 44959 | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Root Inc. Class A | 13399 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | 18466 | &nbsp;&nbsp;&nbsp;&nbsp; 1676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | 26224 | &nbsp;&nbsp;&nbsp;&nbsp; 1661 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | 70416 | &nbsp;&nbsp;&nbsp;&nbsp; 1646 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9414 | &nbsp;&nbsp;&nbsp;&nbsp; 1636 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 42652 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8826 | &nbsp;&nbsp;&nbsp;&nbsp; 1513 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | 23247 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | 16260 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | 18662 | &nbsp;&nbsp;&nbsp;&nbsp; 1373 |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | 32913 | &nbsp;&nbsp;&nbsp;&nbsp; 1365 |
|  | &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc. | 53186 | &nbsp;&nbsp;&nbsp;&nbsp; 1365 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 13123 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 34857 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5733 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
|  | &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7077 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | 19977 | &nbsp;&nbsp;&nbsp;&nbsp; 1232 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | 11393 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstart Holdings Inc. | 25663 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | 15227 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | 12539 | &nbsp;&nbsp;&nbsp;&nbsp; 1162 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | 26553 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 21754 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | 34219 | &nbsp;&nbsp;&nbsp;&nbsp; 1146 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 53289 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc. | 32221 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 23760 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7724 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | 33281 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 57019 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
|  | &nbsp;&nbsp;&nbsp;GCM Grosvenor Inc. Class A | 86310 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | 43624 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 34625 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | 21639 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 38009 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 23380 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneX Group Inc. | 11874 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 11329 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | 10275 | &nbsp;&nbsp;&nbsp;&nbsp; 937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Inc. Class A | 40456 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 31001 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 17184 | &nbsp;&nbsp;&nbsp;&nbsp; 908 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | 33079 | &nbsp;&nbsp;&nbsp;&nbsp; 898 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 44548 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | 12598 | &nbsp;&nbsp;&nbsp;&nbsp; 877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Inc. | 22704 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6837 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 27514 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3159 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 13461 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 90651 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | 25784 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5528 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | 15572 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp; 784 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | 46682 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | 35619 | &nbsp;&nbsp;&nbsp;&nbsp; 775 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 33058 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;3133 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | 18035 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8110 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | 13914 | &nbsp;&nbsp;&nbsp;&nbsp; 711 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hippo Holdings Inc. | 30123 | &nbsp;&nbsp;&nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8510 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9763 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 10278 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
|  | &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8936 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
|  | &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 61317 | &nbsp;&nbsp;&nbsp;&nbsp; 662 |
|  | &nbsp;&nbsp;&nbsp;Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4334 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 36374 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | 10656 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
|  | &nbsp;&nbsp;&nbsp;Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 16741 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;P10 Inc. Class A | 47552 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Old National Bancorp | 24691 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | 13177 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. Class A | 13532 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9789 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 12596 | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | 10552 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7647 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Nicolet Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | 10547 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp;StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;5818 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | 11543 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | 13550 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5908 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8105 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7280 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4067 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3588 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4977 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | 12044 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **204994** |
| **Health Care (15.8%)** | **Health Care (15.8%)** | **Health Care (15.8%)** | **Health Care (15.8%)** |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 90484 | &nbsp;&nbsp;&nbsp;&nbsp; 9960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 85865 | &nbsp;&nbsp;&nbsp;&nbsp; 9038 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 146169 | &nbsp;&nbsp;&nbsp;&nbsp; 7057 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 50996 | &nbsp;&nbsp;&nbsp;&nbsp; 6812 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | 11640 | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 121872 | &nbsp;&nbsp;&nbsp;&nbsp; 4007 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | 22041 | &nbsp;&nbsp;&nbsp;&nbsp; 3821 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | 21306 | &nbsp;&nbsp;&nbsp;&nbsp; 3361 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 21112 | &nbsp;&nbsp;&nbsp;&nbsp; 3261 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hims & Hers Health Inc. | 56125 | &nbsp;&nbsp;&nbsp;&nbsp; 3174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 71881 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8586 | &nbsp;&nbsp;&nbsp;&nbsp; 2791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | 180508 | &nbsp;&nbsp;&nbsp;&nbsp; 2774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 79868 | &nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | 30347 | &nbsp;&nbsp;&nbsp;&nbsp; 2354 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | 32224 | &nbsp;&nbsp;&nbsp;&nbsp; 2247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | 25634 | &nbsp;&nbsp;&nbsp;&nbsp; 2196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | 159262 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | 36663 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | 384522 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6897 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc. | 272032 | &nbsp;&nbsp;&nbsp;&nbsp; 1771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | 117580 | &nbsp;&nbsp;&nbsp;&nbsp; 1766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | 36420 | &nbsp;&nbsp;&nbsp;&nbsp; 1729 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5416 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | 35349 | &nbsp;&nbsp;&nbsp;&nbsp; 1715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | 12484 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 13921 | &nbsp;&nbsp;&nbsp;&nbsp; 1683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals Inc. | 35365 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
|  | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. Class A | 63966 | &nbsp;&nbsp;&nbsp;&nbsp; 1562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | 14528 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 78057 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 107368 | &nbsp;&nbsp;&nbsp;&nbsp; 1519 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. | 157297 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akero Therapeutics Inc. | 29979 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TG Therapeutics Inc. | 42210 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8112 | &nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | 13815 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | 21484 | &nbsp;&nbsp;&nbsp;&nbsp; 1271 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | 154940 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | 21603 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | 118035 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp; 1198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 46992 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AtriCure Inc. | 32954 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | 103763 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightSpring Health Services Inc. | 45518 | &nbsp;&nbsp;&nbsp;&nbsp; 1084 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Semler Scientific Inc. | 26803 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | 81510 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Capricor Therapeutics Inc. | 107397 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | 26118 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | 53219 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. | 35525 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Pulse Biosciences Inc. | 58766 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc. | 15819 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals Inc. | 22522 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp. | 127124 | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9359 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. | 13090 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;8469 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | 29794 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |
|  | &nbsp;&nbsp;&nbsp;Premier Inc. Class A | 39400 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6605 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc. (XNMS) | 47934 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Replimune Group Inc. | 95178 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | 11599 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | 72920 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | 10426 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Quantum-Si Inc. | 468712 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8570 | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5946 | &nbsp;&nbsp;&nbsp;&nbsp; 662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Artivion Inc. | 21968 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harrow Inc. | 23040 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Soleno Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8826 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axogen Inc. | 58462 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2556 | &nbsp;&nbsp;&nbsp;&nbsp; 636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPKO Health Inc. | 460098 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veracyte Inc. | 23516 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals Inc. | 32075 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5842 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 55890 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | 27233 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verastem Inc. | 75640 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LENZ Therapeutics Inc. | 19384 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pennant Group Inc. | 19678 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zevra Therapeutics Inc. | 64161 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | 74861 | &nbsp;&nbsp;&nbsp;&nbsp; 548 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | 13576 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp. | 48797 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akebia Therapeutics Inc. | 154070 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novocure Ltd. | 23335 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Cardiff Oncology Inc. | 129519 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Omeros Corp. | 137709 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ArriVent Biopharma Inc. | 19665 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | 12830 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integer Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. | 63469 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Disc Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioLife Solutions Inc. | 16918 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inogen Inc. | 55352 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zymeworks Inc. | 28196 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 11120 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics Inc. | 130677 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7659 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Candel Therapeutics Inc. | 41679 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **163946** |
| **Industrials (15.4%)** | **Industrials (15.4%)** | **Industrials (15.4%)** | **Industrials (15.4%)** |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 63742 | &nbsp;&nbsp;&nbsp;&nbsp; 9456 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | 18763 | &nbsp;&nbsp;&nbsp;&nbsp; 8874 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | 30687 | &nbsp;&nbsp;&nbsp;&nbsp; 7546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 29648 | &nbsp;&nbsp;&nbsp;&nbsp; 4826 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 24413 | &nbsp;&nbsp;&nbsp;&nbsp; 4618 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 14072 | &nbsp;&nbsp;&nbsp;&nbsp; 4138 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | 13134 | &nbsp;&nbsp;&nbsp;&nbsp; 4126 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 11998 | &nbsp;&nbsp;&nbsp;&nbsp; 3906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | 139356 | &nbsp;&nbsp;&nbsp;&nbsp; 3733 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sezzle Inc. | 30694 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | 14140 | &nbsp;&nbsp;&nbsp;&nbsp; 3203 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | 14335 | &nbsp;&nbsp;&nbsp;&nbsp; 3015 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | 19191 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 434501 | &nbsp;&nbsp;&nbsp;&nbsp; 2633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | 53917 | &nbsp;&nbsp;&nbsp;&nbsp; 2480 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp; 2431 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8013 | &nbsp;&nbsp;&nbsp;&nbsp; 2401 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 26107 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 23167 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | 44485 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IES Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8674 | &nbsp;&nbsp;&nbsp;&nbsp; 2252 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | 48946 | &nbsp;&nbsp;&nbsp;&nbsp; 2107 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | 11847 | &nbsp;&nbsp;&nbsp;&nbsp; 2013 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | 19202 | &nbsp;&nbsp;&nbsp;&nbsp; 1988 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Redwire Corp. | 137176 | &nbsp;&nbsp;&nbsp;&nbsp; 1963 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Inc. Class A | 142549 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Limbach Holdings Inc. | 14953 | &nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Byrna Technologies Inc. | 70991 | &nbsp;&nbsp;&nbsp;&nbsp; 1893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp; 1868 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 13200 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
|  | &nbsp;&nbsp;&nbsp;REV Group Inc. | 46647 | &nbsp;&nbsp;&nbsp;&nbsp; 1749 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8512 | &nbsp;&nbsp;&nbsp;&nbsp; 1722 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACI Worldwide Inc. | 36380 | &nbsp;&nbsp;&nbsp;&nbsp; 1683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Labs PBC | 417480 | &nbsp;&nbsp;&nbsp;&nbsp; 1603 |
|  | &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;9255 | &nbsp;&nbsp;&nbsp;&nbsp; 1586 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | 10901 | &nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amprius Technologies Inc. | 539859 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | 14405 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | 13618 | &nbsp;&nbsp;&nbsp;&nbsp; 1307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | 15304 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Archer Aviation Inc. Class A | 123217 | &nbsp;&nbsp;&nbsp;&nbsp; 1243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Inc. | 32900 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;6273 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | 47731 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | 62354 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | 27224 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
|  | &nbsp;&nbsp;&nbsp;Belden Inc. | 10825 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Machines Inc. | 99471 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joby Aviation Inc. | 144350 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 109335 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings Inc. | 204864 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
|  | &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8344 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
|  | &nbsp;&nbsp;&nbsp;AZZ Inc. | 11881 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | 25649 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6418 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
|  | &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7012 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 10385 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 58988 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7878 | &nbsp;&nbsp;&nbsp;&nbsp; 889 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7107 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirion Technologies Inc. | 45414 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9678 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp; 816 |
|  | &nbsp;&nbsp;&nbsp;CSW Industrials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Construction Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7644 | &nbsp;&nbsp;&nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 10955 | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
|  | &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies Inc. | 21423 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp; 707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | 31266 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;Tecnoglass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
|  | &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3513 | &nbsp;&nbsp;&nbsp;&nbsp; 662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | 30152 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;7831 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | 10562 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 13037 | &nbsp;&nbsp;&nbsp;&nbsp; 559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | 18328 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mercury Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9695 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;Schneider National Inc. Class B | 18842 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Trinity Industries Inc. | 15272 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | 24921 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlackSky Technology Inc. | 32486 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | 47960 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Graham Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cantaloupe Inc. | 30536 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5662 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;PureCycle Technologies Inc. | 24481 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5229 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Remitly Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9815 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Spire Global Inc. | 19441 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **160274** |
| **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;&nbsp; 1606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Inc. Class A | 240290 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | 10091 | &nbsp;&nbsp;&nbsp;&nbsp; 1262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GEO Group Inc. | 43099 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 |
|  | &nbsp;&nbsp;&nbsp;Newmark Group Inc. Class A | 83239 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class C | 13446 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7609** |
| **Technology (13.2%)** | **Technology (13.2%)** | **Technology (13.2%)** | **Technology (13.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 98765 | &nbsp;&nbsp;&nbsp;&nbsp; 13015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | 91502 | &nbsp;&nbsp;&nbsp;&nbsp; 9313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | 41538 | &nbsp;&nbsp;&nbsp;&nbsp; 8667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | 21613 | &nbsp;&nbsp;&nbsp;&nbsp; 8494 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 32916 | &nbsp;&nbsp;&nbsp;&nbsp; 7968 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8351 | &nbsp;&nbsp;&nbsp;&nbsp; 5407 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 19612 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | 17381 | &nbsp;&nbsp;&nbsp;&nbsp; 3183 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | 16008 | &nbsp;&nbsp;&nbsp;&nbsp; 2916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MicroStrategy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp; 2578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | 21882 | &nbsp;&nbsp;&nbsp;&nbsp; 2575 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;D-Wave Quantum Inc. | 155637 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp; 2379 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Q2 Holdings Inc. | 26142 | &nbsp;&nbsp;&nbsp;&nbsp; 2288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | 52345 | &nbsp;&nbsp;&nbsp;&nbsp; 2208 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | 13041 | &nbsp;&nbsp;&nbsp;&nbsp; 2163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 35322 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | 84946 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7007 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9251 | &nbsp;&nbsp;&nbsp;&nbsp; 1989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 50044 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | 48776 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | 98359 | &nbsp;&nbsp;&nbsp;&nbsp; 1834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xometry Inc. Class A | 54979 | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aeva Technologies Inc. | 93763 | &nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | 18985 | &nbsp;&nbsp;&nbsp;&nbsp; 1682 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | 33859 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NextNav Inc. | 131623 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SoundHound AI Inc. Class A | 162439 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BigBear.ai Holdings Inc. | 380824 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | 38369 | &nbsp;&nbsp;&nbsp;&nbsp; 1518 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Rigetti Computing Inc. | 121128 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intapp Inc. | 26214 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | 286981 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | 77845 | &nbsp;&nbsp;&nbsp;&nbsp; 1344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IonQ Inc. | 32547 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viant Technology Inc. Class A | 91175 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 73947 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | 11107 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | 58943 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerence Inc. | 117015 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olo Inc. Class A | 113379 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | 24916 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hut 8 Corp. | 55996 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 26938 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Groupon Inc. | 28283 | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | 17801 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3802 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9083 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PAR Technology Corp. | 11320 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | 73177 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9045 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | 24256 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | 23496 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5874 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | 24073 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AudioEye Inc. | 36625 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | 25188 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkami Technology Inc. | 12946 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | 12394 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | 14313 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vimeo Inc. | 80897 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9292 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8269 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SEMrush Holdings Inc. Class A | 21255 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **137341** |
| **Telecommunications (4.4%)** | **Telecommunications (4.4%)** | **Telecommunications (4.4%)** | **Telecommunications (4.4%)** |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 340725 | &nbsp;&nbsp;&nbsp;&nbsp; 9472 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 37622 | &nbsp;&nbsp;&nbsp;&nbsp; 9112 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 46976 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp; 2879 |
|  | &nbsp;&nbsp;&nbsp;Ubiquiti Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5754 | &nbsp;&nbsp;&nbsp;&nbsp; 2274 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 50387 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CommScope Holding Co. Inc. | 302687 | &nbsp;&nbsp;&nbsp;&nbsp; 1828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | 56319 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7503 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | 19492 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. | 388389 | &nbsp;&nbsp;&nbsp;&nbsp; 1422 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;AST SpaceMobile Inc. | 57878 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. Class C | 13887 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 161408 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems Inc. | 31746 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class A | 93342 | &nbsp;&nbsp;&nbsp;&nbsp; 899 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 14499 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EchoStar Corp. Class A | 47311 | &nbsp;&nbsp;&nbsp;&nbsp; 839 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumen Technologies Inc. | 196073 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Powerfleet Inc. NJ | 142213 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **46078** |
| **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NuScale Power Corp. | 71569 | &nbsp;&nbsp;&nbsp;&nbsp; 2289 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5253 | &nbsp;&nbsp;&nbsp;&nbsp; 1352 |
|  | &nbsp;&nbsp;&nbsp;Aris Water Solutions Inc. Class A | 60655 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NANO Nuclear Energy Inc. | 44206 | &nbsp;&nbsp;&nbsp;&nbsp; 1332 |
|  | &nbsp;&nbsp;&nbsp;Excelerate Energy Inc. Class A | 25487 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7027** |
| **Total Common Stocks (Cost $904,753)** | **Total Common Stocks (Cost $904,753)** | **Total Common Stocks (Cost $904,753)** | &nbsp;&nbsp;&nbsp;&nbsp;**1036844** |
| **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** |
| **Money Market Fund (2.0%)** | **Money Market Fund (2.0%)** | **Money Market Fund (2.0%)** | **Money Market Fund (2.0%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost** $**20,678)** | 206797 | &nbsp;&nbsp;&nbsp;&nbsp; **20677** |
| **Total Investments (101.7%) (Cost $925,431)** | **Total Investments (101.7%) (Cost $925,431)** | **Total Investments (101.7%) (Cost $925,431)** | &nbsp;&nbsp;&nbsp;&nbsp;**1057521** |
| **Other Assets and Liabilities—Net (-1.7%)** | **Other Assets and Liabilities—Net (-1.7%)** | **Other Assets and Liabilities—Net (-1.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17656)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1039865** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,025. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $18,466 was received for securities on loan. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2025 | 5 | 1479 | &nbsp;&nbsp;86 |
| Micro E-mini S&P 500 Index | June 2025 | 20 | 592 | &nbsp;&nbsp;12 |
|  |  |  |  | &nbsp;&nbsp;98 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Momentum Factor ETF

