# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001816
**Filing Date:** 2026-1
**Character Count:** 1253635
**Document Hash:** 8043afb125223d89b93f6c6e949b64cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001816.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 26571337

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### JPMorgan Ultra-Short Municipal Income ETF (Series ID: S000063269)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000205216 | JPMorgan Ultra-Short Municipal Income ETF | JMST            |

## Nport-Ex

**JPMorgan Ultra-Short Municipal Income ETF**

**Schedule of Portfolio Investments as of November 30, 2025**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS" <br> LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES <br> ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS <br> ADVERTISING OR SALES LITERATURE WITH THE GENERAL <br> PUBLIC. The list is submitted for the general information of the <br> shareholders of the Fund. It is not authorized for distribution to <br> prospective investors in the Fund unless preceded or accompanied by a <br> prospectus. The list has been created from the books and records of <br> the Fund. Holdings are available 60 days after the fund's fiscal quarter, <br> using a trade date accounting convention, by contacting the appropriate <br> service center. The list is subject to change without notice. The list is <br> for informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2025. |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 92.4% (a)** | **Municipal Bonds — 92.4% (a)** | **Municipal Bonds — 92.4% (a)** |
| **Alabama — 1.1%** | **Alabama — 1.1%** | **Alabama — 1.1%** |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3315000 | &nbsp;&nbsp;&nbsp;&nbsp; 3373626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 193360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457765 |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Capital improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45150 |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20269 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., VRDO, 4.00%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series 2025E, Rev., 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240376 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Supply Series 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 4.09%, <br> 12/5/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25575000 | &nbsp;&nbsp;&nbsp;&nbsp; 25724742 |
| &nbsp;&nbsp;&nbsp; City of Homewood GO, 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096431 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund Series 2024, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037213 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa City Board of Education Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 614303 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 62373716 |
| **Alaska — 0.7%** | **Alaska — 0.7%** | **Alaska — 0.7%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Home Mortgage Series 2007A, Rev., VRDO, LIQ : FHLB, 2.74%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28400000 | &nbsp;&nbsp;&nbsp;&nbsp; 28400000 |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., State Capital Project Series II 2021A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 955823 |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56220 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Alaska School General Obligation Series 2025B, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405506 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3428788 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79537 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, General Purpose Series 2021C, GO, 4.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120912 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 38415087 |
| **Arizona — 1.1%** | **Arizona — 1.1%** | **Arizona — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, Banner Health Series 2015B, Rev., (SIFMA Municipal Swap Index Yield + 0.25%), <br> 3.04%, 12/11/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7553916 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3995990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2225542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project Series 2022, Rev., 5.00%, <br> 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30407 |
| &nbsp;&nbsp;&nbsp; Arizona Water Infrastructure Finance Authority Series 2024, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5763844 |
| &nbsp;&nbsp;&nbsp; City of Chandler Series 2016, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2076557 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System Series 2017, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532405 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Series 2016, GO, 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 277370 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4055278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2464146 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., NATL - RE, 5.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25420 |
| &nbsp;&nbsp;&nbsp; City of Yuma Municipal Property Corp., Senior Lien Series 2015, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018298 |
| &nbsp;&nbsp;&nbsp; County of Pima Sewer System, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152017 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 5/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6080000 | &nbsp;&nbsp;&nbsp;&nbsp; 6126376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., 5.00%, 5/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 392095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A3, Rev., 5.00%, 11/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp; 3462396 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 210-Phoenix, Project of 2023 Series 2025B, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2467415 |
| &nbsp;&nbsp;&nbsp; Pima County Regional Transportation Authority Excise Tax Series 2017, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Municipal Products, Inc. Trust, Floater Certificates Series E-147, Rev., VRDO, LOC : Royal Bank of Canada, 2.82%, <br> 12/10/2025 (c) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp; State of Arizona Series 2019A, COP, 5.00%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 499924 |
| &nbsp;&nbsp;&nbsp; State of Arizona Lottery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 197623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 216330 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 59176016 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Fee Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76407 |
| **California — 1.2%** | **California — 1.2%** | **California — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community College Financing Authority, West Valley Mission Community College District Series 2016C, Rev., <br> 5.00%, 6/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. Series 2020A, Rev., 5.00%, <br> 6/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Colburn School (The), Rev., (SIFMA Municipal Swap Index <br> Yield + 0.90%), 3.69%, 12/11/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28500000 | &nbsp;&nbsp;&nbsp;&nbsp; 28486149 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., AMT, VRDO, 3.80%, 3/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AMT, 3.45%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499875 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., AMT, 3.45%, 1/15/2026 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.80%, 2/17/2026 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6496680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Adventist Health System/West Obligated Group Series <br> 2007A, Rev., 5.00%, 3/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 785853 |
| &nbsp;&nbsp;&nbsp; City of San Jose, Multi-Family Housing Parkmoor Series 2023F2, Rev., 5.00%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121164 |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System Series 2021A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25157 |
| &nbsp;&nbsp;&nbsp; Colton Joint Unified School District, Election of 2008 Series 2010B, GO, A.G., 5.80%, 8/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66607 |
| &nbsp;&nbsp;&nbsp; Desert Community College District Series 2016, GO, 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50215 |
| &nbsp;&nbsp;&nbsp; El Dorado Irrigation District Series 2016C, Rev., 5.00%, 3/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40266 |
| &nbsp;&nbsp;&nbsp; Glendale Community College District, Election of 2016 Series 2016A, GO, 5.25%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds Series 2017A-1, Rev., 5.00%, <br> 6/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26009 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 811777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 819560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 685364 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, COP, 5.00%, 10/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, COP, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10736 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks Series 2024B-2, Rev., 5.00%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1432555 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Senior Private Activity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1737267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3378934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2403554 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2415020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp. Series 2021A, <br> Class 1, Rev., 5.00%, 6/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 432514 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 66199414 |
| **Colorado — 2.8%** | **Colorado — 2.8%** | **Colorado — 2.8%** |
| &nbsp;&nbsp;&nbsp; Adams and Arapahoe Counties Joint School District 28J Aurora, GO, 5.50%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4119744 |
| &nbsp;&nbsp;&nbsp; City and County of Denver |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 970947 |
| &nbsp;&nbsp;&nbsp; City and County of Denver Pledged Excise Tax Series 2016A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 345246 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4792850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080678 |
| &nbsp;&nbsp;&nbsp; City of Aurora |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 294556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62840 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A-1, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468067 |
| &nbsp;&nbsp;&nbsp; City of Commerce City Sales and Use Tax, Rev., A.G., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030753 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75947 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventhealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 11/19/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 11/19/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1658654 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 11/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp;&nbsp; 3541026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1698680 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Colorado Project Series C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85869 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 344217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2195000 | &nbsp;&nbsp;&nbsp;&nbsp; 2201793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5155387 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Obligated Group Series 2022A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 737240 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., VRDO, 2.80%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28100000 | &nbsp;&nbsp;&nbsp;&nbsp; 28100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., VRDO, LIQ : TD Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 8/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 8/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5286689 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, NCMC, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-XM1212, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 136415 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical center, Inc. Project, Rev., 4.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 469622 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Sanford Health Series 2019A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 204003 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36161 |
| &nbsp;&nbsp;&nbsp; Colorado Springs School District No. 11 Facilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 398885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 378632 |
| &nbsp;&nbsp;&nbsp; County of Adams, COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp; Denver City and County School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.50%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3610864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 12/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4089772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 12/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5084341 |
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Series 2020A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76280 |
| &nbsp;&nbsp;&nbsp; Garfield Pitkin and Eagle Counties School District No. Re-1 Roaring Fork |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25022 |
| &nbsp;&nbsp;&nbsp; Platte River Power Authority Series JJ, Rev., 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65480 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, COP, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193737 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners Series 2020A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 959532 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 164031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018L, COP, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 149339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 81497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3015000 | &nbsp;&nbsp;&nbsp;&nbsp; 3164542 |
| &nbsp;&nbsp;&nbsp; State of Colorado, Building Excellent Schools Today Series 2025T, COP, 5.00%, 3/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2264115 |
| &nbsp;&nbsp;&nbsp; University of Colorado Series 2007A, Rev., NATL - RE, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111342 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B-1, Rev., 4.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 292117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C-3B, Rev., 2.00%, 10/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6170306 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58335 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Hospital Authority Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 155073237 |
| **Connecticut — 3.2%** | **Connecticut — 3.2%** | **Connecticut — 3.2%** |
| &nbsp;&nbsp;&nbsp; City of Bristol, GO, BAN, 4.00%, 11/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37600000 | &nbsp;&nbsp;&nbsp;&nbsp; 38118275 |
| &nbsp;&nbsp;&nbsp; City of Milford, GO, BAN, 4.00%, 10/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11160000 | &nbsp;&nbsp;&nbsp;&nbsp; 11316975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, University System Issue Series L, Rev., 3.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120003 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C-1, Rev., VRDO, 2.70%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-1, Rev., 5.00%, 2/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62970 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 A, GO, 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 D, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14825000 | &nbsp;&nbsp;&nbsp;&nbsp; 15079093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14625000 | &nbsp;&nbsp;&nbsp;&nbsp; 14981359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 D, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20828906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6815941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 539689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 C, GO, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8890000 | &nbsp;&nbsp;&nbsp;&nbsp; 9860023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 D, GO, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3327342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E, GO, 5.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, GO, 5.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 277761 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 605998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 48788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101691 |