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $904,753) | 1036844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $20,678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20677 |
| Total Investments in Securities | 1057521 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 |
| **Total Assets** | **1063544** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18466 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23679** |
| **Net Assets** | **1039865** |
| 1 Includes $17,025 of securities on loan. |  |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;964092 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75773 |
| **Net Assets** | **1039865** |
| **Net Assets** |  |
| **Applicable to 6,325,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1039865** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;**$164.41** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Momentum Factor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;5425 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |
| Total Income | &nbsp;&nbsp;&nbsp;5807 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**5186** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | (12334) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) |
| **Realized Net Gain (Loss)** | **(12429)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (68038) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| **Change in Unrealized Appreciation (Depreciation)** | **(68013)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(75256)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $6. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $34, less than $1, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $30,483 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Momentum Factor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(12429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43589 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(68013) | &nbsp;&nbsp;&nbsp;&nbsp;159709 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(75256) | &nbsp;&nbsp;&nbsp;&nbsp;208064 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3896) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;279030 | &nbsp;&nbsp;&nbsp;&nbsp;527176 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(78860) | &nbsp;&nbsp;&nbsp;(145933) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;200170 | &nbsp;&nbsp;&nbsp;&nbsp;381243 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;120617 | &nbsp;&nbsp;&nbsp;&nbsp;585411 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**919248** | &nbsp;&nbsp;&nbsp;&nbsp;**333837** |
| **End of Period** | **1039865** | &nbsp;&nbsp;&nbsp;&nbsp;**919248** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Momentum Factor ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$178.15** | &nbsp;&nbsp;&nbsp;**$120.30** | &nbsp;&nbsp;&nbsp;**$121.83** | &nbsp;&nbsp;&nbsp;**$132.12** | &nbsp;&nbsp;&nbsp;**$106.33** | &nbsp;&nbsp;&nbsp;&nbsp;**$85.18** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.552 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(13.860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.405) | &nbsp;&nbsp;&nbsp;&nbsp;(10.460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.279 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(12.985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.831 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.681) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.681) |
| **Net Asset Value, End of Period** | **$164.41** | &nbsp;&nbsp;&nbsp;**$178.15** | &nbsp;&nbsp;&nbsp;**$120.30** | &nbsp;&nbsp;&nbsp;**$121.83** | &nbsp;&nbsp;&nbsp;**$132.12** | &nbsp;&nbsp;&nbsp;**$106.33** |
| **Total Return** | **-7.29%** | &nbsp;&nbsp;&nbsp;**49.23%** | &nbsp;&nbsp;&nbsp;**-0.06%** | &nbsp;&nbsp;&nbsp;**-6.27%** | &nbsp;&nbsp;&nbsp;**25.01%** | &nbsp;&nbsp;&nbsp;**25.91%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $1040 | &nbsp;&nbsp;&nbsp;$919 | &nbsp;&nbsp;&nbsp;$334 | &nbsp;&nbsp;&nbsp;$284 | &nbsp;&nbsp;&nbsp;$191 | &nbsp;&nbsp;&nbsp;$58 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | 1.05% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;0.62% |
| Portfolio Turnover Rate<sup>3</sup> | 47% | &nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;115% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.13%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Momentum Factor ETF

Notes to Financial Statements

Vanguard U.S. Momentum Factor ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended May 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

U.S. Momentum Factor ETF

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $26,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At May 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;927950 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;164752 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(35083) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;129669 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2024, the fund had available capital losses totaling $43,949,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended May 31, 2025, the fund purchased $708,099,000 of investment securities and sold $457,815,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $27,759,000 and $77,557,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2025, such purchases were $16,087,000 and sales were $19,688,000, resulting in net realized loss of $2,585,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 1685 | &nbsp;&nbsp;&nbsp;3345 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (520) | &nbsp;&nbsp;&nbsp;(960) |
| Net Increase (Decrease) in Shares Outstanding | 1165 | &nbsp;&nbsp;&nbsp;2385 |

---

------

U.S. Momentum Factor ETF

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At May 31, 2025, one shareholder was the record or beneficial owner of 39% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

U.S. Multifactor ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (1.7%)** | **Basic Materials (1.7%)** | **Basic Materials (1.7%)** | **Basic Materials (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 32258 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | 15183 | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4138 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5330 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6807 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5774 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5921** |
| **Consumer Discretionary (16.8%)** | **Consumer Discretionary (16.8%)** | **Consumer Discretionary (16.8%)** | **Consumer Discretionary (16.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;4256 | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 27756 | &nbsp;&nbsp;&nbsp;&nbsp; 2740 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp; 2351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp; 1793 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 17318 | &nbsp;&nbsp;&nbsp;&nbsp; 1628 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 10353 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | 10158 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 19778 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 28388 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 11666 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 900 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 38097 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 46451 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | 15418 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 29290 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | 49222 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | 11884 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 70370 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;Steelcase Inc. Class A | 69601 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | 31472 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 13857 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 12556 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8048 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 13456 | &nbsp;&nbsp;&nbsp;&nbsp; 651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9489 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8274 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 49305 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 11984 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 27616 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | 15625 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | 16622 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7780 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | 12403 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6416 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | 12842 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanesbrands Inc. | 93969 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class C | 71410 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 16712 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;TEGNA Inc. | 25854 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class A | 63540 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9967 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alaska Air Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8184 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5441 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8877 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 59084 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9584 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cars.com Inc. | 28383 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4181 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 57937 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;6825 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 28212 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 11992 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Parks & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | 14296 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stagwell Inc. | 48174 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4187 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Global Business Travel Group I | 29792 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | 13471 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7467 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5817 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5448 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd. | 13065 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 11402 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ODP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **58728** |
| **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 22855 | &nbsp;&nbsp;&nbsp;&nbsp; 4127 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 57235 | &nbsp;&nbsp;&nbsp;&nbsp; 3469 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3767 | &nbsp;&nbsp;&nbsp;&nbsp; 2710 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 17090 | &nbsp;&nbsp;&nbsp;&nbsp; 2457 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 23045 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 24330 | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5157 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8601 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7634 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 29381 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 10823 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 44445 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | 12455 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 10857 | &nbsp;&nbsp;&nbsp;&nbsp; 859 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 10871 | &nbsp;&nbsp;&nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 46561 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | 12498 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 15311 | &nbsp;&nbsp;&nbsp;&nbsp; 753 |
|  | &nbsp;&nbsp;&nbsp;SpartanNash Co. | 35116 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 28301 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | 12360 | &nbsp;&nbsp;&nbsp;&nbsp; 662 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6232 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;5517 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Dole plc | 33885 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7283 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | 16173 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;2407 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 76236 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Calavo Growers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medifast Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **34880** |
| **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** | **Energy (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 22437 | &nbsp;&nbsp;&nbsp;&nbsp; 2436 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 33777 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 28302 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 16412 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 27881 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | 39739 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | 55486 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;RPC Inc. | 91045 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DNOW Inc. | 26467 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | 13068 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Vitesse Energy Inc. | 14769 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | 51280 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 42001 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | 40737 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | 20749 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Select Water Solutions Inc. | 11520 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Berry Corp. | 27868 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9911** |
| **Financials (28.6%)** | **Financials (28.6%)** | **Financials (28.6%)** | **Financials (28.6%)** |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 48691 | &nbsp;&nbsp;&nbsp;&nbsp; 3641 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 40248 | &nbsp;&nbsp;&nbsp;&nbsp; 3566 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 25839 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 10070 | &nbsp;&nbsp;&nbsp;&nbsp; 2658 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7176 | &nbsp;&nbsp;&nbsp;&nbsp; 2045 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 2012 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 25450 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 13681 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | 15074 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 11668 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 54840 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 37592 | &nbsp;&nbsp;&nbsp;&nbsp; 1421 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | 15453 | &nbsp;&nbsp;&nbsp;&nbsp; 1409 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | 26915 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 69056 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 33635 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 30316 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 15679 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 17001 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | 30829 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | 36883 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4931 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 29572 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 36962 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 17707 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;2873 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 16982 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
|  | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 21852 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | 13266 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 26841 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | 21016 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 24094 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 49802 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp; 961 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5271 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | 11323 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 22358 | &nbsp;&nbsp;&nbsp;&nbsp; 888 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | 13809 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | 10231 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | 23434 | &nbsp;&nbsp;&nbsp;&nbsp; 830 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 30651 | &nbsp;&nbsp;&nbsp;&nbsp; 818 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6566 | &nbsp;&nbsp;&nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;9224 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 13674 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 699 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | 16738 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 42676 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 29085 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 15476 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | 10598 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 19754 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | 21267 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 90653 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 11119 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | 17776 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6453 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 11015 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 10661 | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | 20446 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;6580 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 39884 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 29093 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6987 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | 21474 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 22854 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 16549 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | 12805 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7345 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 50871 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 19607 | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7924 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2972 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6642 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | 11050 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;8246 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
|  | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | 15844 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7325 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 13137 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | 36217 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | 58396 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 19526 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | 11551 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9924 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;8520 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;8397 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | 24515 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9657 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | 16263 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | 17279 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5153 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 10616 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4084 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3946 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp;4981 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | 12520 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3232 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5009 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2754 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2771 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3119 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **99958** |
| **Health Care (13.1%)** | **Health Care (13.1%)** | **Health Care (13.1%)** | **Health Care (13.1%)** |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 30061 | &nbsp;&nbsp;&nbsp;&nbsp; 3309 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 56512 | &nbsp;&nbsp;&nbsp;&nbsp; 2728 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 14518 | &nbsp;&nbsp;&nbsp;&nbsp; 2253 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 18089 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7581 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | 15193 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 12455 | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 30332 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 20859 | &nbsp;&nbsp;&nbsp;&nbsp; 898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 45821 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 37916 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
|  | &nbsp;&nbsp;&nbsp;Premier Inc. Class A | 38269 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | 11740 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2556 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 29213 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | 10610 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4262 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9342 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 46964 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | 19971 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | 82389 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. Class A | 23806 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7473 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 54683 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | 51106 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | 59990 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | 75811 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | 49028 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7936 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | 18882 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 38522 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 14417 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | 35627 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 37953 | &nbsp;&nbsp;&nbsp;&nbsp; 375 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | 10384 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 10485 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 38677 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inogen Inc. | 52830 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 13391 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | 16579 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | 46415 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | 45328 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 23251 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 40746 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9043 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8209 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1274 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inmode Ltd. | 16223 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;5164 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MiMedx Group Inc. | 35609 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;7369 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals Inc. | 10193 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICU Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1249 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | 12121 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Castle Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8954 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DocGo Inc. | 85234 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45770** |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Industrials (13.2%)** | **Industrials (13.2%)** | **Industrials (13.2%)** | **Industrials (13.2%)** |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 19527 | &nbsp;&nbsp;&nbsp;&nbsp; 2897 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;8955 | &nbsp;&nbsp;&nbsp;&nbsp; 2633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 29516 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 11112 | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 1319 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 19937 | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4968 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5266 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 10671 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 98808 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7399 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Inc. Class A | 55764 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  | &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9008 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | 14897 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5627 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
|  | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc. | 14484 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | 13702 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 70618 | &nbsp;&nbsp;&nbsp;&nbsp; 588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
|  | &nbsp;&nbsp;&nbsp;REV Group Inc. | 14371 | &nbsp;&nbsp;&nbsp;&nbsp; 539 |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;6729 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Western Union Co. | 52086 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;DHT Holdings Inc. | 40264 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 29230 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACI Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9503 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Atleos Corp. | 15788 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
|  | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 105602 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2597 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4066 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | 20050 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7789 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;Tecnoglass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3749 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | 12268 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | 38801 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 18456 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 16451 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | 32113 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | &nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8869 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6303 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7025 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp. | 23386 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hillman Solutions Corp. | 14870 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2433 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8719 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **46134** |
| **Technology (9.5%)** | **Technology (9.5%)** | **Technology (9.5%)** | **Technology (9.5%)** |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9726 | &nbsp;&nbsp;&nbsp;&nbsp; 2520 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 11478 | &nbsp;&nbsp;&nbsp;&nbsp; 1971 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp; 1827 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;9638 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5293 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | 10179 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | 64529 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 22899 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | 135131 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | 18333 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5035 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6605 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 37784 | &nbsp;&nbsp;&nbsp;&nbsp; 602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 20167 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 34750 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | 24320 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 17643 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4555 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 523 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viant Technology Inc. Class A | 37638 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 28872 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | 17240 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | 19954 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9753 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5476 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vimeo Inc. | 99737 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 27992 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | 22393 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | 10663 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 15755 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
|  | &nbsp;&nbsp;&nbsp;PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ePlus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5307 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8294 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7522 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | 12317 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | 27647 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | 13907 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | 12951 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7113 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | 14947 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intapp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8093 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp. | 59618 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7727 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8770 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3419 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2672 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 10043 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 12794 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33224** |
| **Telecommunications (3.8%)** | **Telecommunications (3.8%)** | **Telecommunications (3.8%)** | **Telecommunications (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 121990 | &nbsp;&nbsp;&nbsp;&nbsp; 3391 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 10693 | &nbsp;&nbsp;&nbsp;&nbsp; 2590 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 56856 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 21229 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 101455 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | 10152 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | 22746 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;9735 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | 10498 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13282** |
| **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Excelerate Energy Inc. Class A | 10838 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| **Total Common Stocks (Cost $315,913)** | **Total Common Stocks (Cost $315,913)** | **Total Common Stocks (Cost $315,913)** | &nbsp;&nbsp;&nbsp;&nbsp;**348113** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost** $**560)** | &nbsp;&nbsp;&nbsp;&nbsp;5595 | &nbsp;&nbsp;&nbsp;&nbsp; **560** |
| **Total Investments (99.9%) (Cost $316,473)** | **Total Investments (99.9%) (Cost $316,473)** | **Total Investments (99.9%) (Cost $316,473)** | &nbsp;&nbsp;&nbsp;&nbsp;**348673** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**448** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**349121** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| Micro E-mini S&P 500 Index | June 2025 | 22 | 651 | &nbsp;&nbsp;21 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor ETF