| &nbsp;&nbsp;&nbsp; Town of Groton, GO, BAN, 4.25%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6933237 |
| &nbsp;&nbsp;&nbsp; University of Connecticut Series 2015A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25044 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 175789704 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| &nbsp;&nbsp;&nbsp; Delaware Transportation Authority Series 2016, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024656 |
| &nbsp;&nbsp;&nbsp; State of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126302 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Delaware — continued** | **Delaware — continued** | **Delaware — continued** |
| &nbsp;&nbsp;&nbsp; University of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6185000 | &nbsp;&nbsp;&nbsp;&nbsp; 6610369 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 10986592 |
| **District of Columbia — 0.9%** | **District of Columbia — 0.9%** | **District of Columbia — 0.9%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5105000 | &nbsp;&nbsp;&nbsp;&nbsp; 5346916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project Series 2023, Rev., <br> FHA, 5.00%, 6/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6275000 | &nbsp;&nbsp;&nbsp;&nbsp; 6280389 |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20615 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water and Sewer Authority, Subordinate Lien Series 2025B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381663 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Children's Hospital Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 230524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100243 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Federal Highway Series 2020, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 48004 |
| &nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, Inc., Issue Series 2016, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25186 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C-2, Rev., VRDO, LOC : TD Bank NA, 2.79%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20100000 | &nbsp;&nbsp;&nbsp;&nbsp; 20100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5270917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3818264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road, Second Line Series 2009C, Rev., A.G., 6.50%, <br> 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221959 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 283851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25900 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 88395 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 48335612 |
| **Florida — 3.8%** | **Florida — 3.8%** | **Florida — 3.8%** |
| &nbsp;&nbsp;&nbsp; Alachua County School Board Series 2020, COP, A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20700 |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 1880391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 440472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 541519 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 311118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 81022 |
| &nbsp;&nbsp;&nbsp; City of Gainesville, Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50069 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165293 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville, Health Care Facilities, Baptist Health Series 2019C, Rev., VRDO, 2.85%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17400000 | &nbsp;&nbsp;&nbsp;&nbsp; 17400000 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 312235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A, Rev., A.G., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group, Rev., 5.00%, <br> 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46653 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee, Energy System Series 2020, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 88707 |
| &nbsp;&nbsp;&nbsp; Collier County Water-Sewer District Series 2016, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202690 |
| &nbsp;&nbsp;&nbsp; County of Broward, Airport System Series 2013C, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100190 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2103504 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 282183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20151 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 10/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12233783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 10/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8341465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 10/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10310000 | &nbsp;&nbsp;&nbsp;&nbsp; 10970090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 10/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6512944 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 696159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 167872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20353 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91136 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp; 2665499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46938 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 35750000 | &nbsp;&nbsp;&nbsp;&nbsp; 35750000 |
| &nbsp;&nbsp;&nbsp; Duval County Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 420680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43212 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 391440 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Housing System Series 2016A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082918 |
| &nbsp;&nbsp;&nbsp; Florida Department of Environmental Protection |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 344775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 197738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 729952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 206488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26473 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 428872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 54588 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Waste Management, Inc. Project Series 2025A, Rev., AMT, 3.40%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5027543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Housing Project Series 2008A, Rev., VRDO, LOC : TD Bank NA, 2.81%, <br> 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp;&nbsp; 8800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority, Rollins College Project Series 2012B, Rev., 3.13%, <br> 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., VRDO, 3.08%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4715000 | &nbsp;&nbsp;&nbsp;&nbsp; 4715000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Fleet Landing at Nocatee Project Series 2025B-3, Rev., 4.20%, <br> 11/15/2030 (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 6335008 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 691633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 172958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 233911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2280236 |
| &nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority Series 2022A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 181800 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority Series 2017A, Rev., AMT, 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412811 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, Tampa International Airport Series 2022A, Rev., AMT, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3109051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp; Hillsborough County School Board, Master Lease Program, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3282418 |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7283495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 154147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77922 |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System Series 2008A-1, Rev., VRDO, LIQ : US Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, COP, 5.00%, 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 218307 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Toll System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 375571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 262768 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25257 |
| &nbsp;&nbsp;&nbsp; Okaloosa County School Board Series 2022A, COP, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67609 |
| &nbsp;&nbsp;&nbsp; Orange County Convention Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 157859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37279 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 59551 |
| &nbsp;&nbsp;&nbsp; Orange County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, COP, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 446534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120135 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52180 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 121988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 106050 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board Series 2022A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93524 |
| &nbsp;&nbsp;&nbsp; Sarasota County School Board, Florida Certificates of Participation Master Lease Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 258446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21585 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096372 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The), Florida Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2408881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190640 |
| &nbsp;&nbsp;&nbsp; School District of Broward County, Florida Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 379504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 354132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80623 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, Memorial Healthcare System, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 216042 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 268245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50702 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Education Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67114 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27624 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 2.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 3239678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 6.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22344 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation, Indirect Garvees Series 2019A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 172961 |
| &nbsp;&nbsp;&nbsp; State of Florida Lottery Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47686 |
| &nbsp;&nbsp;&nbsp; State of Florida, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016E, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 318858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43364 |
| &nbsp;&nbsp;&nbsp; State of Florida, Right of Way Acquisition and Bridge Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40562 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Utility System Series 2001A, Rev., NATL - RE, 6.00%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5440000 | &nbsp;&nbsp;&nbsp;&nbsp; 6033990 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 212801055 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products Series 1999, Rev., 5.20%, <br> 5/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26198 |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 700477 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 146461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, Rev., A.G., 5.75%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1432458 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 195364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019A, Rev., 5.00%, <br> 7/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 951718 |
| &nbsp;&nbsp;&nbsp; County of Carroll Series 2021, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 545963 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1994, Rev., 3.80%, 5/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-2, Rev., 3.30%, 8/21/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3255048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Gergia Power Co. Plant Vogtle Project Series 1994, Rev., 3.80%, <br> 5/21/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 577079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2006-2, Rev., 3.88%, <br> 3/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350785 |
| &nbsp;&nbsp;&nbsp; Dougherty County School District, Sales Tax, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 |
| &nbsp;&nbsp;&nbsp; Floyd County Hospital Authority, Floyd Medical Center Project, Rev., GTD, 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20240 |
| &nbsp;&nbsp;&nbsp; Georgia State Road and Tollway Authority Series 2020, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60753 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp; Henry County School District Series 2016, GO, 4.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75686 |
| &nbsp;&nbsp;&nbsp; Henry County Water Authority Series 2021, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70273 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2017D, Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1302565 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia Project Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265532 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp; 3582178 |
| &nbsp;&nbsp;&nbsp; Private Colleges and Universities Authority, Emory University Series 2019A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25452 |
| &nbsp;&nbsp;&nbsp; State of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016E, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25098 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 15585702 |
| **Guam — 0.0% ^** | **Guam — 0.0% ^** | **Guam — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Territory of Guam (Guam) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 895957 |
| &nbsp;&nbsp;&nbsp; Total Guam |  | &nbsp;&nbsp;&nbsp;&nbsp; 1414370 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series A, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20370 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu, Rail Transit Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352176 |
| &nbsp;&nbsp;&nbsp; County of Hawaii Series C, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20118 |
| &nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019FW, GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FH, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 137770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ET, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016FB, GO, 4.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EO, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40032 |
| &nbsp;&nbsp;&nbsp; State of Hawaii State Highway Fund Series B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35455 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp; 831602 |
| **Idaho — 0.0% ^** | **Idaho — 0.0% ^** | **Idaho — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Series 2015ID, Rev., 5.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95510 |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Federal Highway Trust Series 2015A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70975 |
| &nbsp;&nbsp;&nbsp; Idaho State Building Authority, Sales Tax Series 2024A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 247976 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp; 414461 |
| **Illinois — 1.9%** | **Illinois — 1.9%** | **Illinois — 1.9%** |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 886495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61464 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.25%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180291 |
| &nbsp;&nbsp;&nbsp; City of Chicago Series 1999, GO, NATL - RE, Zero Coupon, 1/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3772201 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Capital Appreciation City College Series 1999, GO, NATL - RE, Zero Coupon, 1/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10925000 | &nbsp;&nbsp;&nbsp;&nbsp; 10251781 |
| &nbsp;&nbsp;&nbsp; City of Decatur |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 340994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook Kane Lake and McHenry Counties Community College District No. 512, William Rainey Harper College Series <br> 2017B, GO, 5.00%, 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 391650 |
| &nbsp;&nbsp;&nbsp; County of Cook |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 4.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 117109 |
| &nbsp;&nbsp;&nbsp; Du Page Cook and Will Counties Community College District No. 502 Series 2023, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 601868 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 4.00%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086915 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37485 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Edward Elmhurst Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 1/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001534 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2017A, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20888 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern University Series 2015, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield <br> + 0.70%), 3.49%, 12/11/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5790000 | &nbsp;&nbsp;&nbsp;&nbsp; 5768648 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 4.00%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4990402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 532846 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 415780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 207819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 174376 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 386717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.25%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080578 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 217387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 359520 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084340 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Unitypoint Health Series 2016D, Rev., 4.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5495000 | &nbsp;&nbsp;&nbsp;&nbsp; 5511750 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Series 2020A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25208 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 188697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 660438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 76523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier and Exposition Authority, Dedicated state Tax Mccormick Place Expansion Series 2025A, Rev., NATL - <br> RE, Zero Coupon, 12/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13484646 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1338501 |
| &nbsp;&nbsp;&nbsp; Railsplitter Tobacco Settlement Authority Series 2017, Rev., 5.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2477655 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority Series 2017A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 2813267 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 590912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 789166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19825000 | &nbsp;&nbsp;&nbsp;&nbsp; 20193226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 843950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 184692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3010000 | &nbsp;&nbsp;&nbsp;&nbsp; 3122519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 288224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3936171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 69992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766737 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57048 |
| &nbsp;&nbsp;&nbsp; Williamson Jackson Etc Counties Community College Dist No. 530 John A Logan Clg, GO, A.G., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 672527 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 107081089 |
| **Indiana — 1.4%** | **Indiana — 1.4%** | **Indiana — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Gas Utility, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35563 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 114276 |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Water System Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25475 |
| &nbsp;&nbsp;&nbsp; GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45110 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51771 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., 5.00%, 11/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., 5.00%, 11/15/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5385000 | &nbsp;&nbsp;&nbsp;&nbsp; 5837119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group Series 2016, Rev., 5.00%, <br> 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 238774 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project Series 2021-2, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20865 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project, First Lien Series 2022A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26082 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Deaconess Health System Series 2016A, Rev., 4.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2588588 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2017B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102058 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3695000 | &nbsp;&nbsp;&nbsp;&nbsp; 3876685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D-1, Rev., 5.00%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2670495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., 5.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4433781 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 319445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 173066 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 291174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1419809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57865 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., VRDO, LOC : Truist Bank, 2.90%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 248112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 986851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80907 |
| &nbsp;&nbsp;&nbsp; Indiana University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20224 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series 2018B, Rev., 5.00%, 1/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26804 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4362838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp;&nbsp; 3434682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2563811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095180 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3141503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perry Township Multi School Building Corp., 1996 Unlimited AD Valorem Property Tax First Mortgage, Rev., 5.00%, <br> 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 2765461 |
| &nbsp;&nbsp;&nbsp; Pike Township Multi-School Building Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4430000 | &nbsp;&nbsp;&nbsp;&nbsp; 4490831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4625000 | &nbsp;&nbsp;&nbsp;&nbsp; 4739840 |
| &nbsp;&nbsp;&nbsp; Purdue University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016CC, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60843 |
| &nbsp;&nbsp;&nbsp; South Bend Community School Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 4.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 664941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 4.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1465893 |
| &nbsp;&nbsp;&nbsp; Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40050 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 75203264 |
| **Iowa — 0.8%** | **Iowa — 0.8%** | **Iowa — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Shenandoah, Iowa Sewer Capital Loan Project, Rev., 4.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17100000 | &nbsp;&nbsp;&nbsp;&nbsp; 17202935 |
| &nbsp;&nbsp;&nbsp; County of Polk Series 2024A, GO, AMT, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project, Rev., VRDO, 2.80%, <br> 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21600000 | &nbsp;&nbsp;&nbsp;&nbsp; 21600000 |
| &nbsp;&nbsp;&nbsp; State of Iowa, Ijobs Program Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 3649786 |
| &nbsp;&nbsp;&nbsp; Xenia Rural Water District, Capital Loan Notes, Rev., 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 189467 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 44983096 |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| &nbsp;&nbsp;&nbsp; Butler County Unified School District No. 385 Andover Series 2017, GO, 4.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046142 |
| &nbsp;&nbsp;&nbsp; City of Derby Series 2024-1, GO, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4180000 | &nbsp;&nbsp;&nbsp;&nbsp; 4183580 |
| &nbsp;&nbsp;&nbsp; City of Olathe Series 2025A, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7740000 | &nbsp;&nbsp;&nbsp;&nbsp; 7872669 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Series 2020B, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37010 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9220000 | &nbsp;&nbsp;&nbsp;&nbsp; 9740795 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, State of Kansas Project Series 2019F, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30650 |
| &nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104126 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 264719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2470357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4375000 | &nbsp;&nbsp;&nbsp;&nbsp; 4662173 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 31539974 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| &nbsp;&nbsp;&nbsp; County of Trimble Series 2023A, Rev., AMT, 4.70%, 6/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Norton Healthcare, Inc. Series 2000B, Rev., NATL - RE, Zero <br> Coupon, 10/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 218835 |
| &nbsp;&nbsp;&nbsp; Kentucky Housing Corp., Multi Family Housing Beecher Terrace Phase IV Project, Rev., 5.00%, 9/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Series 2016A, Rev., <br> 5.00%, 2/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75301 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2020A, Rev., 4.00%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 711566 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 108 Series B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45711 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 633494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 908266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 684339 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 113 Series 2024B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045422 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 115, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1458751 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 122 Series A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045422 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 130 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 188146 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1930368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704085 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2459109 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3124410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6500996 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1222669 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority, Revitalization Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 209089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 658113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31060 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, Rev., 5.00%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4160958 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 36581597 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |
| &nbsp;&nbsp;&nbsp; City of New Orleans Water System, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 |
| &nbsp;&nbsp;&nbsp; City of New Orleans, Water System Series 2015, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority Series 2017, Rev., <br> 5.00%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203689 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2002B, Rev., 5.50%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25324 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University of Louisiana Project Series 2016A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71576 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Willis Knighton Medical Center Project Series 1997, Rev., 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3436159 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017C, Rev., 3.30%, 7/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002150 |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2556546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088538 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., VRDO, LOC : TD Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33900000 | &nbsp;&nbsp;&nbsp;&nbsp; 33900000 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 50263982 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35431 |
| &nbsp;&nbsp;&nbsp; Maine School Administrative District No. 51 Series 2025A, GO, BAN, 4.50%, 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp;&nbsp; 9613125 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1776947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1437064 |
| &nbsp;&nbsp;&nbsp; State of Maine Series 2017B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25307 |
| &nbsp;&nbsp;&nbsp; University of Maine System Series 2022, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40223 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 12928097 |
| **Maryland — 1.5%** | **Maryland — 1.5%** | **Maryland — 1.5%** |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel, GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031879 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2017B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Medstar Health, Inc. Series 2015, Rev., 5.00%, <br> 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System Series 2024A, Rev., <br> VRDO, LOC : TD Bank NA, 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C-1, Rev., VRDO, LOC : Truist Bank, 2.88%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45000000 | &nbsp;&nbsp;&nbsp;&nbsp; 45000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C-2, Rev., VRDO, LOC : PNC Bank NA, 2.78%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19550000 | &nbsp;&nbsp;&nbsp;&nbsp; 19550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Rev., 5.00%, <br> 5/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141398 |
| &nbsp;&nbsp;&nbsp; State of Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36435 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2019, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25513 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2021 Series 2022D, GO, 4.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 63080 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2022 Series 2022C, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40245 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 86085205 |
| **Massachusetts — 3.1%** | **Massachusetts — 3.1%** | **Massachusetts — 3.1%** |
| &nbsp;&nbsp;&nbsp; City of Brockton, GO, BAN, 5.00%, 10/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5096929 |
| &nbsp;&nbsp;&nbsp; City of Pittsfield, GO, BAN, 4.50%, 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4714249 | &nbsp;&nbsp;&nbsp;&nbsp; 4731589 |
| &nbsp;&nbsp;&nbsp; City of Somerville Series 2025B, GO, BAN, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18500000 | &nbsp;&nbsp;&nbsp;&nbsp; 18757091 |
| &nbsp;&nbsp;&nbsp; City of Springfield, GO, BAN, 4.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9435208 | &nbsp;&nbsp;&nbsp;&nbsp; 9491736 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 263742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3271909 |
| &nbsp;&nbsp;&nbsp; Cotuit Fire District, GO, BAN, 4.00%, 12/4/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9100000 | &nbsp;&nbsp;&nbsp;&nbsp; 9227638 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment Series 2006A, Rev., 5.25%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 150976 |
| &nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust (The) Series 23B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50210 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024U-2, Rev., VRDO, <br> LOC : TD Bank NA, 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019T-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 3.39%, 12/11/2025 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016Q, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016Q, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 309104 |
| &nbsp;&nbsp;&nbsp; Merrimack Valley Regional Transit Authority, Rev., RAN, 4.25%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7451684 |