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $315,913) | 348113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| Total Investments in Securities | 348673 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| **Total Assets** | **349165** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44** |
| **Net Assets** | **349121** |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 323340 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;25781 |
| **Net Assets** | **349121** |
| **Net Assets** |  |
| **Applicable to 2,680,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **349121** |
| **Net Asset Value Per Share** | **$130.27** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;3349 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total Income | &nbsp;&nbsp;&nbsp;3551 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**3253** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 13836 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| **Realized Net Gain (Loss)** | **13818** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (40356) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| **Change in Unrealized Appreciation (Depreciation)** | **(40367)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(23296)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $14. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $16,751 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;13818 | &nbsp;&nbsp;&nbsp;&nbsp;22886 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(40367) | &nbsp;&nbsp;&nbsp;&nbsp;49469 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(23296) | &nbsp;&nbsp;&nbsp;&nbsp;76819 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3027) | &nbsp;&nbsp;&nbsp;&nbsp;(4261) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;85798 | &nbsp;&nbsp;&nbsp;113427 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;(43210) | &nbsp;&nbsp;&nbsp;&nbsp;(47225) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;42588 | &nbsp;&nbsp;&nbsp;&nbsp;66202 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;16265 | &nbsp;&nbsp;&nbsp;138760 |
| **Net Assets** |  |  |
| **Beginning of Period** | **332856** | &nbsp;&nbsp;&nbsp;**194096** |
| **End of Period** | **349121** | &nbsp;&nbsp;&nbsp;**332856** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$140.74** | &nbsp;&nbsp;&nbsp;**$106.35** | &nbsp;&nbsp;&nbsp;**$105.10** | &nbsp;&nbsp;&nbsp;**$103.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$79.93** | &nbsp;&nbsp;&nbsp;**$79.60** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.191 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(10.539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.372 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(9.271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.563 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.356) | &nbsp;&nbsp;&nbsp;&nbsp;(1.233) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.356) | &nbsp;&nbsp;&nbsp;&nbsp;(1.233) |
| **Net Asset Value, End of Period** | **$130.27** | &nbsp;&nbsp;&nbsp;**$140.74** | &nbsp;&nbsp;&nbsp;**$106.35** | &nbsp;&nbsp;&nbsp;**$105.10** | &nbsp;&nbsp;&nbsp;**$103.55** | &nbsp;&nbsp;&nbsp;**$79.93** |
| **Total Return** | **-6.58%** | &nbsp;&nbsp;&nbsp;**34.57%** | &nbsp;&nbsp;&nbsp;**3.42%** | &nbsp;&nbsp;&nbsp;**3.73%** | &nbsp;&nbsp;&nbsp;**31.43%** | &nbsp;&nbsp;&nbsp;**2.35%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $349 | &nbsp;&nbsp;&nbsp;$333 | &nbsp;&nbsp;&nbsp;$194 | &nbsp;&nbsp;&nbsp;$170 | &nbsp;&nbsp;&nbsp;$110 | &nbsp;&nbsp;&nbsp;$62 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | &nbsp;&nbsp;&nbsp;0.18%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.19%<sup>2</sup> |
| Ratio of Net Investment Income to Average Net Assets | 1.85% | &nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover Rate<sup>3</sup> | 31% | &nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;95% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.18%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor ETF

Notes to Financial Statements

Vanguard U.S. Multifactor ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended May 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

U.S. Multifactor ETF

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $9,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At May 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;316473 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;46310 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(14089) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;32221 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2024, the fund had available capital losses totaling $21,327,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended May 31, 2025, the fund purchased $163,773,000 of investment securities and sold $104,417,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $26,288,000 and $42,930,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2025, such purchases were $939,000 and sales were $6,109,000, resulting in net realized loss of $742,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (340) | &nbsp;&nbsp;&nbsp;(385) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;540 |

---

------

U.S. Multifactor ETF

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At May 31, 2025, one shareholder was the record or beneficial owner of 35% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

U.S. Quality Factor ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Basic Materials (2.7%)** | **Basic Materials (2.7%)** | **Basic Materials (2.7%)** | **Basic Materials (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 18062 | &nbsp;&nbsp;&nbsp;&nbsp; 4798 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 46446 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
|  | &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7935 | &nbsp;&nbsp;&nbsp;&nbsp; 721 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6889 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | 28914 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2019 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10460** |
| **Consumer Discretionary (19.8%)** | **Consumer Discretionary (19.8%)** | **Consumer Discretionary (19.8%)** | **Consumer Discretionary (19.8%)** |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 59023 | &nbsp;&nbsp;&nbsp;&nbsp; 5549 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 90940 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 51493 | &nbsp;&nbsp;&nbsp;&nbsp; 5083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;7570 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp; 4647 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 35576 | &nbsp;&nbsp;&nbsp;&nbsp; 4515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | 17756 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7361 | &nbsp;&nbsp;&nbsp;&nbsp; 2038 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | 11155 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 83533 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | 13484 | &nbsp;&nbsp;&nbsp;&nbsp; 1527 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | 22601 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | 13565 | &nbsp;&nbsp;&nbsp;&nbsp; 1431 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8682 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 118017 | &nbsp;&nbsp;&nbsp;&nbsp; 1403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | 16509 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | 22103 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7931 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5257 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | 10962 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | 23371 | &nbsp;&nbsp;&nbsp;&nbsp; 914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | 62482 | &nbsp;&nbsp;&nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;6067 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | 19220 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 22849 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | 26938 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | 134683 | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 15954 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class C | 85942 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9450 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 25793 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | 10215 | &nbsp;&nbsp;&nbsp;&nbsp; 507 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | 25194 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5310 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
|  | &nbsp;&nbsp;&nbsp;Steelcase Inc. Class A | 43559 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3133 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9824 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 16970 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | 13267 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | 13808 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8646 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | 90671 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | 26385 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 12753 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | 15936 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | 31456 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | 15017 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ODP Corp. | 18427 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | 12408 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Global Business Travel Group I | 43530 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coty Inc. Class A | 54128 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cars.com Inc. | 25922 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | 36323 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Turtle Beach Corp. | 22320 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 22267 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | 13080 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TripAdvisor Inc. | 14477 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;6731 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 32101 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4218 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4247 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | 10873 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4120 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7005 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stagwell Inc. | 23738 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **76183** |
| **Consumer Staples (8.0%)** | **Consumer Staples (8.0%)** | **Consumer Staples (8.0%)** | **Consumer Staples (8.0%)** |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 46653 | &nbsp;&nbsp;&nbsp;&nbsp; 6707 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 46710 | &nbsp;&nbsp;&nbsp;&nbsp; 6140 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 31674 | &nbsp;&nbsp;&nbsp;&nbsp; 2161 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 28663 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 60820 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp; 1394 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | 11640 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 11982 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 13529 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | 27900 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7153 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 40954 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;7533 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 11702 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
|  | &nbsp;&nbsp;&nbsp;National Beverage Corp. | 12146 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;SpartanNash Co. | 21733 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medifast Inc. | 23821 | &nbsp;&nbsp;&nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Honest Co. Inc. | 49844 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 60218 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Calavo Growers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lifeway Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3521 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vita Coco Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30934** |
| **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 40666 | &nbsp;&nbsp;&nbsp;&nbsp; 4415 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | 29544 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 27376 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | 15402 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | 44397 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 84836 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | 23597 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | 78223 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | 43128 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TETRA Technologies Inc. | 94380 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;Berry Corp. | 101731 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Riley Exploration Permian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DMC Global Inc. | 18988 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | 12630 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10426** |
| **Financials (15.0%)** | **Financials (15.0%)** | **Financials (15.0%)** | **Financials (15.0%)** |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | 12040 | &nbsp;&nbsp;&nbsp;&nbsp; 6131 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 29164 | &nbsp;&nbsp;&nbsp;&nbsp; 2584 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 31919 | &nbsp;&nbsp;&nbsp;&nbsp; 2387 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 23279 | &nbsp;&nbsp;&nbsp;&nbsp; 2241 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 37925 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 18110 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | 13355 | &nbsp;&nbsp;&nbsp;&nbsp; 1628 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | 49675 | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5578 | &nbsp;&nbsp;&nbsp;&nbsp; 1509 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp; 1468 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 22141 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8821 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | 25719 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 22123 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | 11452 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 133476 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | 11762 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | 12544 | &nbsp;&nbsp;&nbsp;&nbsp; 872 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 21348 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 19525 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 12544 | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3357 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | 10839 | &nbsp;&nbsp;&nbsp;&nbsp; 721 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | 13043 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 16581 | &nbsp;&nbsp;&nbsp;&nbsp; 659 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | 12400 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 16510 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 31370 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | 19192 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;8138 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 12691 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;9956 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | 19693 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 16488 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3044 | &nbsp;&nbsp;&nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;5088 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;9950 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;4977 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5561 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 20064 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 19090 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 15432 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 10104 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 16975 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5727 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 11710 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | 16073 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;6308 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 13216 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4516 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 11431 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5229 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | 11784 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3735 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **57995** |
| **Health Care (10.5%)** | **Health Care (10.5%)** | **Health Care (10.5%)** | **Health Care (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 60752 | &nbsp;&nbsp;&nbsp;&nbsp; 6688 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 69437 | &nbsp;&nbsp;&nbsp;&nbsp; 5336 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp; 4223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 41264 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 57762 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | 21466 | &nbsp;&nbsp;&nbsp;&nbsp; 1765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | 24133 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8393 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | 13482 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 57272 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp; 751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | 13280 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 27107 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9263 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | 77265 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | 46894 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | 41069 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 60208 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MiMedx Group Inc. | 61666 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | 10897 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 13508 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 30796 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 11555 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9144 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 24817 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8051 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 12035 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 10011 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | 10541 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inogen Inc. | 16392 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3941 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zimvie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4221 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40579** |
| **Industrials (22.1%)** | **Industrials (22.1%)** | **Industrials (22.1%)** | **Industrials (22.1%)** |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 42158 | &nbsp;&nbsp;&nbsp;&nbsp; 6254 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | 27224 | &nbsp;&nbsp;&nbsp;&nbsp; 6166 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | 13366 | &nbsp;&nbsp;&nbsp;&nbsp; 5751 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 17880 | &nbsp;&nbsp;&nbsp;&nbsp; 5258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 65838 | &nbsp;&nbsp;&nbsp;&nbsp; 4627 |
|  | &nbsp;&nbsp;&nbsp;Paychex Inc. | 12122 | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | 18879 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 13987 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 |
|  | &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | 22877 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
|  | &nbsp;&nbsp;&nbsp;Toro Co. | 20622 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | 18535 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7896 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4561 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | 13808 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 1321 |
|  | &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7616 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
|  | &nbsp;&nbsp;&nbsp;Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8603 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | 10941 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | 15705 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp;A O Smith Corp. | 17681 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 12285 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | 23149 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4227 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4636 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3410 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;&nbsp; 811 |
|  | &nbsp;&nbsp;&nbsp;Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3258 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 13999 | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | 14080 | &nbsp;&nbsp;&nbsp;&nbsp; 767 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8306 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7611 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4433 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | 75860 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 72366 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneCo. Ltd. Class A | 44475 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp;Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
|  | &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 13654 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | 20867 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5154 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | 13004 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4313 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | 11036 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Franklin Covey Co. | 21081 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | 72415 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
|  | &nbsp;&nbsp;&nbsp;Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7561 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | 13075 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7402 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GMS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6138 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | 21712 | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
|  | &nbsp;&nbsp;&nbsp;Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7480 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp;Wabash National Corp. | 36456 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WNS Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | 16149 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6447 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5564 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5576 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Target Hospitality Corp. | 31912 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9743 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;Hillenbrand Inc. | 10071 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | 26941 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6972 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3119 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;AAON Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **84998** |
| **Technology (17.3%)** | **Technology (17.3%)** | **Technology (17.3%)** | **Technology (17.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | 16232 | &nbsp;&nbsp;&nbsp;&nbsp; 6738 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8431 | &nbsp;&nbsp;&nbsp;&nbsp; 6381 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 30777 | &nbsp;&nbsp;&nbsp;&nbsp; 6182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | 18947 | &nbsp;&nbsp;&nbsp;&nbsp; 5611 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7518 | &nbsp;&nbsp;&nbsp;&nbsp; 4868 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 28704 | &nbsp;&nbsp;&nbsp;&nbsp; 4168 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 30716 | &nbsp;&nbsp;&nbsp;&nbsp; 4151 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | 19560 | &nbsp;&nbsp;&nbsp;&nbsp; 2111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | 15948 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 39623 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 18549 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5769 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7769 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | 19659 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
|  | &nbsp;&nbsp;&nbsp;Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | 18699 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8409 | &nbsp;&nbsp;&nbsp;&nbsp; 825 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7671 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp; 732 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 22876 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3976 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NerdWallet Inc. Class A | 63023 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | 10526 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9735 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | 33028 | &nbsp;&nbsp;&nbsp;&nbsp; 570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | 24607 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 14597 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | 21087 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | 28146 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6352 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 24512 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp; 362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viant Technology Inc. Class A | 23280 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;3847 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | 13515 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 14442 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 11796 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprout Social Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8798 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | 16738 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Bentley Systems Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2611 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextdoor Holdings Inc. | 53284 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **66486** |
| **Telecommunications (1.7%)** | **Telecommunications (1.7%)** | **Telecommunications (1.7%)** | **Telecommunications (1.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | 44844 | &nbsp;&nbsp;&nbsp;&nbsp; 3885 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 10949 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | 38520 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | 48882 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8214 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 45541 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6671** |
| **Total Common Stocks (Cost $364,360)** | **Total Common Stocks (Cost $364,360)** | **Total Common Stocks (Cost $364,360)** | &nbsp;&nbsp;&nbsp;&nbsp;**384732** |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost** $**496)** | &nbsp;&nbsp;&nbsp;&nbsp;4964 | &nbsp;&nbsp;&nbsp;&nbsp; **496** |
| **Total Investments (99.9%) (Cost $364,856)** | **Total Investments (99.9%) (Cost $364,856)** | **Total Investments (99.9%) (Cost $364,856)** | &nbsp;&nbsp;&nbsp;&nbsp;**385228** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**265** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**385493** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2025, the aggregate value was $153, representing 0.0% of net assets. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2025 | 1 | 296 | &nbsp;&nbsp;(3) |
| Micro E-mini S&P 500 Index | June 2025 | 8 | 237 | &nbsp;&nbsp;19 |
|  |  |  |  | &nbsp;&nbsp;16 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Quality Factor ETF