| &nbsp;&nbsp;&nbsp; North Middlesex Regional School District, GO, BAN, 4.00%, 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11400257 | &nbsp;&nbsp;&nbsp;&nbsp; 11549702 |
| &nbsp;&nbsp;&nbsp; Town of Abington, GO, BAN, 4.50%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2484995 | &nbsp;&nbsp;&nbsp;&nbsp; 2497944 |
| &nbsp;&nbsp;&nbsp; Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8699000 | &nbsp;&nbsp;&nbsp;&nbsp; 8751066 |
| &nbsp;&nbsp;&nbsp; Town of Hatfield, GO, BAN, 4.00%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8907094 | &nbsp;&nbsp;&nbsp;&nbsp; 8986639 |
| &nbsp;&nbsp;&nbsp; Town of Nahant, GO, BAN, 4.25%, 7/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3628700 | &nbsp;&nbsp;&nbsp;&nbsp; 3661053 |
| &nbsp;&nbsp;&nbsp; Town of Oxford, GO, BAN, 4.00%, 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4012606 |
| &nbsp;&nbsp;&nbsp; Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5495000 | &nbsp;&nbsp;&nbsp;&nbsp; 5527896 |
| &nbsp;&nbsp;&nbsp; Town of Westford, GO, BAN, 4.25%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17720270 | &nbsp;&nbsp;&nbsp;&nbsp; 17834688 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority Series 2015-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005628 |
| &nbsp;&nbsp;&nbsp; Worcester Regional Transit Authority, Rev., RAN, 4.25%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8055874 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 173943589 |
| **Michigan — 2.1%** | **Michigan — 2.1%** | **Michigan — 2.1%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2023A, GO, 5.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007900 |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids Sanitary Sewer System Series 2010, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20038 |
| &nbsp;&nbsp;&nbsp; Grand Valley State University Series 2016A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1637441 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System, Senior Lien Series 2024A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152062 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50664 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Water Supply System, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126718 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum Series 2022A, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51491 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 585345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20414 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Hospital Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 712676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145064 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013MI-1, Rev., VRDO, 2.90%, 3/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 201718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019MI-1, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45319 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020I, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47545 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016I, Rev., 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408383 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I, Rev., VRDO, 2.89%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 II, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25535 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Multi Modal Program Series III, Rev., VRDO, 2.89%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8635000 | &nbsp;&nbsp;&nbsp;&nbsp; 8635000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Senior Credit Group Series 2010F-7, Rev., 5.00%, <br> 11/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3625055 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Rental Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.63%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11250000 | &nbsp;&nbsp;&nbsp;&nbsp; 11224938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.70%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13009734 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1696012 |
| &nbsp;&nbsp;&nbsp; RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 2.88%, 12/1/2025 (c) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp; State of Michigan Series 2016, Rev., GAN, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55361 |
| &nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program Series 2015A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority Series C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 214742 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 116937588 |
| **Minnesota — 1.8%** | **Minnesota — 1.8%** | **Minnesota — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis and The Housing and Redevelopment Authority of City of St. Paul, Allina Health System Series <br> 2017A, Rev., 5.00%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35981 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Allina Health System Series 2023A, Rev., 5.00%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57976 |
| &nbsp;&nbsp;&nbsp; City of St. Cloud, Centracare Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 282403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55484 |
| &nbsp;&nbsp;&nbsp; County of Hennepin Series 2018A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 |
| &nbsp;&nbsp;&nbsp; County of Hennepin Sales Tax Series 2017A, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55049 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1194071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, COP, 4.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, COP, 4.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2755069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 412535 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series 2022B, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.00%), 3.69%, <br> 12/5/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15028114 |
| &nbsp;&nbsp;&nbsp; Minnesota Public Facilities Authority State Revolving Fund Series 2023A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40238 |
| &nbsp;&nbsp;&nbsp; North St Paul-Maplewood-Oakdale Independent School District No. 622 Series 2021A, GO, 4.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 264299 |
| &nbsp;&nbsp;&nbsp; State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14890000 | &nbsp;&nbsp;&nbsp;&nbsp; 15503066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 245039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 272265 |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10411730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 48305000 | &nbsp;&nbsp;&nbsp;&nbsp; 50293862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006358 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| &nbsp;&nbsp;&nbsp; University of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80146 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 100879296 |
| **Mississippi — 0.5%** | **Mississippi — 0.5%** | **Mississippi — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series <br> 2007B, Rev., VRDO, 2.90%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Waste Management, Inc., Project, Rev., 0.70%, 9/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Corrections East Correctional Facility Refunding Bonds Project Series C, <br> Rev., 5.00%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project <br> Series A, Rev., 5.00%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35509 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Mississippi Highway Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142011 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Harrison County Series 2013A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2194228 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 11/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26172 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 27858038 |
| **Missouri — 1.4%** | **Missouri — 1.4%** | **Missouri — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Mass Sales Tax Series 2019, <br> Rev., 5.00%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142627 |
| &nbsp;&nbsp;&nbsp; City of Kansas City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52541 |
| &nbsp;&nbsp;&nbsp; City of Kansas City Sanitary Sewer System Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30054 |
| &nbsp;&nbsp;&nbsp; City of Kansas City, Missouri Special Obligation Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450762 |
| &nbsp;&nbsp;&nbsp; City of Springfield Public Utility, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp;&nbsp; 3139390 |
| &nbsp;&nbsp;&nbsp; City of St. Louis Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78253 |
| &nbsp;&nbsp;&nbsp; County of Dunklin, Rev., 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400269 |
| &nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4185594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603598 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18210000 | &nbsp;&nbsp;&nbsp;&nbsp; 19119467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series 2021B, Rev., 4.00%, <br> 5/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7610000 | &nbsp;&nbsp;&nbsp;&nbsp; 7647684 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Coxhealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1588698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034159 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 216867 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 889301 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 222054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc., Rev., 5.00%, <br> 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 398682 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Co. Project Series 1999, Rev., 5.20%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1235669 |
| &nbsp;&nbsp;&nbsp; Missouri Highway and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Highway and Transportation Commission, State Appropriations Mega Projects State Road Series 2025A, Rev., <br> 5.00%, 5/1/2028 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20900000 | &nbsp;&nbsp;&nbsp;&nbsp; 22082683 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Iatan Project 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213515 |
| &nbsp;&nbsp;&nbsp; Missouri Public Utilities Commission, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9750000 | &nbsp;&nbsp;&nbsp;&nbsp; 9758405 |
| &nbsp;&nbsp;&nbsp; Missouri State Board of Public Buildings Series 2020B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40761 |
| &nbsp;&nbsp;&nbsp; St. Louis County Library District, COP, 4.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010972 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 78968094 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 119707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25704 |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 392954 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4505000 | &nbsp;&nbsp;&nbsp;&nbsp; 4729420 |
| &nbsp;&nbsp;&nbsp; Omaha School District Series 2016, GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2761496 |
| &nbsp;&nbsp;&nbsp; Scotts Bluff County School District No. 32 Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 8668685 |
| **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 335300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30500000 | &nbsp;&nbsp;&nbsp;&nbsp; 31569598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, A.G., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25903 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016F, GO, 3.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100009 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — continued** | **Nevada — continued** | **Nevada — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1449096 |
| &nbsp;&nbsp;&nbsp; County of Clark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561945 |
| &nbsp;&nbsp;&nbsp; County of Clark Passenger Facility Charge Series 2022B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport <br> Series 2019A, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70951 |
| &nbsp;&nbsp;&nbsp; County of Clark, Indexed Fuel and Subordinate Motor Vehicle Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2535489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25355 |
| &nbsp;&nbsp;&nbsp; County of Clark, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 605585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3061185 |
| &nbsp;&nbsp;&nbsp; County of Clark, Motor Vehicle Fuel Tax Series 2020C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, <br> Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 207784 |
| &nbsp;&nbsp;&nbsp; County of Clark, Stadium Improvement, Limited Tax Series 2018A, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 142917 |
| &nbsp;&nbsp;&nbsp; County of Clark, Transportation Improvement, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 230058 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 364402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20225 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Limited Tax Series B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 |
| &nbsp;&nbsp;&nbsp; State of Nevada Series 2025A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2963400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Republic Services, Inc. Project Series 2001, Rev., AMT, 3.95%, <br> 6/1/2026 (c) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1799966 |
| &nbsp;&nbsp;&nbsp; State of Nevada Highway Improvement, Motor Vehicle Fuel Tax, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Capital Improvement and Cultural Affairs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 483937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51709 |
| &nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037487 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 52788764 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 3.30%, 8/3/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 3.30%, 8/3/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002991 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 4057050 |
| **New Jersey — 13.9%** | **New Jersey — 13.9%** | **New Jersey — 13.9%** |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GTD, 4.00%, 5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23147221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 10/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17202609 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; Borough of Avalon, GO, BAN, 4.50%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13988000 | &nbsp;&nbsp;&nbsp;&nbsp; 14028621 |
| &nbsp;&nbsp;&nbsp; Borough of Bloomingdale, GO, BAN, 4.50%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3638000 | &nbsp;&nbsp;&nbsp;&nbsp; 3648965 |
| &nbsp;&nbsp;&nbsp; Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10064929 |
| &nbsp;&nbsp;&nbsp; Borough of Demarest, GO, BAN, 4.50%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8080000 | &nbsp;&nbsp;&nbsp;&nbsp; 8115247 |
| &nbsp;&nbsp;&nbsp; Borough of East Rutherford, GO, BAN, 4.00%, 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14130000 | &nbsp;&nbsp;&nbsp;&nbsp; 14189179 |
| &nbsp;&nbsp;&nbsp; Borough of Fanwood Series 2025A, GO, BAN, 4.00%, 2/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5907690 | &nbsp;&nbsp;&nbsp;&nbsp; 5923888 |
| &nbsp;&nbsp;&nbsp; Borough of Flemington Series 2025A, GO, BAN, 4.50%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7079000 | &nbsp;&nbsp;&nbsp;&nbsp; 7096574 |
| &nbsp;&nbsp;&nbsp; Borough of Palisades Park, Swimming Pool Utility, GO, BAN, 4.25%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6631872 | &nbsp;&nbsp;&nbsp;&nbsp; 6650665 |
| &nbsp;&nbsp;&nbsp; Borough of Point Pleasant Beach, GO, BAN, 4.00%, 11/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7530000 | &nbsp;&nbsp;&nbsp;&nbsp; 7623671 |
| &nbsp;&nbsp;&nbsp; Borough of Ramsey, GO, BAN, 4.00%, 2/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7721363 |
| &nbsp;&nbsp;&nbsp; Borough of South River, Water Utility Series 2025A, GO, BAN, 4.00%, 12/8/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9081000 | &nbsp;&nbsp;&nbsp;&nbsp; 9197268 |
| &nbsp;&nbsp;&nbsp; Brick Township Municipal Utilities Authority (The) Series 2016B, Rev., GTD, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Government Leasing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., RAN, 4.25%, 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5701983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., 4.00%, 12/9/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 22800000 | &nbsp;&nbsp;&nbsp;&nbsp; 23109875 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), City Hall Project, Rev., GTD, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; City of East Orange, GO, BAN, 4.00%, 10/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16840900 | &nbsp;&nbsp;&nbsp;&nbsp; 17047440 |
| &nbsp;&nbsp;&nbsp; City of Jersey City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, BAN, 4.00%, 7/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp;&nbsp; 10789028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, BAN, 4.00%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26600000 | &nbsp;&nbsp;&nbsp;&nbsp; 26932856 |
| &nbsp;&nbsp;&nbsp; City of Sea Isle City, GO, BAN, 4.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24660000 | &nbsp;&nbsp;&nbsp;&nbsp; 24982738 |
| &nbsp;&nbsp;&nbsp; City of Wildwood Series 2025A, GO, BAN, 4.00%, 10/2/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11200000 | &nbsp;&nbsp;&nbsp;&nbsp; 11322242 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Courthouse Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 198691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31270 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Local Unit Loan Program Series B-1, Rev., GTD, 4.00%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15112620 |
| &nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority, Water Project Series 2025A, Rev., GTD, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13125724 |
| &nbsp;&nbsp;&nbsp; Jersey City Redevelopment Agency, Bayfront Redevelopment Project Series 2025A, Rev., GTD, 5.00%, 12/9/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13263065 |
| &nbsp;&nbsp;&nbsp; Monmouth County Improvement Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., GTD, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24545000 | &nbsp;&nbsp;&nbsp;&nbsp; 24638990 |
| &nbsp;&nbsp;&nbsp; New Jersey Building Authority Series 2016A, Rev., 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40518 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority Series A, Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25657 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RWJ Barnabas Health Series 1997A, Rev., NATL - RE, Zero Coupon, <br> 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2290149 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023RRR, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 2764400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3567875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 12/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.38%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1657682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023RRR, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, Rev., 5.25%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group Series 2019B-3, Rev., 5.00%, <br> 7/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013262 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141860 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50653 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 191327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery Series 2025-2, <br> Rev., AMT, 5.00%, 6/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16123701 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority Series 2019BB, Rev., 5.00%, 12/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 166261 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 365026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A-1, Rev., 5.00%, <br> 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65628 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006C, Rev., NATL - RE, Zero Coupon, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6003185 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-2, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12445000 | &nbsp;&nbsp;&nbsp;&nbsp; 12472114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-3, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 826380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2440464 |
| &nbsp;&nbsp;&nbsp; State of New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20709 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 386456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 54081 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 489868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 742541 |
| &nbsp;&nbsp;&nbsp; Town of Dover, General Improvement Water Utility, GO, BAN, 4.50%, 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17039000 | &nbsp;&nbsp;&nbsp;&nbsp; 17080108 |
| &nbsp;&nbsp;&nbsp; Town of Morristown, GO, BAN, 4.25%, 6/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6360110 | &nbsp;&nbsp;&nbsp;&nbsp; 6406560 |
| &nbsp;&nbsp;&nbsp; Township of Boonton, GO, BAN, 4.00%, 8/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8066000 | &nbsp;&nbsp;&nbsp;&nbsp; 8131017 |
| &nbsp;&nbsp;&nbsp; Township of Cherry Hill, GO, BAN, 4.00%, 11/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29863179 | &nbsp;&nbsp;&nbsp;&nbsp; 30306958 |
| &nbsp;&nbsp;&nbsp; Township of Edison, GO, BAN, 4.00%, 11/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25870000 | &nbsp;&nbsp;&nbsp;&nbsp; 26219369 |
| &nbsp;&nbsp;&nbsp; Township of Hamilton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.25%, 6/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8150000 | &nbsp;&nbsp;&nbsp;&nbsp; 8208928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.00%, 10/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37000000 | &nbsp;&nbsp;&nbsp;&nbsp; 37449310 |
| &nbsp;&nbsp;&nbsp; Township of Howell, GO, TAN, 4.25%, 2/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3507990 |
| &nbsp;&nbsp;&nbsp; Township of Little Egg Harbor Series 2025A, GO, BAN, 4.25%, 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3508000 | &nbsp;&nbsp;&nbsp;&nbsp; 3513846 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; Township of Livingston, GO, BAN, 4.00%, 12/3/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 35635000 | &nbsp;&nbsp;&nbsp;&nbsp; 36175583 |
| &nbsp;&nbsp;&nbsp; Township of Logan, GO, BAN, 4.00%, 10/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15289000 | &nbsp;&nbsp;&nbsp;&nbsp; 15463779 |
| &nbsp;&nbsp;&nbsp; Township of Lopatcong, GO, BAN, 4.25%, 3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4959127 | &nbsp;&nbsp;&nbsp;&nbsp; 4975867 |
| &nbsp;&nbsp;&nbsp; Township of Manchester Series 2025A, GO, BAN, 4.50%, 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17123054 | &nbsp;&nbsp;&nbsp;&nbsp; 17237393 |
| &nbsp;&nbsp;&nbsp; Township of Maple Shade Series 2025A, GO, BAN, 4.00%, 11/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12811000 | &nbsp;&nbsp;&nbsp;&nbsp; 12963515 |
| &nbsp;&nbsp;&nbsp; Township of Montville, GO, BAN, 4.00%, 11/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13474000 | &nbsp;&nbsp;&nbsp;&nbsp; 13657283 |
| &nbsp;&nbsp;&nbsp; Township of Nutley, GO, BAN, 4.25%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8031741 |
| &nbsp;&nbsp;&nbsp; Township of Parsippany-Troy Hills, GO, BAN, 4.00%, 10/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36190000 | &nbsp;&nbsp;&nbsp;&nbsp; 36682734 |
| &nbsp;&nbsp;&nbsp; Township of Piscataway, GO, BAN, 4.00%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21721675 | &nbsp;&nbsp;&nbsp;&nbsp; 22021302 |
| &nbsp;&nbsp;&nbsp; Township of Washington, GO, BAN, 4.25%, 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7420189 | &nbsp;&nbsp;&nbsp;&nbsp; 7481485 |
| &nbsp;&nbsp;&nbsp; Township of Wayne, GO, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9280000 | &nbsp;&nbsp;&nbsp;&nbsp; 9406757 |
| &nbsp;&nbsp;&nbsp; Township of West Deptford, GO, 3.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100015 |
| &nbsp;&nbsp;&nbsp; Township of West Windsor, GO, BAN, 4.00%, 10/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25670000 | &nbsp;&nbsp;&nbsp;&nbsp; 26021815 |
| &nbsp;&nbsp;&nbsp; Township of Woodbridge, GO, BAN, 4.00%, 10/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44917000 | &nbsp;&nbsp;&nbsp;&nbsp; 45466218 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 774074146 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority Series 2018, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101379 |
| &nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114449 |
| &nbsp;&nbsp;&nbsp; Albuquerque Municipal School District No. 12, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015168 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 49870 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Subordinate Lien Public Project Series 2025C, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1795003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Multi Family Santee Apartments and Sangre De Cristo Project, Rev., 3.28%, <br> 3/1/2026 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4320000 | &nbsp;&nbsp;&nbsp;&nbsp; 4320016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., VRDO, 3.73%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2025G-2, Class I, Rev., GNMA / FNMA <br> / FHLMC, 3.00%, 12/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8999887 |
| &nbsp;&nbsp;&nbsp; State of New Mexico Series 2023, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 397320 |
| &nbsp;&nbsp;&nbsp; State of New Mexico Severance Tax Permanent Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 998661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27064 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Capital Projects Series A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50294 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 22093403 |
| **New York — 13.7%** | **New York — 13.7%** | **New York — 13.7%** |
| &nbsp;&nbsp;&nbsp; Altmar-Parish-Williamstown Central School District Series 2025B, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17765000 | &nbsp;&nbsp;&nbsp;&nbsp; 17899199 |
| &nbsp;&nbsp;&nbsp; Ausable Valley Central School District, GO, BAN, 4.25%, 7/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038978 |
| &nbsp;&nbsp;&nbsp; Avoca Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8105000 | &nbsp;&nbsp;&nbsp;&nbsp; 8156036 |
| &nbsp;&nbsp;&nbsp; Brasher Falls Central School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6647158 |
| &nbsp;&nbsp;&nbsp; Brocton Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10199710 | &nbsp;&nbsp;&nbsp;&nbsp; 10276760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, <br> 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8040000 | &nbsp;&nbsp;&nbsp;&nbsp; 8379410 |
| &nbsp;&nbsp;&nbsp; Canisteo-Greenwood Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp;&nbsp; 7851191 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; City of Albany, GO, BAN, 4.25%, 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30124614 |
| &nbsp;&nbsp;&nbsp; City of Hudson, GO, BAN, 4.25%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7606093 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2008 Series 2008L-6, GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31545 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series 2014I-1, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5009 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170656 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Subseries A-4, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.90%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Subseries A-1, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Subseries A-1, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131691 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 Series 2018A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25997 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 Series 2020C-1, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31762 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 Subseries A-1, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20797 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2022 Series 2022C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50797 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 Series 2023-1, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 280766 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 Series 2024E, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381945 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32389 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2026 Series 2026B, Subseries B-1, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7147455 |
| &nbsp;&nbsp;&nbsp; City of Troy, GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4402981 | &nbsp;&nbsp;&nbsp;&nbsp; 4414492 |
| &nbsp;&nbsp;&nbsp; City of Utica, GO, BAN, 4.50%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19578012 | &nbsp;&nbsp;&nbsp;&nbsp; 19618646 |
| &nbsp;&nbsp;&nbsp; Clinton Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9790000 | &nbsp;&nbsp;&nbsp;&nbsp; 9863955 |
| &nbsp;&nbsp;&nbsp; County of Nassau Series 2016B, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50899 |
| &nbsp;&nbsp;&nbsp; Croton-Harmon Union Free School District Series 2025A, GO, BAN, 4.00%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21132178 | &nbsp;&nbsp;&nbsp;&nbsp; 21298674 |
| &nbsp;&nbsp;&nbsp; Delaware Academy Central School District at Delhi, GO, BAN, 4.25%, 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10492486 | &nbsp;&nbsp;&nbsp;&nbsp; 10562877 |
| &nbsp;&nbsp;&nbsp; Depew Union Free School District, GO, BAN, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20160000 | &nbsp;&nbsp;&nbsp;&nbsp; 20438966 |
| &nbsp;&nbsp;&nbsp; Elba Central School District, GO, BAN, 4.25%, 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11082910 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105751 |
| &nbsp;&nbsp;&nbsp; Geneseo Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7235000 | &nbsp;&nbsp;&nbsp;&nbsp; 7282210 |
| &nbsp;&nbsp;&nbsp; Gouverneur Central School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20135418 |
| &nbsp;&nbsp;&nbsp; Hornell City School District, GO, BAN, 4.25%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17170000 | &nbsp;&nbsp;&nbsp;&nbsp; 17290176 |
| &nbsp;&nbsp;&nbsp; Hudson Falls Central School District, GO, BAN, 4.25%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9368268 |
| &nbsp;&nbsp;&nbsp; Johnstown City School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7045940 |
| &nbsp;&nbsp;&nbsp; Lansingburgh Central School District at Troy, GO, BAN, 4.25%, 7/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10072658 | &nbsp;&nbsp;&nbsp;&nbsp; 10133938 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2025B, Rev., 3.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981975 |
| &nbsp;&nbsp;&nbsp; Lyons Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8876000 | &nbsp;&nbsp;&nbsp;&nbsp; 8936800 |
| &nbsp;&nbsp;&nbsp; Madrid-Waddington Central School District, GO, BAN, 4.00%, 7/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4457500 | &nbsp;&nbsp;&nbsp;&nbsp; 4483581 |
| &nbsp;&nbsp;&nbsp; Milford Central School District, GO, BAN, 4.25%, 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3501080 |