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $364,360) | 384732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| Total Investments in Securities | 385228 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;10940 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| **Total Assets** | **396556** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;11039 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;**11063** |
| **Net Assets** | **385493** |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 356784 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;28709 |
| **Net Assets** | **385493** |
| **Net Assets** |  |
| **Applicable to 2,780,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **385493** |
| **Net Asset Value Per Share** | **$138.67** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Quality Factor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;2941 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;&nbsp;2962 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**2707** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 29051 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| **Realized Net Gain (Loss)** | **29008** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (59446) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| **Change in Unrealized Appreciation (Depreciation)** | **(59470)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(27755)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $8. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $19, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $32,405 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Quality Factor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;29008 | &nbsp;&nbsp;&nbsp;&nbsp;14646 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(59470) | &nbsp;&nbsp;&nbsp;&nbsp;61481 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(27755) | &nbsp;&nbsp;&nbsp;&nbsp;80677 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2791) | &nbsp;&nbsp;&nbsp;&nbsp;(4552) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;118391 | &nbsp;&nbsp;&nbsp;144810 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (140562) | &nbsp;&nbsp;&nbsp;&nbsp;(26451) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(22171) | &nbsp;&nbsp;&nbsp;118359 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(52717) | &nbsp;&nbsp;&nbsp;194484 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**438210** | &nbsp;&nbsp;&nbsp;**243726** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**385493** | &nbsp;&nbsp;&nbsp;**438210** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Quality Factor ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$149.05** | &nbsp;&nbsp;&nbsp;**$117.74** | &nbsp;&nbsp;&nbsp;**$111.98** | &nbsp;&nbsp;&nbsp;**$122.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.79** | &nbsp;&nbsp;&nbsp;**$84.21** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.291 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(10.365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.667 | &nbsp;&nbsp;&nbsp;&nbsp;(10.356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.292 | &nbsp;&nbsp;&nbsp;&nbsp;10.428 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(9.409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.695 | &nbsp;&nbsp;&nbsp;&nbsp;11.719 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.285) | &nbsp;&nbsp;&nbsp;&nbsp;(1.139) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.285) | &nbsp;&nbsp;&nbsp;&nbsp;(1.139) |
| **Net Asset Value, End of Period** | **$138.67** | &nbsp;&nbsp;&nbsp;**$149.05** | &nbsp;&nbsp;&nbsp;**$117.74** | &nbsp;&nbsp;&nbsp;**$111.98** | &nbsp;&nbsp;&nbsp;**$122.20** | &nbsp;&nbsp;&nbsp;**$94.79** |
| **Total Return** | **-6.32%** | &nbsp;&nbsp;&nbsp;**28.35%** | &nbsp;&nbsp;&nbsp;**6.84%** | &nbsp;&nbsp;&nbsp;**-7.15%** | &nbsp;&nbsp;&nbsp;**30.42%** | &nbsp;&nbsp;&nbsp;**14.29%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $385 | &nbsp;&nbsp;&nbsp;$438 | &nbsp;&nbsp;&nbsp;$244 | &nbsp;&nbsp;&nbsp;$206 | &nbsp;&nbsp;&nbsp;$144 | &nbsp;&nbsp;&nbsp;$55 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | 1.33% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;1.59% |
| Portfolio Turnover Rate | 20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;44%<sup>3</sup> | &nbsp;&nbsp;&nbsp;55%<sup>3</sup> | &nbsp;&nbsp;&nbsp;49%<sup>3</sup> | &nbsp;&nbsp;&nbsp;56%<sup>3</sup> | &nbsp;&nbsp;&nbsp;58% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.13%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Quality Factor ETF

Notes to Financial Statements

Vanguard U.S. Quality Factor ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended May 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

U.S. Quality Factor ETF

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $10,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At May 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;364856 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;45982 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(25594) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;20388 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2024, the fund had available capital losses totaling $21,318,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended May 31, 2025, the fund purchased $80,468,000 of investment securities and sold $80,900,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $103,313,000 and $124,640,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2025, such purchases were $768,000 and sales were $4,264,000, resulting in net realized loss of $725,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;1070 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (985) | &nbsp;&nbsp;&nbsp;(200) |
| Net Increase (Decrease) in Shares Outstanding | (160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |

---

------

U.S. Quality Factor ETF

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At May 31, 2025, one shareholder was the record or beneficial owner of 53% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

U.S. Value Factor ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (4.4%)** | **Basic Materials (4.4%)** | **Basic Materials (4.4%)** | **Basic Materials (4.4%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 63917 | &nbsp;&nbsp;&nbsp;&nbsp; 3370 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | 40593 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | 23928 | &nbsp;&nbsp;&nbsp;&nbsp; 1352 |
|  | &nbsp;&nbsp;&nbsp;Ashland Inc. | 26906 | &nbsp;&nbsp;&nbsp;&nbsp; 1332 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 27278 | &nbsp;&nbsp;&nbsp;&nbsp; 1271 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | 13736 | &nbsp;&nbsp;&nbsp;&nbsp; 1246 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 30114 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;Koppers Holdings Inc. | 37641 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | 25679 | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. | 35551 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | 165743 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ecovyst Inc. | 121099 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | 12357 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp;Orion SA | 69744 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6782 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;AdvanSix Inc. | 31423 | &nbsp;&nbsp;&nbsp;&nbsp; 739 |
|  | &nbsp;&nbsp;&nbsp;Alcoa Corp. | 27042 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;9052 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | 57873 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
|  | &nbsp;&nbsp;&nbsp;Celanese Corp. | 12152 | &nbsp;&nbsp;&nbsp;&nbsp; 642 |
|  | &nbsp;&nbsp;&nbsp;Worthington Steel Inc. | 24645 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
|  | &nbsp;&nbsp;&nbsp;Olympic Steel Inc. | 19317 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
|  | &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7498 | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials Inc. | 122179 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | 23855 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7527 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Tronox Holdings plc | 63997 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 17084 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2014 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SSR Mining Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26379** |
| **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 83818 | &nbsp;&nbsp;&nbsp;&nbsp; 4158 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 42726 | &nbsp;&nbsp;&nbsp;&nbsp; 4017 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 34083 | &nbsp;&nbsp;&nbsp;&nbsp; 3853 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 68268 | &nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | 28921 | &nbsp;&nbsp;&nbsp;&nbsp; 1932 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 24191 | &nbsp;&nbsp;&nbsp;&nbsp; 1922 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 182070 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7245 | &nbsp;&nbsp;&nbsp;&nbsp; 1862 |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | 15732 | &nbsp;&nbsp;&nbsp;&nbsp; 1857 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | 21457 | &nbsp;&nbsp;&nbsp;&nbsp; 1684 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | 17913 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
|  | &nbsp;&nbsp;&nbsp;TEGNA Inc. | 96844 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | 174328 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | 28236 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 20932 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 127542 | &nbsp;&nbsp;&nbsp;&nbsp; 1516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 98809 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | 35485 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | 47031 | &nbsp;&nbsp;&nbsp;&nbsp; 1386 |
|  | &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 23684 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | 63263 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 27310 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | 60434 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | 48306 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | 57016 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | 22666 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Camping World Holdings Inc. Class A | 77118 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | 11417 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ODP Corp. | 71921 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | 13883 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 23032 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 105127 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 58866 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | 172669 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | 33692 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | 35412 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | 68456 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 17564 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings Inc. | 234315 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4504 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 115684 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
|  | &nbsp;&nbsp;&nbsp;Century Communities Inc. | 19271 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | 38130 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | 52558 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | 13512 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class C | 145371 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | 78388 | &nbsp;&nbsp;&nbsp;&nbsp; 908 |
|  | &nbsp;&nbsp;&nbsp;Monro Inc. | 59129 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MarineMax Inc. | 41049 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 30803 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TripAdvisor Inc. | 59588 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | 27495 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RH | &nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp; 817 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | 29120 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | 17385 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 135569 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
|  | &nbsp;&nbsp;&nbsp;Steelcase Inc. Class A | 69155 | &nbsp;&nbsp;&nbsp;&nbsp; 713 |
|  | &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc. | 90570 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | 32975 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hovnanian Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7405 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 25528 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | 38851 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7280 | &nbsp;&nbsp;&nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | 28701 | &nbsp;&nbsp;&nbsp;&nbsp; 658 |
|  | &nbsp;&nbsp;&nbsp;Gray Media Inc. | 164726 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sabre Corp. | 250674 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chegg Inc. | 618972 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
|  | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alaska Air Group Inc. | 12075 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
|  | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 129613 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMC Networks Inc. Class A | 92571 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | 35587 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penn Entertainment Inc. | 39655 | &nbsp;&nbsp;&nbsp;&nbsp; 588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp;Scholastic Corp. | 29582 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | 28213 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EW Scripps Co. Class A | 229641 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanesbrands Inc. | 97379 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | 112735 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | 15331 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | 13099 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | 32827 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;Winnebago Industries Inc. | 11176 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;A-Mark Precious Metals Inc. | 19149 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | 83465 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;America's Car-Mart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7392 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | 22643 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5255 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beazer Homes USA Inc. | 16985 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stagwell Inc. | 78362 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cars.com Inc. | 32550 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 10995 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoneridge Inc. | 63347 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | 21718 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gannett Co. Inc. | 80622 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | 31367 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Turtle Beach Corp. | 18612 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6249 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | 17886 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 176 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;European Wax Center Inc. Class A | 31693 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Leslie's Inc. | 211032 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings Inc. | 13978 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7138 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3397 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Citi Trends Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4993 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xponential Fitness Inc. Class A | 14097 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;J Jill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1808 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**104332** |
| **Consumer Staples (7.9%)** | **Consumer Staples (7.9%)** | **Consumer Staples (7.9%)** | **Consumer Staples (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 83038 | &nbsp;&nbsp;&nbsp;&nbsp; 5318 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 79762 | &nbsp;&nbsp;&nbsp;&nbsp; 4834 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp; 3269 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 118119 | &nbsp;&nbsp;&nbsp;&nbsp; 1996 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 29183 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | 16540 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | 15617 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | 183405 | &nbsp;&nbsp;&nbsp;&nbsp; 1583 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | 10871 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | 27739 | &nbsp;&nbsp;&nbsp;&nbsp; 1487 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | 23467 | &nbsp;&nbsp;&nbsp;&nbsp; 1462 |
|  | &nbsp;&nbsp;&nbsp;SpartanNash Co. | 70647 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 18222 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 54226 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 33677 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
|  | &nbsp;&nbsp;&nbsp;Dole plc | 82849 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 19751 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
|  | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 39973 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | 35285 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | 139175 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | 11948 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 18364 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TreeHouse Foods Inc. | 39250 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
|  | &nbsp;&nbsp;&nbsp;Andersons Inc. | 23685 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 32742 | &nbsp;&nbsp;&nbsp;&nbsp; 749 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medifast Inc. | 47355 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 24538 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | 17892 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | 15339 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 104080 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6309 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hain Celestial Group Inc. | 160375 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **47092** |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Energy (10.5%)** | **Energy (10.5%)** | **Energy (10.5%)** | **Energy (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 47653 | &nbsp;&nbsp;&nbsp;&nbsp; 5174 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 43410 | &nbsp;&nbsp;&nbsp;&nbsp; 4441 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 50057 | &nbsp;&nbsp;&nbsp;&nbsp; 4272 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 30080 | &nbsp;&nbsp;&nbsp;&nbsp; 4112 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 31074 | &nbsp;&nbsp;&nbsp;&nbsp; 3526 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 20213 | &nbsp;&nbsp;&nbsp;&nbsp; 3249 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 90272 | &nbsp;&nbsp;&nbsp;&nbsp; 2983 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 16664 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 13314 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 62882 | &nbsp;&nbsp;&nbsp;&nbsp; 1529 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 42478 | &nbsp;&nbsp;&nbsp;&nbsp; 1522 |
|  | &nbsp;&nbsp;&nbsp;SM Energy Co. | 63600 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | 32535 | &nbsp;&nbsp;&nbsp;&nbsp; 1419 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 31681 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources Inc. | 49787 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
|  | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 14623 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc. | 199291 | &nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | 145578 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 94413 | &nbsp;&nbsp;&nbsp;&nbsp; 1191 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 59290 | &nbsp;&nbsp;&nbsp;&nbsp; 1161 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 92011 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 35412 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 74794 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
|  | &nbsp;&nbsp;&nbsp;Crescent Energy Co. Class A | 101931 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | 181833 | &nbsp;&nbsp;&nbsp;&nbsp; 791 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 142646 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc. | 51420 | &nbsp;&nbsp;&nbsp;&nbsp; 784 |
|  | &nbsp;&nbsp;&nbsp;Riley Exploration Permian Inc. | 29996 | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
|  | &nbsp;&nbsp;&nbsp;Liberty Energy Inc. | 64767 | &nbsp;&nbsp;&nbsp;&nbsp; 751 |
|  | &nbsp;&nbsp;&nbsp;Range Resources Corp. | 19362 | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 22749 | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
|  | &nbsp;&nbsp;&nbsp;APA Corp. | 42402 | &nbsp;&nbsp;&nbsp;&nbsp; 721 |
|  | &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 18980 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | 81620 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | 119117 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | 42559 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6472 | &nbsp;&nbsp;&nbsp;&nbsp; 523 |
|  | &nbsp;&nbsp;&nbsp;SandRidge Energy Inc. | 50394 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Berry Corp. | 179705 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bristow Group Inc. | 14581 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DMC Global Inc. | 63708 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | 13916 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp;Noble Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;8720 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ring Energy Inc. | 269866 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ameresco Inc. Class A | 12613 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amplify Energy Corp. | 58811 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | 48626 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **63072** |
| **Financials (20.8%)** | **Financials (20.8%)** | **Financials (20.8%)** | **Financials (20.8%)** |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 112424 | &nbsp;&nbsp;&nbsp;&nbsp; 4901 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 120436 | &nbsp;&nbsp;&nbsp;&nbsp; 4757 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 13919 | &nbsp;&nbsp;&nbsp;&nbsp; 4137 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 49561 | &nbsp;&nbsp;&nbsp;&nbsp; 3895 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 71826 | &nbsp;&nbsp;&nbsp;&nbsp; 3170 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 29587 | &nbsp;&nbsp;&nbsp;&nbsp; 3063 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 10729 | &nbsp;&nbsp;&nbsp;&nbsp; 2958 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 36237 | &nbsp;&nbsp;&nbsp;&nbsp; 2710 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 13939 | &nbsp;&nbsp;&nbsp;&nbsp; 2423 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 46134 | &nbsp;&nbsp;&nbsp;&nbsp; 2375 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 39407 | &nbsp;&nbsp;&nbsp;&nbsp; 2286 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 26415 | &nbsp;&nbsp;&nbsp;&nbsp; 2236 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | 26438 | &nbsp;&nbsp;&nbsp;&nbsp; 2166 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | 81569 | &nbsp;&nbsp;&nbsp;&nbsp; 1907 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 17635 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | 42342 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | 25886 | &nbsp;&nbsp;&nbsp;&nbsp; 1548 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | 62514 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | 33877 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | 107001 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | 27192 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 25739 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7449 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 189931 | &nbsp;&nbsp;&nbsp;&nbsp; 1339 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | 46181 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
|  | &nbsp;&nbsp;&nbsp;Old National Bancorp | 61883 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 13461 | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |
|  | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 16629 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
|  | &nbsp;&nbsp;&nbsp;Cadence Bank | 39483 | &nbsp;&nbsp;&nbsp;&nbsp; 1196 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 50845 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
|  | &nbsp;&nbsp;&nbsp;Valley National Bancorp | 129517 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 32294 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 66316 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | 49760 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | 73566 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 53037 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 21685 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | 17988 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | 34012 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 13229 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 24460 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 17462 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | 43376 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7517 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;SouthState Corp. | 10431 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 42503 | &nbsp;&nbsp;&nbsp;&nbsp; 911 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp; 901 |
|  | &nbsp;&nbsp;&nbsp;First Busey Corp. | 40162 | &nbsp;&nbsp;&nbsp;&nbsp; 888 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 64192 | &nbsp;&nbsp;&nbsp;&nbsp; 881 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | 64670 | &nbsp;&nbsp;&nbsp;&nbsp; 869 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8396 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 26073 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
|  | &nbsp;&nbsp;&nbsp;WesBanco Inc. | 28083 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | 24612 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 53462 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 46640 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8871 | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | 15133 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
|  | &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc. | 29729 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |
|  | &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 130990 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | 75559 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 40959 | &nbsp;&nbsp;&nbsp;&nbsp; 707 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 16748 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 16436 | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | 19939 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | 11247 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | 40327 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 17433 | &nbsp;&nbsp;&nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7754 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | 13408 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | 26159 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc. | 35751 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Merchants Bancorp | 18483 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 16651 | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | 40331 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4752 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | 56475 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 559 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp Inc. | 21895 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;8809 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 40485 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | 34117 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | 14268 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | 21210 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | 17814 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8175 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8627 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | 11756 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | 11160 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;Live Oak Bancshares Inc. | 16052 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Foundation Inc. | 84476 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5379 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | 15998 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | 10425 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 16411 | &nbsp;&nbsp;&nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 15832 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | 29797 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | 12580 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | 58265 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Origin Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9742 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7302 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Amerant Bancorp Inc. | 18141 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 15842 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;United Community Banks Inc. | 10860 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3298 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 46973 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | 23106 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | 14544 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | &nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 34967 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;XP Inc. Class A | 11993 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 16806 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4289 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2433 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;3174 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Financial Institutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;Midland States Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Horizon Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**124571** |
| **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 108189 | &nbsp;&nbsp;&nbsp;&nbsp; 5223 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 30947 | &nbsp;&nbsp;&nbsp;&nbsp; 4803 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 43034 | &nbsp;&nbsp;&nbsp;&nbsp; 4737 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 196585 | &nbsp;&nbsp;&nbsp;&nbsp; 4618 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | 14484 | &nbsp;&nbsp;&nbsp;&nbsp; 4586 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | 11098 | &nbsp;&nbsp;&nbsp;&nbsp; 4233 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7978 | &nbsp;&nbsp;&nbsp;&nbsp; 3911 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 45794 | &nbsp;&nbsp;&nbsp;&nbsp; 3800 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8119 | &nbsp;&nbsp;&nbsp;&nbsp; 3116 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 38157 | &nbsp;&nbsp;&nbsp;&nbsp; 2932 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 78768 | &nbsp;&nbsp;&nbsp;&nbsp; 2590 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 13694 | &nbsp;&nbsp;&nbsp;&nbsp; 2363 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 119143 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 14493 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6108 | &nbsp;&nbsp;&nbsp;&nbsp; 1844 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 179887 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | 13492 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | 45557 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 85160 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | 13599 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 87897 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 149875 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | 26153 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 965 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;Bruker Corp. | 25866 | &nbsp;&nbsp;&nbsp;&nbsp; 949 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp; 911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 20478 | &nbsp;&nbsp;&nbsp;&nbsp; 881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6429 | &nbsp;&nbsp;&nbsp;&nbsp; 872 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 15397 | &nbsp;&nbsp;&nbsp;&nbsp; 869 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | 113940 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 70057 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7543 | &nbsp;&nbsp;&nbsp;&nbsp; 695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | 21742 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | 35833 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9413 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | 25535 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortrea Holdings Inc. | 122442 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. | 39642 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 18879 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | 773627 | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 30621 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 40400 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sutro Biopharma Inc. | 409964 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | 39810 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 10710 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc. | 51802 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pliant Therapeutics Inc. | 221918 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avantor Inc. | 22590 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Oncology Inc. | 50086 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Health Catalyst Inc. | 69332 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | 33095 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co. | 25620 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zimvie Inc. | 22200 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | 32052 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | 32546 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inogen Inc. | 19897 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 12285 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **85681** |
| **Industrials (12.3%)** | **Industrials (12.3%)** | **Industrials (12.3%)** | **Industrials (12.3%)** |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 24350 | &nbsp;&nbsp;&nbsp;&nbsp; 5311 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | 34930 | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 23583 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | 19321 | &nbsp;&nbsp;&nbsp;&nbsp; 1885 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | 21678 | &nbsp;&nbsp;&nbsp;&nbsp; 1782 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 37030 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 62419 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8862 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 106709 | &nbsp;&nbsp;&nbsp;&nbsp; 1413 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 40983 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 22315 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | 28414 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | 27445 | &nbsp;&nbsp;&nbsp;&nbsp; 1216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 16769 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | 54857 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluor Corp. | 27206 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9012 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | 28566 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;8468 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | 85475 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | 21467 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BILL Holdings Inc. | 21632 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4741 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | 13491 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | 15892 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Dot Corp. Class A | 93359 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6428 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GXO Logistics Inc. | 20666 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
|  | &nbsp;&nbsp;&nbsp;Hillenbrand Inc. | 43177 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | 40716 | &nbsp;&nbsp;&nbsp;&nbsp; 843 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | 16602 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | 22531 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 98665 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | 151243 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 57491 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | 64471 | &nbsp;&nbsp;&nbsp;&nbsp; 818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlueLinx Holdings Inc. | 11915 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
|  | &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;9059 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | 10372 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | 57684 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
|  | &nbsp;&nbsp;&nbsp;Costamare Inc. | 82755 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan International Inc. | 95873 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | 10599 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
|  | &nbsp;&nbsp;&nbsp;Safe Bulkers Inc. | 181986 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 31069 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 82616 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 40532 | &nbsp;&nbsp;&nbsp;&nbsp; 678 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp. | 18579 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
|  | &nbsp;&nbsp;&nbsp;Terex Corp. | 14233 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | 10208 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 40108 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 19099 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 28050 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 56623 | &nbsp;&nbsp;&nbsp;&nbsp; 583 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7891 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Woodmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9932 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | 13819 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp. | 112872 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masterbrand Inc. | 51847 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 33729 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4398 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | 63534 | &nbsp;&nbsp;&nbsp;&nbsp; 454 |
|  | &nbsp;&nbsp;&nbsp;Resources Connection Inc. | 84178 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
|  | &nbsp;&nbsp;&nbsp;Wabash National Corp. | 49765 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
|  | &nbsp;&nbsp;&nbsp;PagSeguro Digital Ltd. Class A | 45039 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;8613 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneCo. Ltd. Class A | 25635 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3D Systems Corp. | 213606 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5295 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6186 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Kronos Worldwide Inc. | 36936 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Shyft Group Inc. | 17885 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Vestis Corp. | 28252 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JELD-WEN Holding Inc. | 36175 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **73401** |
| **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RE / MAX Holdings Inc. Class A | 96502 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Anywhere Real Estate Inc. | 195628 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forestar Group Inc. | 20775 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc | 38067 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2191** |
| **Technology (8.3%)** | **Technology (8.3%)** | **Technology (8.3%)** | **Technology (8.3%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 38188 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | 24111 | &nbsp;&nbsp;&nbsp;&nbsp; 2854 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | 14290 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 88888 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 106640 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 12028 | &nbsp;&nbsp;&nbsp;&nbsp; 2079 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 12712 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | 35502 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UiPath Inc. Class A | 128361 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 55567 | &nbsp;&nbsp;&nbsp;&nbsp; 1604 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | 12316 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 87211 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | 238368 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | 42588 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | 56986 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unisys Corp. | 214285 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synaptics Inc. | 16980 | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | 45252 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verint Systems Inc. | 50811 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Western Digital Corp. | 16603 | &nbsp;&nbsp;&nbsp;&nbsp; 856 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | 14111 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | 20048 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | 36780 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | 27445 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ziff Davis Inc. | 24612 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5963 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | 10120 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | 23269 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 76063 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | 17344 | &nbsp;&nbsp;&nbsp;&nbsp; 700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp; 661 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | 18193 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | 45483 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;Methode Electronics Inc. | 79061 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4849 | &nbsp;&nbsp;&nbsp;&nbsp; 588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | 23122 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | 25955 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kimball Electronics Inc. | 27036 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 28872 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 14542 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5777 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8171 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eventbrite Inc. Class A | 135229 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | 20960 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4968 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp. | 52206 | &nbsp;&nbsp;&nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7714 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **49529** |
| **Telecommunications (3.4%)** | **Telecommunications (3.4%)** | **Telecommunications (3.4%)** | **Telecommunications (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 131945 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 148172 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 171229 | &nbsp;&nbsp;&nbsp;&nbsp; 4760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CommScope Holding Co. Inc. | 176807 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 14785 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aviat Networks Inc. | 29396 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 56670 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | 253854 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class A | 35532 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | 38361 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;ATN International Inc. | 17322 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **20072** |
| **Total Common Stocks (Cost $611,437)** | **Total Common Stocks (Cost $611,437)** | **Total Common Stocks (Cost $611,437)** | &nbsp;&nbsp;&nbsp;&nbsp;**596320** |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost** $**600)** | &nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp; **600** |
| **Total Investments (99.8%) (Cost $612,037)** | **Total Investments (99.8%) (Cost $612,037)** | **Total Investments (99.8%) (Cost $612,037)** | &nbsp;&nbsp;&nbsp;&nbsp;**596920** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1180** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**598100** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2025 | 2 | 592 | &nbsp;&nbsp;10 |
| Micro E-mini S&P 500 Index | June 2025 | 20 | 592 | &nbsp;&nbsp;10 |
|  |  |  |  | &nbsp;&nbsp;20 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Value Factor ETF