| &nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp., Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008B, Rev., VRDO, LOC : TD Bank NA, 2.68%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008C, Rev., VRDO, LOC : TD Bank NA, 2.75%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24300000 | &nbsp;&nbsp;&nbsp;&nbsp; 24300000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., A.G., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305472 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Series 2018 EE, Rev., 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 715657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2020 Series 2020CC-1, Rev., 5.00%, <br> 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2022 Series 2022, Subseries BB-2, <br> Rev., 5.00%, 1/2/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 816589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year <br> 2021 Series 2021, Subseries EE2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 2.90%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp; 65000000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 421237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-3A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96352 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-1, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-1, Rev., 5.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1837297 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid, Subordinate Series 2016S-1, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80235 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Subseries F-1, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Subseries D-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Subseries C-1, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3335392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2018 Series 2018C-6, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 2.77%, 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021G-1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2022 Series 2022F, Subseries F-1, Rev., <br> 5.00%, 2/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 276146 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-2, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36208 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Series C, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018 -1, Rev., 5.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 132937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023, Subseries E-1, Rev., <br> 5.00%, 11/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21393 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4966767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5289483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2907449 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2171634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9170000 | &nbsp;&nbsp;&nbsp;&nbsp; 9808670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 2866500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2755000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2893123 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 115556 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Health Facilities Improvement Program Lease Series 2018-1, Rev., 5.00%, <br> 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57501 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40015 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35481 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group Series 2019B-3, Rev., 5.00%, 5/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3129627 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 117102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620461 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2613647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249850 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005B, Rev., AMBAC, 5.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005B, Rev., AMBAC, 5.50%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 114183 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp;&nbsp; 9994037 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30541 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Touro College and University System Group, Rev., 5.00%, 1/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 576607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program Series 2015D, Rev., <br> 5.00%, 9/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 2.97%, 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, State Personal Income Tax Series 2024A-2, Rev., 3.35%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005179 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority Series 2021A-1, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20143 |
| &nbsp;&nbsp;&nbsp; Owego Apalachin Central School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, BAN, 4.25%, 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7019000 | &nbsp;&nbsp;&nbsp;&nbsp; 7071587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, BAN, 4.25%, 7/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7459662 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, Rev., AMT, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11664908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 243, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177TH, Rev., AMT, 4.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500294 |
| &nbsp;&nbsp;&nbsp; Randolph Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12589212 |
| &nbsp;&nbsp;&nbsp; Ridge Road Fire District, GO, BAN, 4.00%, 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4751128 |
| &nbsp;&nbsp;&nbsp; Sidney Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8980000 | &nbsp;&nbsp;&nbsp;&nbsp; 9038935 |
| &nbsp;&nbsp;&nbsp; Town of Amherst, GO, BAN, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12930000 | &nbsp;&nbsp;&nbsp;&nbsp; 13106582 |
| &nbsp;&nbsp;&nbsp; Town of Colonie Series 2025A, GO, BAN, 4.00%, 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168801 |
| &nbsp;&nbsp;&nbsp; Town of Cornwall, GO, BAN, 4.25%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8545000 | &nbsp;&nbsp;&nbsp;&nbsp; 8591510 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Town of Irondequoit Series 2025B, GO, BAN, 4.00%, 12/11/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8747000 | &nbsp;&nbsp;&nbsp;&nbsp; 8855009 |
| &nbsp;&nbsp;&nbsp; Town of Milton, GO, BAN, 4.00%, 7/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7029646 |
| &nbsp;&nbsp;&nbsp; Town of Newburgh, GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3810257 |
| &nbsp;&nbsp;&nbsp; Town of Stillwater, GO, BAN, 4.25%, 5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp;&nbsp; 5054724 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., BAN, 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47320000 | &nbsp;&nbsp;&nbsp;&nbsp; 47844944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., BAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011624 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust for Cultural Resources of The City of New York (The), The Museum of Modern Art Series 2016-1E, Rev., 4.00%, <br> 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95457 |
| &nbsp;&nbsp;&nbsp; United Nations Development Corp. Series 2019A, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146958 |
| &nbsp;&nbsp;&nbsp; Village of Fairport, GO, BAN, 4.25%, 5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5631750 | &nbsp;&nbsp;&nbsp;&nbsp; 5671836 |
| &nbsp;&nbsp;&nbsp; Village of Scotia, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10585000 | &nbsp;&nbsp;&nbsp;&nbsp; 10657506 |
| &nbsp;&nbsp;&nbsp; Webb Union Free School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5950000 | &nbsp;&nbsp;&nbsp;&nbsp; 5982821 |
| &nbsp;&nbsp;&nbsp; West Seneca Central School District, GO, BAN, 4.00%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17230000 | &nbsp;&nbsp;&nbsp;&nbsp; 17356833 |
| &nbsp;&nbsp;&nbsp; Wheatland Chili Central School District Series 2025A, GO, BAN, 4.25%, 7/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3615000 | &nbsp;&nbsp;&nbsp;&nbsp; 3643051 |
| &nbsp;&nbsp;&nbsp; Wilson Central School District, GO, BAN, 4.25%, 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6723684 | &nbsp;&nbsp;&nbsp;&nbsp; 6771905 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 763318767 |
| **North Carolina — 0.7%** | **North Carolina — 0.7%** | **North Carolina — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2021C, Rev., 5.00%, <br> 12/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 3644315 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Series 2021A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101224 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Water and Sewer System Series 2020, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50714 |
| &nbsp;&nbsp;&nbsp; City of Durham, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 117359 |
| &nbsp;&nbsp;&nbsp; City of Raleigh Combined Enterprise System Series 2016A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520004 |
| &nbsp;&nbsp;&nbsp; County of Harnett Series 2020, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 88977 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Obligation, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, New Hanover Regional Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 114754 |
| &nbsp;&nbsp;&nbsp; County of Wake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70576 |
| &nbsp;&nbsp;&nbsp; County of Wake, Hospital System, Rev., NATL - RE, 5.13%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30608 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15500000 | &nbsp;&nbsp;&nbsp;&nbsp; 15500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5515000 | &nbsp;&nbsp;&nbsp;&nbsp; 5512500 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2677585 |
| &nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 956836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 881492 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1, Catawba Electric Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp; 1839102 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., A.G., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., A.G., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511153 |
| &nbsp;&nbsp;&nbsp; State of North Carolina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026A, GO, 5.00%, 6/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1549991 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2013A, Rev., 2.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9968 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 39087553 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2020B, Rev., 1.05%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122817 |
| &nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority Series 2022A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 203793 |
| &nbsp;&nbsp;&nbsp; West Fargo Public School District No. 6 Series 2017, GO, 4.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2429905 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2756515 |
| **Ohio — 6.2%** | **Ohio — 6.2%** | **Ohio — 6.2%** |
| &nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 475027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 490328 |
| &nbsp;&nbsp;&nbsp; Akron City School District, Unlimited Tax, GO, 4.00%, 8/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5395206 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., AMP Fremont Energy Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73466 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Comb Hydroelectric Projects Series 2016A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859092 |
| &nbsp;&nbsp;&nbsp; Central Ohio Solid Waste Authority, GO, BAN, 4.00%, 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7086371 |
| &nbsp;&nbsp;&nbsp; City of Cincinnati Water System Series 2015A, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of Cincinnati, Unlimited Tax Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Cleveland Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp; City of Cleveland, various Purpose, GO, BAN, 4.00%, 12/9/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7045000 | &nbsp;&nbsp;&nbsp;&nbsp; 7144916 |
| &nbsp;&nbsp;&nbsp; City of Columbus Series 2016A, GO, 4.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90088 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Unlimited Tax Series 2024-1, GO, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3788288 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Various Purpose, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp;&nbsp; 3453308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2580000 | &nbsp;&nbsp;&nbsp;&nbsp; 2666034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, GO, 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7010000 | &nbsp;&nbsp;&nbsp;&nbsp; 7301781 |
| &nbsp;&nbsp;&nbsp; City of Hamilton, Limited Tax Various Purpose, GO, BAN, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp;&nbsp; 2521051 |
| &nbsp;&nbsp;&nbsp; City of Huber Heights, Income Tax, Rev., BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5794763 |
| &nbsp;&nbsp;&nbsp; City of Huber Heights, Various Purpose, GO, BAN, 5.00%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10119179 |
| &nbsp;&nbsp;&nbsp; City of Hudson, Limited Tax, GO, BAN, 4.00%, 12/11/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 35300000 | &nbsp;&nbsp;&nbsp;&nbsp; 35823061 |
| &nbsp;&nbsp;&nbsp; City of North Olmsted, Various Purpose, GO, BAN, 4.00%, 6/24/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2891676 |
| &nbsp;&nbsp;&nbsp; City of Strongsville, First Station Construction, GO, 4.00%, 12/9/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3548053 |
| &nbsp;&nbsp;&nbsp; Cleveland Department of Public Utilities Division of Water Series 2020FF, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80160 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, Multi Family Housing Westerville Crossing Apartments Series 2024B, <br> Rev., 5.00%, 12/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1448902 |
| &nbsp;&nbsp;&nbsp; County of Allen Hospital Facilities Series 2017A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 845179 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., VRDO, LOC : PNC Bank NA, 2.78%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17830000 | &nbsp;&nbsp;&nbsp;&nbsp; 17830000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20300 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Convention Hotel Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7490000 | &nbsp;&nbsp;&nbsp;&nbsp; 7490000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5870559 |
| &nbsp;&nbsp;&nbsp; County of Franklin Sales Tax, Various Purpose, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31086 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAN, 5.00%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 41800000 | &nbsp;&nbsp;&nbsp;&nbsp; 42724921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516044 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 686051 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Group Project Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25858 |
| &nbsp;&nbsp;&nbsp; County of Mahoning, Limited Tax Various Tax, GO, 4.00%, 10/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6313667 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital Series 2021, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 309087 |
| &nbsp;&nbsp;&nbsp; County of Muskingum, Limited Tax, GO, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12005844 |
| &nbsp;&nbsp;&nbsp; County of Wayne, Limited Tax, GO, 3.50%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17004384 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority, Wade Park Apartments, Rev., VRDO, FHA, 4.75%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4930000 | &nbsp;&nbsp;&nbsp;&nbsp; 4930000 |
| &nbsp;&nbsp;&nbsp; Kings Local School District, Unlimited Tax, GO, BAN, 5.00%, 7/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4053115 |
| &nbsp;&nbsp;&nbsp; Miami University Series 2017, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25443 |
| &nbsp;&nbsp;&nbsp; Miamisburg City School District Series 2016, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 |
| &nbsp;&nbsp;&nbsp; Monroe Local School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 3.88%, 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.00%, 12/2/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7392029 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014D, Rev., 3.20%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2995678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series 2021B, Rev., (SIFMA <br> Municipal Swap Index Yield + 0.23%), 3.02%, 12/11/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5462116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Series 2008-B4, Rev., VRDO, LIQ : <br> Barclays Bank plc, 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., VRDO, 2.70%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104763 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), General Receipts Series 2021A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998A, Rev., NATL - RE, 5.50%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2840648 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 182168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30725 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55662 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32857 |
| &nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177117 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Series 2017A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 2.90%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Conservation Projects Series 2025A, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3596693 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Full Faith and Credit Highway User Receipt Series V, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101008 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Higher Education Series 2025D, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12085000 | &nbsp;&nbsp;&nbsp;&nbsp; 12647808 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12403088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8261551 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New Infrastructure Project Series 2018-1, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116399 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New State Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1755415 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Mental Health Facilities Improvement Fund Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79409 |
| &nbsp;&nbsp;&nbsp; State of Ohio, New Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20504 |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. Series 2016A, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95262 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 347162603 |
| **Oklahoma — 1.0%** | **Oklahoma — 1.0%** | **Oklahoma — 1.0%** |
| &nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, Mustang Public Schools Project Series 2017, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060569 |
| &nbsp;&nbsp;&nbsp; Canadian County Independent School District No. 69 Mustang |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2579403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3590430 |
| &nbsp;&nbsp;&nbsp; City of Oklahoma City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4070000 | &nbsp;&nbsp;&nbsp;&nbsp; 4188586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2023A, Rev., 5.00%, <br> 6/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786896 |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 171869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148072 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56185 |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Capitol Repair Project Series 2017B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70136 |
| &nbsp;&nbsp;&nbsp; Oklahoma City Water Utilities Trust Series 2016, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, Integris Obligated Group Series 2020C, Rev., VRDO, 3.25%, <br> 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12610000 | &nbsp;&nbsp;&nbsp;&nbsp; 12610000 |
| &nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Power Supply System Series 2021A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20478 |
| &nbsp;&nbsp;&nbsp; Oklahoma State University Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 788482 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Turnpike System, Second Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 135269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73279 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp;&nbsp; 4437469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 3.50%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5334249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp;&nbsp; 5471541 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 4 Bixby, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8560000 | &nbsp;&nbsp;&nbsp;&nbsp; 8837773 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Broken Arrow Public School Project Series 2019A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 176424 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 53098476 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Portland Sewer System Series 2019A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115686 |
| &nbsp;&nbsp;&nbsp; City of Portland Sewer System, Senior Lien Series 2020A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50298 |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 46 Oregon Trail Series 2017, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555863 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Reed College Project Series 2017A, Rev., 4.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127646 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-F Project Series 2025F, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079679 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-G Project Series 2025G, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5315000 | &nbsp;&nbsp;&nbsp;&nbsp; 5526747 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-M, XI-N and XI-P State Grant Program Series 2019D, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50597 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Project Series 2023A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25248 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Interstate 5 Bridge Replacement Project Series 2025E, GO, 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2737126 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax Series 2017A, Rev., 5.00%, <br> 9/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 977338 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 13413395 |
| **Pennsylvania — 5.1%** | **Pennsylvania — 5.1%** | **Pennsylvania — 5.1%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Robert Morris University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4670000 | &nbsp;&nbsp;&nbsp;&nbsp; 4862985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2016, Rev., <br> 5.00%, 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70336 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111444 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer Series 2016, Rev., A.G., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Central Dauphin School District Series 2016, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, Main Line Health System Series 2020A, Rev., 5.00%, <br> 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50803 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86291 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3176258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 157557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 95007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5425000 | &nbsp;&nbsp;&nbsp;&nbsp; 5981895 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp; 2714274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 197961 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority Series 2019B, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160007 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 900415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2795000 | &nbsp;&nbsp;&nbsp;&nbsp; 2940008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5440000 | &nbsp;&nbsp;&nbsp;&nbsp; 5720869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3622605 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, A.G., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 676176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1ST, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1348593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 460148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19137987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6645134 |
| &nbsp;&nbsp;&nbsp; County of Allegheny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-75, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 346975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-75, GO, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5475000 | &nbsp;&nbsp;&nbsp;&nbsp; 5582106 |
| &nbsp;&nbsp;&nbsp; County of Bucks Series 2017, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40492 |
| &nbsp;&nbsp;&nbsp; County of Luzerne |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3036171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2169559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3694706 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Cabrini University Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2891372 |
| &nbsp;&nbsp;&nbsp; Delaware County Industrial Development Authority, United Parcel Service Project, Rev., VRDO, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, Local Government Series 2024B, Rev., VRDO, LOC : TD Bank NA, 2.85%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp; Garnet Valley School District Series 2017, GO, 4.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 135122 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 2/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13940000 | &nbsp;&nbsp;&nbsp;&nbsp; 14144125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2490000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2025A, Rev., 5.00%, <br> 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3646114 |
| &nbsp;&nbsp;&nbsp; Monroeville Finance Authority, University of Pittsburg Medical Center, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160681 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 256534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20312 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A, Rev., AMT, <br> 4.00%, 7/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13012247 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.40%, 2/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6001628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AMT, 3.88%, 8/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5111872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Series 2019, Rev., <br> 5.00%, 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania Health System Series 2016A, Rev., <br> 5.00%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76237 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Infrastructure Investment Authority, FED Clean water Drining Water, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75219 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5110000 | &nbsp;&nbsp;&nbsp;&nbsp; 5110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp;&nbsp; 2765000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2740000 | &nbsp;&nbsp;&nbsp;&nbsp; 2740000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC : TD Bank NA, 2.81%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38000000 | &nbsp;&nbsp;&nbsp;&nbsp; 38000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-3, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 486015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26115 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20454 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Registration Fee Series 2005A, Rev., A.G., 5.25%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017, Rev., 5.00%, <br> 12/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 177695 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series A-2, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | &nbsp;&nbsp;&nbsp;&nbsp; 5591497 |
| &nbsp;&nbsp;&nbsp; Peters Township School District Washington County, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20053 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., VRDO, LOC : TD Bank NA, 2.81%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp;&nbsp; 16600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 208727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 317798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 433340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Culture and Commercial Corridor Program Series 2016A, Rev., <br> 5.00%, 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7465000 | &nbsp;&nbsp;&nbsp;&nbsp; 7465000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, University Square Apartments Projects Based Section 8, Class III, <br> Rev., 5.25%, 12/1/2026 (b) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2759698 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178167 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 193332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122115 |
| &nbsp;&nbsp;&nbsp; Pittsburgh Water and Sewer Authority Series 2017A, Rev., A.G., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525976 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30395 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 242782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31652 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Series 2017, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, The School District of the City of Harrisburg Project Series 2016A, Rev., A.G., <br> 4.00%, 12/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15215 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 283931630 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Commerce Corp., Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 414769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 439904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121470 |
| &nbsp;&nbsp;&nbsp; State of Rhode Island Series 2019E, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20059 |
| &nbsp;&nbsp;&nbsp; Town of South Kingstown Series 2025-1, GO, BAN, 4.00%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25190190 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 27373248 |
| **South Carolina — 1.4%** | **South Carolina — 1.4%** | **South Carolina — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Columbia Waterworks and Sewer System Series 2016B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502015 |
| &nbsp;&nbsp;&nbsp; County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9593561 |
| &nbsp;&nbsp;&nbsp; Fort Mill School District No. 4 Series 2025A, GO, SCSDE, 4.25%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9865000 | &nbsp;&nbsp;&nbsp;&nbsp; 9898823 |
| &nbsp;&nbsp;&nbsp; Greenville County School District Series 2023, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 |
| &nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., Lexmed Obligated Group Series 2017, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25988 |
| &nbsp;&nbsp;&nbsp; Parker Sewer and Fire Subdistrict, South Carolina Sewer System, Rev., 4.00%, 4/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 243953 |
| &nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 936842 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2385000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387385 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Rev., 5.00%, 8/15/2026 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 481722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. Series 2025B-1, Rev., 5.00%, <br> 11/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7648787 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Custodial Receipts CR 086, Rev., 5.00%, 8/15/2026 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2380000 | &nbsp;&nbsp;&nbsp;&nbsp; 2413680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project Series 2024, Rev., AMT, 3.70%, <br> 12/1/2026 (c) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3998394 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 333528 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 475222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., A.G. - CR, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3645559 |
| &nbsp;&nbsp;&nbsp; South Carolina Transportation Infrastructure Bank Series 2021B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26091 |
| &nbsp;&nbsp;&nbsp; Spartanburg County School District No. 7, GO, BAN, SCSDE, 4.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | &nbsp;&nbsp;&nbsp;&nbsp; 31384093 |
| &nbsp;&nbsp;&nbsp; State of South Carolina Series 2017A, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75610 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 78399435 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Sioux Falls School District No. 49-5 Series 2018A, GO, 4.00%, 8/17/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20174 |
| &nbsp;&nbsp;&nbsp; South Dakota Conservancy District Series 2017B, Rev., 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308672 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 1328846 |
| **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7835000 | &nbsp;&nbsp;&nbsp;&nbsp; 8351438 |
| &nbsp;&nbsp;&nbsp; City of Clarksville Series 2016, Rev., 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 230888 |
| &nbsp;&nbsp;&nbsp; City of Memphis Electric System Series 2016, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 2210732 |
| &nbsp;&nbsp;&nbsp; City of Memphis Gas System Series 2016, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2231155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project Series 2012, <br> Rev., 6.25%, 1/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1665698 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Industrial Development Board Series 2017B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project <br> Series 2023B, Rev., 3.60%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517088 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group Series 2025B1, Rev., <br> 5.00%, 11/15/2030 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049539 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series 2015B, Rev., 5.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30051 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 18975220 |
| **Texas — 9.8%** | **Texas — 9.8%** | **Texas — 9.8%** |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Maintenance Tax, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 276345 |
| &nbsp;&nbsp;&nbsp; Alamo Regional Mobility Authority, Junior Lien Vehicle Registration Fee, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249691 |
| &nbsp;&nbsp;&nbsp; Allen Independent School District Series 2025A, GO, PSF-GTD, 5.00%, 2/15/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8227893 |
| &nbsp;&nbsp;&nbsp; Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road Series 2023, Rev., 4.50%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65298 |
| &nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Round Rock Campus Series 2015, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95151 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 69152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 85131 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinate Lien Series 2021C, Rev., BAN, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174541 |