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $611,437) | 596320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| Total Investments in Securities | 596920 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;1170 |
| **Total Assets** | **598194** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94** |
| **Net Assets** | **598100** |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 654090 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;(55990) |
| **Net Assets** | **598100** |
| **Net Assets** |  |
| **Applicable to 5,260,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **598100** |
| **Net Asset Value Per Share** | **$113.71** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Value Factor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9575 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;9606 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**9122** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;64654 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**64639** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (173413) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |
| **Change in Unrealized Appreciation (Depreciation)** | **(173486)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;**(99725)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $5. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $25, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $74,055 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Value Factor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 | &nbsp;&nbsp;&nbsp;&nbsp;16936 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;64639 | &nbsp;&nbsp;&nbsp;&nbsp;(4591) |
| Change in Unrealized Appreciation (Depreciation) | (173486) | &nbsp;&nbsp;&nbsp;160787 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(99725) | &nbsp;&nbsp;&nbsp;173132 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(9500) | &nbsp;&nbsp;&nbsp;&nbsp;(17118) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;108158 | &nbsp;&nbsp;&nbsp;117299 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (241835) | &nbsp;&nbsp;&nbsp;&nbsp;(23694) |
| Net Increase (Decrease) from Capital Share Transactions | (133677) | &nbsp;&nbsp;&nbsp;&nbsp;93605 |
| Total Increase (Decrease) | (242902) | &nbsp;&nbsp;&nbsp;249619 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**841002** | &nbsp;&nbsp;&nbsp;**591383** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**598100** | &nbsp;&nbsp;&nbsp;**841002** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Value Factor ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$128.89** | &nbsp;&nbsp;&nbsp;**$103.30** | &nbsp;&nbsp;&nbsp;**$105.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$99.84** | &nbsp;&nbsp;&nbsp;**$73.96** | &nbsp;&nbsp;&nbsp;**$75.51** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.689 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(15.156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.212 | &nbsp;&nbsp;&nbsp;&nbsp;25.644 | &nbsp;&nbsp;&nbsp;&nbsp;(1.634) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(13.729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.432 | &nbsp;&nbsp;&nbsp;&nbsp;27.567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.055 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.072) | &nbsp;&nbsp;&nbsp;&nbsp;(1.687) | &nbsp;&nbsp;&nbsp;&nbsp;(1.605) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.072) | &nbsp;&nbsp;&nbsp;&nbsp;(1.687) | &nbsp;&nbsp;&nbsp;&nbsp;(1.605) |
| **Net Asset Value, End of Period** | **$113.71** | &nbsp;&nbsp;&nbsp;**$128.89** | &nbsp;&nbsp;&nbsp;**$103.30** | &nbsp;&nbsp;&nbsp;**$105.20** | &nbsp;&nbsp;&nbsp;**$99.84** | &nbsp;&nbsp;&nbsp;**$73.96** |
| **Total Return** | **-10.68%** | &nbsp;&nbsp;&nbsp;**27.88%** | &nbsp;&nbsp;&nbsp;**0.97%** | &nbsp;&nbsp;&nbsp;**7.63%** | &nbsp;&nbsp;&nbsp;**37.51%** | &nbsp;&nbsp;&nbsp;**0.70%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $598 | &nbsp;&nbsp;&nbsp;$841 | &nbsp;&nbsp;&nbsp;$591 | &nbsp;&nbsp;&nbsp;$671 | &nbsp;&nbsp;&nbsp;$448 | &nbsp;&nbsp;&nbsp;$133 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.14%<sup>2</sup> |
| Ratio of Net Investment Income to Average Net Assets | 2.38% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;2.68% |
| Portfolio Turnover Rate<sup>3</sup> | 37% | &nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;52% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.13%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Value Factor ETF

Notes to Financial Statements

Vanguard U.S. Value Factor ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended May 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

U.S. Value Factor ETF

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $16,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At May 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;612059 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;43365 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(58484) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(15119) |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2024, the fund had available capital losses totaling $107,933,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended May 31, 2025, the fund purchased $321,935,000 of investment securities and sold $276,064,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $34,951,000 and $214,141,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2025, such purchases were $3,538,000 and sales were $4,445,000, resulting in net realized gain of $25,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;1005 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2160) | &nbsp;&nbsp;&nbsp;(205) |
| Net Increase (Decrease) in Shares Outstanding | (1265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |

---

------

U.S. Value Factor ETF

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At May 31, 2025, one shareholder was the record or beneficial owner of 29% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q44192 072025

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![](tm2517409d8usmulfdfini001.jpg)

#### Financial Statements

#### For the six-months ended May 31, 2025

#### Vanguard U.S. Multifactor Fund

------

#### Contents
Financial Statements 1 <br>

------

U.S. Multifactor Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| **Basic Materials (2.1%)** | **Basic Materials (2.1%)** | **Basic Materials (2.1%)** | **Basic Materials (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 24265 | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | 9574 | &nbsp;&nbsp;&nbsp;&nbsp; 746 |
|  | &nbsp;&nbsp;&nbsp;Hawkins Inc. | 2572 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 5737 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | 2872 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | 2477 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 2771 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | 1478 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3798** |
| **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** | **Consumer Discretionary (17.4%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 16913 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | 1894 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 7351 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 7103 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 2348 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | 4468 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 11711 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | 9508 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | 6542 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | 4923 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 14193 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | 13215 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1992 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | 7888 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 5058 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;Kontoor Brands Inc. | 5848 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 1521 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | 1909 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 2940 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 2346 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 4703 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | 5127 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 6919 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | 20063 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 17328 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | 1889 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | 13933 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alaska Air Group Inc. | 6041 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 26799 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 6218 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 12250 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | 2757 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 9620 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | 4105 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class A | 40784 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;TEGNA Inc. | 16357 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | 2472 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | 3718 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | 2381 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 7650 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanesbrands Inc. | 50069 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | 1339 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 20083 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | 3288 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 4155 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | 2689 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd. | 18494 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 21756 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | 2328 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | 4751 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | 5762 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Global Business Travel Group I | 32861 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Steelcase Inc. Class A | 19785 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 10080 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Under Armour Inc. Class C | 32052 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | 5006 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | 9791 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | 4351 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 6692 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | 3585 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | 11502 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 2266 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 2169 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | 1696 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crocs Inc. | 1371 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Brick Partners Inc. | 2403 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 4944 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | 4696 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | 9602 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 1343 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | 10998 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | 4784 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | 3716 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 23307 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | 6431 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | 4434 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | 3094 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 11015 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 4328 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | 1897 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Parks & Resorts Inc. | 1609 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | 1659 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | 1431 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Holdings Inc. | 2989 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | 1992 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stagwell Inc. | 14301 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | 2719 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | 1572 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp;&nbsp;Matthews International Corp. Class A | 2633 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings Inc. | 1310 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | 5868 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;J Jill Inc. | 2403 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 5931 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31081** |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 28767 | &nbsp;&nbsp;&nbsp;&nbsp; 1744 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 8903 | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 10061 | &nbsp;&nbsp;&nbsp;&nbsp; 1446 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 1683 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 11396 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 12543 | &nbsp;&nbsp;&nbsp;&nbsp; 856 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 2624 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 21078 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 40756 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 10043 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
|  | &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 15232 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | 2539 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 3221 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 5121 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | 4166 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 16625 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 17432 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | 5056 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | 3156 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 5499 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | 3852 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;SpartanNash Co. | 12139 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | 2207 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 52116 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | 1383 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Dole plc | 12078 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | 4446 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 1845 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 1541 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 1223 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17810** |
| **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 11704 | &nbsp;&nbsp;&nbsp;&nbsp; 1271 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 15989 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 9878 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MRC Global Inc. | 24824 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 13916 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2111 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | 1379 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DNOW Inc. | 17436 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | 42558 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | 28290 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 8156 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4829 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;RPC Inc. | 38743 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Northern Oil & Gas Inc. | 5206 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Vitesse Energy Inc. | 6135 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 9902 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Core Natural Resources Inc. | 1497 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | 2654 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 8081 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5501** |
| **Financials (28.4%)** | **Financials (28.4%)** | **Financials (28.4%)** | **Financials (28.4%)** |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 24122 | &nbsp;&nbsp;&nbsp;&nbsp; 1804 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 19298 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5557 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 13329 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | 2534 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1998 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 7922 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 3434 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | 29785 | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 10505 | &nbsp;&nbsp;&nbsp;&nbsp; 825 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 6070 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | 14286 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 27812 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 17054 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 15541 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 7976 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | 6883 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | 5940 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | 16863 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 15158 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | 13749 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | 1461 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | 12255 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 10153 | &nbsp;&nbsp;&nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | 1012 | &nbsp;&nbsp;&nbsp;&nbsp; 485 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 12763 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | 5929 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 23928 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 7509 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 15223 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | 5355 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | 1561 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 10287 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 6453 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 12209 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 5314 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 4125 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | 4920 | &nbsp;&nbsp;&nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 3497 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 3559 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 18830 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | 2093 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 6910 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | 2937 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 6763 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | 4302 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | 8179 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Comerica Inc. | 5642 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | 3798 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 18876 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | 10383 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 1122 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | 6323 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | 9027 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | 13354 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | 14002 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 10225 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | 6188 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 7778 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 12952 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | 4384 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 1167 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | 4476 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 5448 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 3044 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 13330 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | 7157 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 12085 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 10536 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 15768 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | 3928 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | 4508 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | 2978 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 38111 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Investors Title Co. | 1109 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | 3631 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | 4206 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | 1243 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 9133 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | 21331 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | 4015 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | 6527 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 13970 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 7536 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | 4531 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | 6290 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 3656 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | 5312 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | 2518 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 13972 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 23451 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 2540 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 10738 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | 3741 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | 8697 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | 1567 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 3723 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | 4543 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 4570 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | 1197 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 14014 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 5543 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | 3816 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | 2843 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | 6162 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | 3730 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 3687 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | 4727 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | 5517 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 3030 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | 2815 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | 14813 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | 23072 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Origin Bancorp Inc. | 3729 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | 9383 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 1642 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | 1789 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | 6450 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | 1626 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | 2976 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 1472 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | 1582 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | 3039 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | 2710 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **50657** |
| **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 16156 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 9809 | &nbsp;&nbsp;&nbsp;&nbsp; 1523 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 28611 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 6058 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | 2859 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | 2161 | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 29492 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Premier Inc. Class A | 19212 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 13163 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 5489 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | 6442 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 2389 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 9206 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 12318 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | 1089 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | 4548 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | 4219 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | 4483 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 3720 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 20462 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | 2602 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | 36251 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 10602 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | 43805 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 9662 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. Class A | 9977 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | 24931 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | 1618 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | 3716 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | 21328 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | 6850 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 20640 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 28491 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 15288 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | 3953 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | 3343 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inogen Inc. | 29051 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | 5419 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | 16058 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 19854 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 17548 | &nbsp;&nbsp;&nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | 6418 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 5810 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | 6954 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MiMedx Group Inc. | 20689 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | 16867 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DocGo Inc. | 92921 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | 4117 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | 4130 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | 18953 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 11048 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | 6189 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals Inc. | 5426 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | 2095 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 5869 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | 7097 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | 15416 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADMA Biologics Inc. | 3107 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QIAGEN NV | 1343 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talkspace Inc. | 17212 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | 7049 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inmode Ltd. | 2739 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hims & Hers Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21746** |
| **Industrials (12.2%)** | **Industrials (12.2%)** | **Industrials (12.2%)** | **Industrials (12.2%)** |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 1379 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 19415 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 8987 | &nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 5673 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 12883 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | 2967 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | 1103 | &nbsp;&nbsp;&nbsp;&nbsp; 520 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 5206 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 1164 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | 3284 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 43967 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | 1058 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | 3270 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 7507 | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | 2108 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc. | 7070 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 19793 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | 10679 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 2219 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | 1308 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 3249 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;REV Group Inc. | 7707 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | 2576 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1426 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Inc. Class A | 19470 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class B | 3247 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | 5160 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 25144 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | 3026 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | 11086 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | 1544 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | 4960 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACI Worldwide Inc. | 4412 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;DHT Holdings Inc. | 15385 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 12160 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Tecnoglass Inc. | 1947 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | 3052 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | 1296 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Mesa Laboratories Inc. | 1434 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | 1356 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | 3127 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 1902 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | 1407 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | 2810 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WNS Holdings Ltd. | 2148 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | 17022 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Western Union Co. | 13137 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 1311 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | 4563 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Crown Holdings Inc. | 1123 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knife River Corp. | 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IES Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Covenant Logistics Group Inc. | 4176 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | 4425 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 6625 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | 4059 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | 1447 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Atleos Corp. | 2871 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | 1003 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
|  | &nbsp;&nbsp;&nbsp;Resources Connection Inc. | 7518 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21860** |
| **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Newmark Group Inc. Class A | 34497 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **438** |
| **Technology (10.1%)** | **Technology (10.1%)** | **Technology (10.1%)** | **Technology (10.1%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 2275 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 5106 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 5655 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 4805 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | 3764 | &nbsp;&nbsp;&nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 4037 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | 3160 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | 4810 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 11766 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | 1564 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | 4309 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 11939 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | 21643 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | 7034 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;Gen Digital Inc. (XNGS) | 10422 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | 1574 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | 2427 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | 50811 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 8900 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 17095 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 16298 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | 11484 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 6746 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | 3779 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | 1895 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 16029 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | 13402 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1859 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | 5798 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | 4515 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | 8355 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;PC Connection Inc. | 3247 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | 11319 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | 1992 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vimeo Inc. | 41993 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | 4464 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | 2002 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ePlus Inc. | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | 3436 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | 7479 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | 7680 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | 10091 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | 6682 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1152 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 8429 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | 4766 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | 5665 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | 7322 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | 1301 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | 9202 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 1548 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | 2717 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | 3160 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | 2386 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | 3569 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intapp Inc. | 1174 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | 1004 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viant Technology Inc. Class A | 3079 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18047** |
| **Telecommunications (3.5%)** | **Telecommunications (3.5%)** | **Telecommunications (3.5%)** | **Telecommunications (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 60708 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 4984 | &nbsp;&nbsp;&nbsp;&nbsp; 1207 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 25593 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 10799 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 8382 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 44279 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | 8576 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | 3641 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | 11110 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | 9206 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | 3145 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6163** |
| **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Excelerate Energy Inc. Class A | 4399 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| **Total Common Stocks (Cost $149,537)** | **Total Common Stocks (Cost $149,537)** | **Total Common Stocks (Cost $149,537)** | &nbsp;&nbsp;&nbsp;&nbsp;**177225** |
| **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** |
| **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost** $**916)** | 9165 | &nbsp;&nbsp;&nbsp;&nbsp; **916** |
| **Total Investments (99.8%) (Cost $150,453)** | **Total Investments (99.8%) (Cost $150,453)** | **Total Investments (99.8%) (Cost $150,453)** | &nbsp;&nbsp;&nbsp;&nbsp;**178141** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**324** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**178465** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

U.S. Multifactor Fund

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| Micro E-mini S&P 500 Index | June 2025 | 40 | 1183 | &nbsp;&nbsp;21 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor Fund

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $149,537) | 177225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
| Total Investments in Securities | 178141 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| **Total Assets** | **178515** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50** |
| **Net Assets** | **178465** |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 152549 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;25916 |
| **Net Assets** | **178465** |
| **Net Assets** |  |
| **Applicable to 4,324,792 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **178465** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$41.27** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;1750 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total Income | &nbsp;&nbsp;&nbsp;1876 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**1722** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;(2277) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**(2322)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (12345) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| **Change in Unrealized Appreciation (Depreciation)** | **(12347)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(12947)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $4. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $19, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(12347) | &nbsp;&nbsp;&nbsp;&nbsp;23810 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(12947) | &nbsp;&nbsp;&nbsp;&nbsp;35558 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(4273) | &nbsp;&nbsp;&nbsp;&nbsp;(1851) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;52528 | &nbsp;&nbsp;&nbsp;&nbsp;96657 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;3624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
| Redeemed | &nbsp;&nbsp;(29581) | &nbsp;&nbsp;&nbsp;&nbsp;(39580) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;26571 | &nbsp;&nbsp;&nbsp;&nbsp;58646 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;9351 | &nbsp;&nbsp;&nbsp;&nbsp;92353 |
| **Net Assets** |  |  |
| **Beginning of Period** | **169114** | &nbsp;&nbsp;&nbsp;&nbsp;**76761** |
| **End of Period** | **178465** | &nbsp;&nbsp;&nbsp;**169114** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> May 31,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$45.60** | &nbsp;&nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;&nbsp;**$33.75** | &nbsp;&nbsp;&nbsp;**$32.99** | &nbsp;&nbsp;&nbsp;**$25.47** | &nbsp;&nbsp;&nbsp;**$25.70** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.382 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(3.649) | &nbsp;&nbsp;&nbsp;&nbsp;11.397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.214) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(3.237) | &nbsp;&nbsp;&nbsp;&nbsp;12.096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.168 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.398) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(.688) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;(1.093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.398) |
| **Net Asset Value, End of Period** | **$41.27** | &nbsp;&nbsp;&nbsp;**$45.60** | &nbsp;&nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;&nbsp;**$33.75** | &nbsp;&nbsp;&nbsp;**$32.99** | &nbsp;&nbsp;&nbsp;**$25.47** |
| **Total Return<sup>2</sup>** | **-7.11%** | &nbsp;&nbsp;&nbsp;**35.74%** | &nbsp;&nbsp;&nbsp;**3.19%** | &nbsp;&nbsp;&nbsp;**4.43%** | &nbsp;&nbsp;&nbsp;**31.39%** | &nbsp;&nbsp;&nbsp;**0.97%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $178 | &nbsp;&nbsp;&nbsp;$169 | &nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;$26 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | &nbsp;&nbsp;&nbsp;0.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18% |
| Ratio of Net Investment Income to Average Net Assets | 1.89% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover Rate | 36% | &nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;74% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.18%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

U.S. Multifactor Fund

Notes to Financial Statements

Vanguard U.S. Multifactor Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended May 31, 2025, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

U.S. Multifactor Fund

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $5,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At May 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;150453 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;33246 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(5537) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;27709 |

---

**E.** During the six months ended May 31, 2025, the fund purchased $85,532,000 of investment securities and sold $61,407,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2025, such purchases were $22,000 and sales were $204,000, resulting in net realized loss of $38,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 1252 | &nbsp;&nbsp;&nbsp;2405 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Redeemed | (723) | &nbsp;&nbsp;&nbsp;(984) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;1461 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

------

U.S. Multifactor Fund

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q5162 072025

------

![](tm2517409d8shtrtxexeetffi001.jpg)

#### Financial Statements

#### For the six-months ended May 31, 2025

#### Vanguard Short-Term Tax-Exempt Bond ETF

------

#### Contents
Financial Statements 1 <br>

------

Short-Term Tax-Exempt Bond ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of May 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Tax-Exempt Municipal Bonds (99.8%)** | **Tax-Exempt Municipal Bonds (99.8%)** | **Tax-Exempt Municipal Bonds (99.8%)** | **Tax-Exempt Municipal Bonds (99.8%)** | **Tax-Exempt Municipal Bonds (99.8%)** |
| **Alabama (1.0%)** | **Alabama (1.0%)** | **Alabama (1.0%)** | **Alabama (1.0%)** | **Alabama (1.0%)** |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;Alabama GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1272 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Birmingham AL GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp;Birmingham Water Works Board Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 258 |
|  |  |  |  | &nbsp;&nbsp; **9899** |
| **Arizona (1.7%)** | **Arizona (1.7%)** | **Arizona (1.7%)** | **Arizona (1.7%)** | **Arizona (1.7%)** |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 667 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;Arizona IDA Charter School Aid Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;Arizona IDA Charter School Aid Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;Arizona Lottery Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Arizona Transportation Board Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;Arizona Transportation Board Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;Arizona Water Infrastructure Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Mesa AZ Utility System Multiple Utility Revenue | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;Phoenix AZ GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;Phoenix AZ GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;Phoenix AZ GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 552 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 763 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 749 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Scottsdale Municipal Property Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  |  |  |  |  | &nbsp;&nbsp; **17177** |
| **California (15.4%)** | **California (15.4%)** | **California (15.4%)** | **California (15.4%)** | **California (15.4%)** | **California (15.4%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 54 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 676 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 40 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Antelope Valley Community College District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue PUT | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1004 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 513 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2052 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1033 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1028 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1312 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 782 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1023 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1217 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 349 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 599 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 726 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 576 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 923 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 767 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 326 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1249 |
| &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp; 2151 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1661 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1921 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1523 |
| &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2771 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2185 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1120 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;California GO | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 120 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 707 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 591 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1165 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1115 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 446 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1142 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;California GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;California GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1067 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 735 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Recreational Revenue | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 734 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 547 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 513 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 533 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 532 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp; 883 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 325 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue PUT | 0.550% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue PUT | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;Chaffey Community College District GO, Prere. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Chaffey Community College District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 369 |
|  | &nbsp;&nbsp;&nbsp;Chino Basin Regional Financing Authority Lease Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1151 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Coast Community College District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 33 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Coast Community College District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Coast Community College District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp;Coast Community College District GO, Prere. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency Highway Revenue, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency Highway Revenue, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency Highway Revenue, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Glendale CA Community College District GO, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp;&nbsp;Glendale CA Unified School District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp; 1009 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 671 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 43 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1098 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1243 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Facilities Inc. Lease (Abatement) Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1271 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp; 787 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;Los Rios Community College District GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Mount San Antonio Community College District GO | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;Mountain View-Whisman School District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 305 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Oxnard Union High School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Port of Los Angeles Port, Airport & Marina Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 578 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Public Financing Authority Lease (Abatement) Revenue (Capital Facilities Project), Prere. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Public Financing Authority Lease (Abatement) Revenue (Capital Facilities Project), Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Transportation Commission Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 278 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Sacramento City Financing Authority Lease (Abatement) Revenue (Master Lease Program) | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;San Bernardino Community College District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;San Bernardino County CA (Arrowhead Project) COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;San Bernardino County CA (Arrowhead Project) COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;San Diego Association of Governments Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 716 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 216 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 |
|  | &nbsp;&nbsp;&nbsp;San Diego Community College District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;San Diego Community College District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;San Diego Community College District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Sewer Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 38 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA Public Utilities Commission Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA Public Utilities Commission Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA Public Utilities Commission Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Commission-San Francisco International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;San Jose Redevelopment Agency Successor Agency Tax Increment/Allocation Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;San Mateo Foster City Public Financing Authority Lease (Non-Terminable) Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;San Mateo Foster City Public Financing Authority Lease (Non-Terminable) Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Water District (Water Utility System Improvement Projects) COP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Water District Safe Clean Water Revenue COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Silicon Valley Clean Water Sewer Revenue (Wastewater Projects) | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 906 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 373 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 716 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue (Canyon Power Project) PUT | 0.650% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue (Windy Point/Windy Flats Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue (Windy Point/Windy Flats Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Intergovernmental Agreement Revenue (Canyon Power Project) PUT | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 434 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 510 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 746 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 811 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 238 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1096 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 554 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 554 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 576 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1678 |
|  | &nbsp;&nbsp;&nbsp;Ventura County Community College District GO | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;Vernon CA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Vernon CA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 416 |
|  |  |  |  |  | &nbsp;&nbsp; **158769** |
| **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District 28J Aurora GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Adams 12 Five Star Schools GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;Adams 12 Five Star Schools GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Aurora CO Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Aurora CO Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 337 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue (Parkview Medical Center Inc. Project), Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 325 |
|  | &nbsp;&nbsp;&nbsp;Colorado Springs CO Utilities System Multiple Utility Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Colorado Springs CO Utilities System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 383 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 511 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 298 |
|  | &nbsp;&nbsp;&nbsp;Douglas County School District No. Re-1 Douglas & Elbert Counties GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 139 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 174 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 95 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 191 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 93 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 13 |
|  | &nbsp;&nbsp;&nbsp;Larimer County School District No. R-1 Poudre GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  |  |  |  |  | &nbsp;&nbsp; **8493** |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** |
| &nbsp;&nbsp;&nbsp;Connecticut Clean Water Fund - State Revolving Fund Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 934 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp; 2118 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 532 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp; 886 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 547 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1389 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1141 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1291 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 760 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 551 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;New Haven CT GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 77 |
|  |  |  |  |  | &nbsp;&nbsp; **36849** |
| **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;Delaware Transportation Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 203 |
|  |  |  |  |  | &nbsp;&nbsp; **2300** |
| **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;District of Columbia College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2110 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp; 907 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 653 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1103 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 422 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 639 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 362 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 112 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 135 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue, Prere. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 523 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2323 |
|  | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 171 |
|  |  |  |  |  | &nbsp;&nbsp; **19706** |
| **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 366 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 494 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1152 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 173 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 770 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 756 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 322 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 177 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 412 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 284 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 922 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Management Services COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Management Services COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Transportation Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Transportation Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 766 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 516 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Florida Lottery Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Florida Lottery Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Florida Lottery Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1189 |
|  | &nbsp;&nbsp;&nbsp;Florida Lottery Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County School Board (Master Lease Program) COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1001 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 406 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 581 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 369 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;JEA Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp;Lee County FL School Board COP | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1042 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp; 883 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Orange County School Board COP, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Orange County School Board COP, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Electric Power & Light Revenue PUT | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1189 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Tampa Bay Water Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Tampa Bay Water Revenue, ETM | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 238 |
|  |  |  |  |  | &nbsp;&nbsp; **29336** |
| **Georgia (2.0%)** | **Georgia (2.0%)** | **Georgia (2.0%)** | **Georgia (2.0%)** | **Georgia (2.0%)** | **Georgia (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 246 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 549 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 555 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 677 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1766 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;Gwinnett County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp;Gwinnett County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;Sandy Springs Public Facilities Authority Lease (Non-Terminable) Revenue (City Center Project), Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 414 |
|  |  |  |  | &nbsp;&nbsp; **20591** |
| **Hawaii (1.1%)** | **Hawaii (1.1%)** | **Hawaii (1.1%)** | **Hawaii (1.1%)** | **Hawaii (1.1%)** |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 230 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 369 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 381 |
|  |  |  |  |  | &nbsp;&nbsp; **10842** |
| **Idaho (0.4%)** | **Idaho (0.4%)** | **Idaho (0.4%)** | **Idaho (0.4%)** | **Idaho (0.4%)** | **Idaho (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Appropriations Revenue RAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 61 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 730 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 532 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Lease (Appropriation) Revenue (St. Office Campus Project), Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  |  |  |  |  | &nbsp;&nbsp; **4166** |
| **Illinois (5.8%)** | **Illinois (5.8%)** | **Illinois (5.8%)** | **Illinois (5.8%)** | **Illinois (5.8%)** | **Illinois (5.8%)** |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 650 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Chicago IL GO, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 193 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Chicago IL Waterworks Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 582 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Chicago Midway International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 624 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1007 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Chicago Transit Authority Capital Grant Receipts Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1094 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Illinois (Rebuild Illinois Program) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 924 |
|  | &nbsp;&nbsp;&nbsp;Illinois (Rebuild Illinois Program) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 639 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1390 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1204 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1199 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1024 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 955 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2590 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1204 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 548 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 373 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 421 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 717 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp; 1027 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 262 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1132 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;Illinois Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;Illinois Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 995 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 781 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 545 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 705 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 439 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 321 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 237 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp; 865 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1123 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;New Lenox IL GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Ogle Lee & DeKalb Counties Township High School District No. 212 Rochelle GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Regional Transportation Authority Sales Tax Revenue | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1342 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 795 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 610 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;St Clair County Community Unit School District No. 187 Cahokia GO, ETM | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Will County IL GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  |  |  |  |  | &nbsp;&nbsp; **59215** |
| **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Carmel Clay Industry Public Library GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 434 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 236 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1095 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 138 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Water Revenue (St. Revolving Fund Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 222 |
|  |  |  |  |  | &nbsp;&nbsp; **4178** |
| **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  |  |  |  |  | &nbsp;&nbsp; **521** |
| **Kansas (0.8%)** | **Kansas (0.8%)** | **Kansas (0.8%)** | **Kansas (0.8%)** | **Kansas (0.8%)** | **Kansas (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 698 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1055 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 567 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City GO, Prere. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City GO, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4110 |
|  | &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City GO, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 278 |
|  |  |  |  |  | &nbsp;&nbsp; **8079** |
| **Kentucky (0.7%)** | **Kentucky (0.7%)** | **Kentucky (0.7%)** | **Kentucky (0.7%)** | **Kentucky (0.7%)** | **Kentucky (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 | &nbsp;&nbsp; 3134 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1111 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 458 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 132) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 132) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 132) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Turnpike Authority Lease (Appropriation) Revenue (Revitalization Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 506 |
|  |  |  |  |  | &nbsp;&nbsp; **7376** |
| **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue (Ochsner Clinic Foundation Project), Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;New Orleans LA Water System Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1312 |
|  |  |  |  |  | &nbsp;&nbsp; **2855** |
| **Maryland (3.0%)** | **Maryland (3.0%)** | **Maryland (3.0%)** | **Maryland (3.0%)** | **Maryland (3.0%)** | **Maryland (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 520 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3580 | &nbsp;&nbsp; 3591 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 559 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 950 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 950 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 263 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1285 |
|  | &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Lottery Revenue (Baltimore City Public Schools Construction & Revitalization Program), Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Lottery Revenue (Baltimore City Public Schools Construction & Revitalization Program), Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Lottery Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Maryland State Transportation Authority Highway Revenue (Transportation Facilities Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 649 |
|  | &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 127 |
|  |  |  |  |  | &nbsp;&nbsp; **31177** |
| **Massachusetts (3.4%)** | **Massachusetts (3.4%)** | **Massachusetts (3.4%)** | **Massachusetts (3.4%)** | **Massachusetts (3.4%)** | **Massachusetts (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4015 | &nbsp;&nbsp; 4035 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 236 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 552 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1233 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1490 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 562 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Special Obligation Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 297 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Special Obligation Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Assessment Indirect Ad Valorem Property Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 275 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Department of Transportation Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 115 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Department of Transportation Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/32 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 751 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 696 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 375 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 415 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;University of Massachusetts Building Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 479 |
|  |  |  |  |  | &nbsp;&nbsp; **34799** |
| **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** | **Michigan (1.2%)** |
| <sup>1,8</sup> | &nbsp;&nbsp;&nbsp;Detroit City School District GO | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 262 |
| <sup>1,8</sup> | &nbsp;&nbsp;&nbsp;Detroit City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 391 |
| <sup>1,8</sup> | &nbsp;&nbsp;&nbsp;Detroit City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp; 930 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 551 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1179 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Michigan Appropriations Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;Michigan Appropriations Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 663 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 613 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 625 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 33 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue (Rebuilding Michigan Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue (Rebuilding Michigan Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
|  |  |  |  |  | &nbsp;&nbsp; **12535** |
| **Minnesota (1.2%)** | **Minnesota (1.2%)** | **Minnesota (1.2%)** | **Minnesota (1.2%)** | **Minnesota (1.2%)** | **Minnesota (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 829 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1291 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 559 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 472 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 507 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 954 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 341 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 375 |
|  |  |  |  |  | &nbsp;&nbsp; **12629** |
| **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Mississippi Development Bank Special Obligation Revenue (Desoto County Mississippi Highway Refunding Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Development Bank Special Obligation Revenue (Desoto County Mississippi Highway Refunding Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 428 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 971 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 670 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 362 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;West Rankin Utility Authority Sewer Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  |  |  |  |  | &nbsp;&nbsp; **3353** |
| **Missouri (0.4%)** | **Missouri (0.4%)** | **Missouri (0.4%)** | **Missouri (0.4%)** | **Missouri (0.4%)** | **Missouri (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Metropolitan St. Louis Sewer District Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Appropriations Revenue (State Appropriations Mega Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Missouri State Board of Public Buildings Appropriations Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Springfield MO Public Utility Multiple Utility Revenue | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Springfield MO Public Utility Multiple Utility Revenue | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Springfield MO Public Utility Multiple Utility Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 255 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;St. Louis MO Airport Port, Airport & Marina Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;University of Missouri of Curators College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1719 |
|  |  |  |  |  | &nbsp;&nbsp; **3844** |
| **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Douglas County NE College & University Revenue (Creighton University Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Public Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 750 |
|  | &nbsp;&nbsp;&nbsp;Omaha Public Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Omaha Public Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 609 |
|  |  |  |  |  | &nbsp;&nbsp; **1786** |
| **Nevada (0.8%)** | **Nevada (0.8%)** | **Nevada (0.8%)** | **Nevada (0.8%)** | **Nevada (0.8%)** | **Nevada (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 498 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1367 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 135 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV Passenger Facility Charge Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 525 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Valley Water District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Nevada GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp; 905 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 150 |
|  |  |  |  |  | &nbsp;&nbsp; **8531** |
| **New Jersey (7.0%)** | **New Jersey (7.0%)** | **New Jersey (7.0%)** | **New Jersey (7.0%)** | **New Jersey (7.0%)** | **New Jersey (7.0%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Bayonne NJ GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Garden State Preservation Trust Appropriations Revenue | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 304 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Garden State Preservation Trust Recreational Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 138 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 751 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 283 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1396 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1176 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1041 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1274 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1122 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1167 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 645 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4545 | &nbsp;&nbsp; 4740 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1467 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1226 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1310 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3415 | &nbsp;&nbsp; 3485 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp; 943 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1586 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 689 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp; 2303 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2272 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 899 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1010 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1873 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 539 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1111 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 588 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 219 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp; 856 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp; 2167 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp; 2443 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 573 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 468 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp; 847 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 719 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 840 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program), Prere. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 880 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Miscellaneous Revenue | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 673 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 722 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 351 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 853 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 116 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 357 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 725 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 216 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 736 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1087 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1166 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2909 |
|  |  |  |  |  | &nbsp;&nbsp; **72463** |
| **New Mexico (0.7%)** | **New Mexico (0.7%)** | **New Mexico (0.7%)** | **New Mexico (0.7%)** | **New Mexico (0.7%)** | **New Mexico (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 523 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 583 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 501 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 479 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 43 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 464 |
|  |  |  |  |  | &nbsp;&nbsp; **7321** |
| **New York (16.4%)** | **New York (16.4%)** | **New York (16.4%)** | **New York (16.4%)** | **New York (16.4%)** | **New York (16.4%)** |
|  | &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1425 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 151 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 0.850% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 992 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Miscellaneous Taxes Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Miscellaneous Taxes Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 458 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2015 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 415 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 551 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 248 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 574 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 699 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 697 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 658 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1365 |
|  | &nbsp;&nbsp;&nbsp;Nassau County Interim Finance Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;Nassau County Interim Finance Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Nassau County NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 525 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 602 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 583 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 496 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1566 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 969 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 | &nbsp;&nbsp; 5500 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 659 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 562 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 243 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2181 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2620 | &nbsp;&nbsp; 2685 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1340 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1508 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 881 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 733 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 137 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York Power Authority Electric Power & Light Revenue (Green Transmission Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York Power Authority Electric Power & Light Revenue (Green Transmission Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 37 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 347 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 613 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 342 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 481 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1327 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 723 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 502 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 171 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 267 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1025 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 846 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 415 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 144 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 320 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 199 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 286 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 182 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (Unrefunded School Districts Finance Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 570 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 349 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 127 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 64 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 383 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1118 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 960 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 125 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp. Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp. Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 700 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 632 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1540 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 295 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 575 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 720 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 817 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 152 |
|  |  |  |  |  | &nbsp;&nbsp; **168866** |
| **North Carolina (1.4%)** | **North Carolina (1.4%)** | **North Carolina (1.4%)** | **North Carolina (1.4%)** | **North Carolina (1.4%)** | **North Carolina (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 906 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 411 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 804 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1153 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1523 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 599 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 544 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 458 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2125 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;North Carolina State University at Raleigh College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 262 |
|  |  |  |  |  | &nbsp;&nbsp; **14703** |
| **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Cass County Joint Water Resource District Intergovernmental Agreement Revenue | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1178 |
| **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 288 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Cincinnati City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 241 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Cincinnati City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1129 |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 266 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Columbus OH GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Columbus OH Sewerage Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp; 854 |
|  | &nbsp;&nbsp;&nbsp;Columbus OH Sewerage Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Greater Cleveland Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Greater Cleveland Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hamilton County OH Sales Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp;Hamilton County OH Sales Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 478 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 908 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 462 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 686 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 962 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 643 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1788 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1528 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Rickenbacker Port Authority Miscellaneous Revenue | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Upper Arlington City School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Willoughby-Eastlake City School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  |  |  |  |  | &nbsp;&nbsp; **21459** |
| **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority Lease (Appropriation) Revenue (Mustang Public School Project) | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority Lease (Appropriation) Revenue (Moore Public Schools Project) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Oklahoma City & County Independent School District No. 89 GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 12 Edmond GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1300 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp;Tulsa Public Facilities Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 620 |
|  |  |  |  | &nbsp;&nbsp; **6672** |
| **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** |
| &nbsp;&nbsp;&nbsp;Metro OR GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;Oregon Health & Science University Health, Hospital, Nursing Home Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Oregon Tri-County Metropolitan Transportation District Miscellaneous Taxes Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;Oregon Tri-County Metropolitan Transportation Miscellaneous Taxes Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Washington County OR GO, Prere. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  |  |  |  | &nbsp;&nbsp; **3403** |
| **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** | **Pennsylvania (4.1%)** |
| &nbsp;&nbsp;&nbsp;Allegheny County PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;Allegheny County PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp; 2550 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 680 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 357 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 491 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1026 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1081 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 666 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 677 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 758 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 758 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 567 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Delaware River Port Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 233 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Lease Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 | &nbsp;&nbsp; 2654 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 520 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1867 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2090 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Philadelphia PA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 733 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 723 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 265 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 302 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority Water Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 224 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority Water Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 56 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Appropriation) Revenue (Philadelphia School District Project) | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 219 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Non-Terminable) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Non-Terminable) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 405 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Non-Terminable) Revenue (School District Philadelphia Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1198 |
|  | &nbsp;&nbsp;&nbsp;University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 932 |
|  |  |  |  |  | &nbsp;&nbsp; **42340** |
| **Rhode Island (0.3%)** | **Rhode Island (0.3%)** | **Rhode Island (0.3%)** | **Rhode Island (0.3%)** | **Rhode Island (0.3%)** | **Rhode Island (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 455 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 754 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 447 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Health & Educational Building Corp. College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
|  |  |  |  |  | &nbsp;&nbsp; **2706** |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **South Carolina (0.5%)** | **South Carolina (0.5%)** | **South Carolina (0.5%)** | **South Carolina (0.5%)** | **South Carolina (0.5%)** | **South Carolina (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Charleston Educational Excellence Finance Corp. Intergovernmental Agreement Revenue (Charleston County School District, South Carolina Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Charleston Educational Excellence Finance Corp. Intergovernmental Agreement Revenue (Charleston County School District, South Carolina Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1618 |
|  | &nbsp;&nbsp;&nbsp;Columbia SC Waterworks & Sewer System Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Greenville County School District Lease (Appropriation) Revenue (SC Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 747 |
|  | &nbsp;&nbsp;&nbsp;Greenville County School District Lease (Appropriation) Revenue (SC Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Greenville County School District Lease (Appropriation) Revenue (SC Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;Horry County SC School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 172 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Piedmont Municipal Power Agency Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 12 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 663 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 66 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 167 |
|  |  |  |  |  | &nbsp;&nbsp; **5004** |
| **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Brandon South Dakota Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| **Tennessee (0.5%)** | **Tennessee (0.5%)** | **Tennessee (0.5%)** | **Tennessee (0.5%)** | **Tennessee (0.5%)** | **Tennessee (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Memphis TN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 1002 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 523 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Tennessee State School Bond Authority College & University Revenue (Higher Educational Facilities 2nd Program), Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Tennessee State School Bond Authority College & University Revenue (Higher Educational Facilities 2nd Program), Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 605 |
|  |  |  |  |  | &nbsp;&nbsp; **5233** |
| **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** | **Texas (7.5%)** |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 3095 |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 412 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Allen Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Austin Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;Austin TX GO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Austin TX Water & Wastewater System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Bexar County TX GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2335 | &nbsp;&nbsp; 2385 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 117 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 618 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1446 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 802 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System Highway Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 142 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Conroe Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 193 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 305 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 279 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 708 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 642 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp; 856 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 384 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 144 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;Dallas County Utility & Reclamation District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 685 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 586 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 889 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 298 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 200 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 320 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 85 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 86 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 588 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX Waterworks & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX Waterworks & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Denton Independent School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Denton Independent School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 176 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 502 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO PUT | 0.720% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 356 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp; 781 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO PUT | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 868 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Garland Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp. Highway Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 232 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Harris County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Toll Road Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Toll Road Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Toll Road Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 1024 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 544 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 281 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 725 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp; 1036 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1075 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 142 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1238 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 142 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 368 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Hotel Occupancy Tax & Special Hotel Occupancy Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Hutto Independent School District GO PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Lewisville Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Lewisville Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 381 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lewisville Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1222 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Little Elm Independent School District GO PUT | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 260 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Midland Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 127 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;North East TX Independent School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 187 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;North East TX Independent School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 647 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 132 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 459 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 279 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 604 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp; 675 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 0.700% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 242 |
| <sup>6,9</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1053 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 308 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 477 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp; 596 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 152 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 369 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Round Rock Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 274 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Round Rock Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp; 848 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 485 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Spring Branch Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Tarrant Regional Water District Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp; 796 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 467 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 699 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/31/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1121 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 861 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Trinity River Authority Central Regional Wastewater System Sewer Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;Trinity River Authority Central Regional Wastewater System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Williamson County TX GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Williamson County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Williamson County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 197 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ysleta Independent School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 487 |
|  |  |  |  |  | &nbsp;&nbsp; **76916** |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Utah (0.9%)** | **Utah (0.9%)** | **Utah (0.9%)** | **Utah (0.9%)** | **Utah (0.9%)** |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Government Securities & Interest Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  |  |  |  | &nbsp;&nbsp; **8967** |
| **Virginia (2.0%)** | **Virginia (2.0%)** | **Virginia (2.0%)** | **Virginia (2.0%)** | **Virginia (2.0%)** |
| &nbsp;&nbsp;&nbsp;Fairfax County VA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;Fairfax County VA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission Appropriations Revenue BAN, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission Sales Tax Revenue, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;Leesburg VA GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Richmond VA Public Utility Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;Richmond VA Public Utility Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;Richmond VA Public Utility Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority College & University Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Intergovernmental Agreement Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Intergovernmental Agreement Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Lease (Appropriation) Revenue (21st Century College & Equipment Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Virginia College Building Authority Lease (Appropriation) Revenue (21st Century College & Equipment Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 703 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 406 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Virginia Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Virginia Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Virginia Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp; 2747 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public School Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public School Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public School Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public School Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  |  |  |  |  | &nbsp;&nbsp; **20954** |
| **Washington (4.7%)** | **Washington (4.7%)** | **Washington (4.7%)** | **Washington (4.7%)** | **Washington (4.7%)** | **Washington (4.7%)** |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 579 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4630 | &nbsp;&nbsp; 4649 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp; 832 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 186 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Chelan County Public Utility District No. 1 Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Electric Power & Light Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 616 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1038 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1386 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1 Electric Revenue), ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 951 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1), ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp; 1726 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue), ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3), ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;Franklin County School District No. 1 Pasco GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;King & Snohomish Counties School District No. 417 Northshore GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;King County School District No. 411 Issaquah GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;King County WA Sewer Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;King County WA Sewer Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Pierce County School District No. 10 Tacoma GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Port of Seattle WA Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;University of Washington College & University Revenue PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp; 2404 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 722 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 434 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
|  |  |  |  | &nbsp;&nbsp; **48091** |
| **Wisconsin (1.2%)** | **Wisconsin (1.2%)** | **Wisconsin (1.2%)** | **Wisconsin (1.2%)** | **Wisconsin (1.2%)** |
| &nbsp;&nbsp;&nbsp;Dane County WI GO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 833 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 280 |
|  |  |  |  | &nbsp;&nbsp; **11843** |
| **Total Tax-Exempt Municipal Bonds (Cost $1,026,605)** | **Total Tax-Exempt Municipal Bonds (Cost $1,026,605)** | **Total Tax-Exempt Municipal Bonds (Cost $1,026,605)** | **Total Tax-Exempt Municipal Bonds (Cost $1,026,605)** | **1027180** |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** |
| **Investment Company (2.0%)** | **Investment Company (2.0%)** | **Investment Company (2.0%)** | **Investment Company (2.0%)** | **Investment Company (2.0%)** |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Vanguard Municipal Low Duration Fund **(Cost $20,827)** | 2.351% | &nbsp;&nbsp;&nbsp;&nbsp;208270438 | &nbsp;&nbsp; **20827** |
| **Total Investments (101.8%) (Cost $1,047,432)** | **Total Investments (101.8%) (Cost $1,047,432)** | **Total Investments (101.8%) (Cost $1,047,432)** | **Total Investments (101.8%) (Cost $1,047,432)** | **1048007** |
| **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(18512)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **1029495** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| 2 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 3 | Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co. |
| 4 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 5 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp. |
| 6 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2025. |
| 7 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 8 | Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund. |
| 9 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |
| 10 | Affiliated short-term municipal bond fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | BAN—Bond Anticipation Note. |
|  | COP—Certificate of Participation. |
|  | ETM—Escrowed to Maturity. |
|  | GAN—Grant Anticipation Note. |
|  | GO—General Obligation Bond. |
|  | IDA—Industrial Development Authority Bond. |
|  | PILOT—Payments in Lieu of Taxes. |
|  | Prere.—Prerefunded. |
|  | PUT—Put Option Obligation. |
|  | RAN—Revenue Anticipation Note. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Tax-Exempt Bond ETF

Statement of Assets and Liabilities

As of May 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $1,026,605) | 1027180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $20,827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20827 |
| Total Investments in Securities | 1048007 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13349 |
| **Total Assets** | **1061427** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31906 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31932** |
| **Net Assets** | **1029495** |
| **At May 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1026599 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 |
| **Net Assets** | **1029495** |
| **Net Assets** |  |
| **Applicable to 10,250,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1029495** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;**$100.44** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Tax-Exempt Bond ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> May 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | 11247 |
| Total Income | 11247 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| **Net Investment Income** | **11014** |
| **Realized Net Gain (Loss) on Investment Securities Sold<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(88)** |
| **Change in Unrealized Appreciation (Depreciation) of Investment Securities<sup>1</sup>** | **(2758)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;**8168** |

---

---

| | |
|:---|:---|
| 1 | Interest income and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $$158, and ($1) respectively. There was no realized net gain (loss) during the period. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Tax-Exempt Bond ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11014 | &nbsp;&nbsp;&nbsp;&nbsp;13725 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8168 | &nbsp;&nbsp;&nbsp;&nbsp;15258 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9933) | &nbsp;&nbsp;&nbsp;&nbsp;(13276) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;470677 | &nbsp;&nbsp;&nbsp;228896 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(60834) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;470677 | &nbsp;&nbsp;&nbsp;168062 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;468912 | &nbsp;&nbsp;&nbsp;170044 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**560583** | &nbsp;&nbsp;&nbsp;**390539** |
| **End of Period** | **1029495** | &nbsp;&nbsp;&nbsp;**560583** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Tax-Exempt Bond ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> May 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30, 2024 | &nbsp;&nbsp;&nbsp;March 7,<br> 2023<sup>1</sup>to<br> November 30, 2023 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$101.01** | &nbsp;&nbsp;&nbsp;**$100.78** | &nbsp;&nbsp;&nbsp;**$100.00** |
| **Investment Operations** |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.098 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.252 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350 |
| **Distributions** |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.570) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.570) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$100.44** | &nbsp;&nbsp;&nbsp;**$101.01** | &nbsp;&nbsp;&nbsp;**$100.78** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**0.85%** | &nbsp;&nbsp;&nbsp;**3.26%** | &nbsp;&nbsp;&nbsp;**2.38%** |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1029 | &nbsp;&nbsp;&nbsp;$561 | &nbsp;&nbsp;&nbsp;$391 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.07%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.07%<sup>4</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;2.85%<sup>4</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;12%<sup>5</sup> | &nbsp;&nbsp;&nbsp;21%<sup>5</sup> | &nbsp;&nbsp;&nbsp;9%<sup>5</sup> |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
| 4 | Annualized. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Tax-Exempt Bond ETF

Notes to Financial Statements

Vanguard Short-Term Tax-Exempt Bond ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Municipal Low Duration Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended May 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

5. Other: Interest income includes income distributions received from Vanguard Municipal Low Duration Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2025, the fund had contributed to Vanguard capital in the amount of $26,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value
securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

Short-Term Tax-Exempt Bond ETF

The following table summarizes the market value of the fund's investments as of May 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Tax-Exempt Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1027180 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1027180 |
| Temporary Cash Investments | 20827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20827 |
| Total | 20827 | &nbsp;&nbsp;&nbsp;1027180 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1048007 |

---

**D.** As of May 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1047472 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2076) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2024, the fund had available capital losses totaling $24,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended May 31, 2025, the fund purchased $504,460,000 of investment securities and sold $89,276,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $23,701,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

**F.** Capital shares issued and redeemed were:

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> May 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> November 30,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 4700 | &nbsp;&nbsp;&nbsp;2275 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(600) |
| Net Increase (Decrease) in Shares Outstanding | 4700 | &nbsp;&nbsp;&nbsp;1675 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

At May 31, 2025, one shareholder was the record or beneficial owner of 41% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its

------

Short-Term Tax-Exempt Bond ETF

prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no other events or transactions occurred through the date the financial statements were available to be issued, that would require recognition or disclosure in these financial
statements.

QV0142 072025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Wellington Fund (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker<br> Non-Votes |
| Tara Bunch | 82355612544 | 2221600497 | N/A | N/A |
| Mark Loughridge | 82396733360 | 2180479681 | N/A | N/A |
| Scott C. Malpass | 82234535164 | 2342677877 | N/A | N/A |
| John Murphy | 82513107417 | 2064105624 | N/A | N/A |
| Lubos Pastor | 82362727783 | 2214485258 | N/A | N/A |
| Rebecca Patterson | 82594969851 | 1982243190 | N/A | N/A |
| André F. Perold | 82261395803 | 2315817238 | N/A | N/A |
| Salim Ramji | 82317905004 | 2259308036 | N/A | N/A |
| Sarah Bloom Raskin | 82307553453 | 2269659588 | N/A | N/A |
| Grant Reid | 82466859044 | 2110353997 | N/A | N/A |
| David Thomas | 82221445341 | 2355767700 | N/A | N/A |
| Barbara Venneman | 82550613363 | 2026599678 | N/A | N/A |
| Peter F. Volanakis | 82338364962 | 2238848079 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangements – Vanguard U.S. Factor ETFs**

The board of trustees of Vanguard U.S. Minimum Volatility ETF, Vanguard U.S. Momentum Factor ETF, Vanguard U.S. Multifactor ETF, Vanguard U.S. Quality Factor ETF, and Vanguard U.S. Value Factor ETF has renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that continuing each fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about each fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the funds since their inception in 2018, and also took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The board considered the short-term and since-inception performance of each fund, along with that of a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The board concluded that each fund's expense ratio was below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that each fund's arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangement – Vanguard U.S. Multifactor Fund**

The board of trustees of Vanguard U.S. Multifactor Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2018; it also took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2018, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement – Vanguard Short-Term Tax-Exempt Bond ETF**

The board of trustees of Vanguard Short-Term Tax-Exempt Bond ETF has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the fund's investment management services provided to the fund since its inception in 2023; it also took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2023, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

(a)(1) Not applicable.

[(a)(2)](tm2517409d8_ex99-cert.htm) [Certifications filed herewith.](tm2517409d8_ex99-cert.htm)

[(a)(2)](tm2517409d8_ex99-906cert.htm) [Certifications filed herewith.](tm2517409d8_ex99-906cert.htm)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD WELLINGTON FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: July 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD WELLINGTON FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: July 22, 2025

---

| | |
|:---|:---|
|  | VANGUARD WELLINGTON FUND |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: July 22, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Wellington Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 22, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Wellington Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 22, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Wellington Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: July 22, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Wellington Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: July 22, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---