| &nbsp;&nbsp;&nbsp; City of Austin Electric Utility Series 2015A, Rev., 5.00%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225427 |
| &nbsp;&nbsp;&nbsp; City of Austin Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 383390 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 188223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1602580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 272168 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System Series 2017A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 260217 |
| &nbsp;&nbsp;&nbsp; City of Dallas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 366778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21474 |
| &nbsp;&nbsp;&nbsp; City of Dallas Waterworks and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2263824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180290 |
| &nbsp;&nbsp;&nbsp; City of Dallas Waterworks Sewer System Series 2016A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018204 |
| &nbsp;&nbsp;&nbsp; City of Denton, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 117687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71594 |
| &nbsp;&nbsp;&nbsp; City of El Paso Series 2020A, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21614 |
| &nbsp;&nbsp;&nbsp; City of El Paso Water and Sewer Series 2019A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265817 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7845000 | &nbsp;&nbsp;&nbsp;&nbsp; 8398808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27276 |
| &nbsp;&nbsp;&nbsp; City of Frisco Series 2025C, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2680000 | &nbsp;&nbsp;&nbsp;&nbsp; 2758779 |
| &nbsp;&nbsp;&nbsp; City of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., TRAN, 5.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23300000 | &nbsp;&nbsp;&nbsp;&nbsp; 23631666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 598358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2680000 | &nbsp;&nbsp;&nbsp;&nbsp; 2757797 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 227964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25915 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 2682076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2295000 | &nbsp;&nbsp;&nbsp;&nbsp; 2374284 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998A, Rev., A.G., Zero Coupon, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7510000 | &nbsp;&nbsp;&nbsp;&nbsp; 7510000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 141273 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System, First Lien Series 2024A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022756 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37066 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., VRDO, LIQ : Bank of America NA, 2.80%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2856601 |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2021A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 296729 |
| &nbsp;&nbsp;&nbsp; City of Lubbock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502342 |
| &nbsp;&nbsp;&nbsp; City of Lubbock, Electric Light and Power System Series 2021, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36870 |
| &nbsp;&nbsp;&nbsp; City of Rowlett Series 2019, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30141 |
| &nbsp;&nbsp;&nbsp; City of San Antonio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 365224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123352 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9480000 | &nbsp;&nbsp;&nbsp;&nbsp; 9728713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4302522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028711 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Combination Tax, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051698 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Drainage Utility System, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50086 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 446633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613446 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, General Improvement Series 2019, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 97683 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1712375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1955073 |
| &nbsp;&nbsp;&nbsp; Collin County Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53068 |
| &nbsp;&nbsp;&nbsp; Colorado River Municipal Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20892 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6580000 | &nbsp;&nbsp;&nbsp;&nbsp; 6761828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12170000 | &nbsp;&nbsp;&nbsp;&nbsp; 12775482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3390000 | &nbsp;&nbsp;&nbsp;&nbsp; 3628319 |
| &nbsp;&nbsp;&nbsp; County of Bastrop, Combination Tax, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507648 |
| &nbsp;&nbsp;&nbsp; County of Bexar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 248042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20248 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 273352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 3060826 |
| &nbsp;&nbsp;&nbsp; County of Denton, Permanent Improvement, GO, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20286 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Series B, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150879 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; County of Fort Bend, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25144 |
| &nbsp;&nbsp;&nbsp; County of Harris |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1792226 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road, First Lien Series 2021, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35592 |
| &nbsp;&nbsp;&nbsp; County of Harris, First Lien Series 2024A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 330492 |
| &nbsp;&nbsp;&nbsp; County of Harris, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 314797 |
| &nbsp;&nbsp;&nbsp; County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40634 |
| &nbsp;&nbsp;&nbsp; County of Hays Series 2017, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118307 |
| &nbsp;&nbsp;&nbsp; County of Montgomery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2456711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4624995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8401129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3735000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005247 |
| &nbsp;&nbsp;&nbsp; County of Travis Series 2019A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70417 |
| &nbsp;&nbsp;&nbsp; County of Williamson Series 2015A, GO, 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001758 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax, GO, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 229704 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11803499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5560000 | &nbsp;&nbsp;&nbsp;&nbsp; 6093307 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp; Dallas County Utility and Reclamation District, Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 496759 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1566440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., AMT, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4222188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., AMT, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5368880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., AMT, 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10886933 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2175551 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund, First Lien Series 2015D, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25045 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7714135 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3692596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5067861 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Children's Hospital Series 2015-1, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1851793 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-3, Rev., 5.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3031297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-3, Rev., 5.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3112948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10630498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 97513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital Series 2015-1, Rev., 5.00%, <br> 10/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Health Facilities Development Corp., Sisters of Charity of the Incarnate Word Series 1997B, Rev., 5.75%, <br> 7/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp; 3254708 |
| &nbsp;&nbsp;&nbsp; Houston City College, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1426495 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Limited Tax Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6950048 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2643387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 940436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 4.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1721634 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 194959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 84502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107682 |
| &nbsp;&nbsp;&nbsp; McKinney Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185886 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 588021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067422 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Republic Services, Inc., Project Series 2020A, Rev., AMT, 3.45%, 2/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5201409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project Series 2020B, Rev., AMT, VRDO, 3.80%, <br> 3/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Student Housing Texas A&M University Series 2017A, Rev., <br> 5.00%, 4/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25807 |
| &nbsp;&nbsp;&nbsp; North East Texas Regional Mobility Authority, Subordinate Lien Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162129 |
| &nbsp;&nbsp;&nbsp; North Harris County Regional Water Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 711018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35798 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50887 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27133 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537948 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5260000 | &nbsp;&nbsp;&nbsp;&nbsp; 5270101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1796260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4635000 | &nbsp;&nbsp;&nbsp;&nbsp; 4958138 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 240983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3265000 | &nbsp;&nbsp;&nbsp;&nbsp; 3269404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 432987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp;&nbsp; 6268251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2177303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912481 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Unlimited Tax Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 602859 |
| &nbsp;&nbsp;&nbsp; Nueces River Authority Series 2015, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20033 |
| &nbsp;&nbsp;&nbsp; Pasadena Independent School District Series 2023B, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1594255 |
| &nbsp;&nbsp;&nbsp; Pflugerville Independent School District Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25125 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5663665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9443808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892061 |
| &nbsp;&nbsp;&nbsp; Robstown Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 305268 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2016, GO, PSF-GTD, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30451 |
| &nbsp;&nbsp;&nbsp; San Antonio Public Facilities Corp., Convention Center Facility Project Series 2022, Rev., 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52800 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32439 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Subordinate Lien Series 2024A, Rev., VRDO, LIQ : Truist Bank, 2.90%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33300000 | &nbsp;&nbsp;&nbsp;&nbsp; 33300000 |
| &nbsp;&nbsp;&nbsp; Socorro Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084253 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 540172 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan Series 2013B, GO, AMT, 4.13%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2351356 |
| &nbsp;&nbsp;&nbsp; State of Texas, Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162580 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3682655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5140000 | &nbsp;&nbsp;&nbsp;&nbsp; 5488756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050883 |
| &nbsp;&nbsp;&nbsp; State of Texas, Veterans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011C, GO, VRDO, LIQ : FHLB, 2.73%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.80%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8815000 | &nbsp;&nbsp;&nbsp;&nbsp; 8815000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.80%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14350000 | &nbsp;&nbsp;&nbsp;&nbsp; 14350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., <br> 5.00%, 11/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1841684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025B, Rev., 5.00%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19650000 | &nbsp;&nbsp;&nbsp;&nbsp; 21103436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series 2008-A, Rev., <br> VRDO, LOC : TD Bank NA, 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; Texas A&M University, Financing System Series 2017C, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82685 |
| &nbsp;&nbsp;&nbsp; Texas Department of Transportation State Highway Fund, First Tier Series 2016B, Rev., 0.56%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10135000 | &nbsp;&nbsp;&nbsp;&nbsp; 10022184 |
| &nbsp;&nbsp;&nbsp; Texas Home Collaborative, 1518 Apartments Series 2023, Rev., 5.00%, 10/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4025000 | &nbsp;&nbsp;&nbsp;&nbsp; 4057375 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023A, Rev., 5.50%, 1/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21550000 | &nbsp;&nbsp;&nbsp;&nbsp; 23078606 |
| &nbsp;&nbsp;&nbsp; Texas State Technical College Series 2022A, Rev., A.G., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 142856 |
| &nbsp;&nbsp;&nbsp; Texas State University System Series A, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180539 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission Series 2024, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90732 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20038 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 88372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79855 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 766422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 308143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43613 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority Central Regional Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2078214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74382 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Central Regional Wastewater System Series 2017, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 197405 |
| &nbsp;&nbsp;&nbsp; University of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125083 |
| &nbsp;&nbsp;&nbsp; Via Metropolitan Transit, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45653 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 548039175 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — 0.3%** | **Utah — 0.3%** | **Utah — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Series 2021A, Rev., AMT, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3741426 |
| &nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. Series 2020B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | &nbsp;&nbsp;&nbsp;&nbsp; 2398675 |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 142726 |
| &nbsp;&nbsp;&nbsp; Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 838057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Board of Higher Education, University of Utah Auxiliary and Campus Facilities Series 1998A, Rev., NATL - RE, <br> 5.50%, 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10550000 | &nbsp;&nbsp;&nbsp;&nbsp; 11054229 |
| &nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency Series 2022, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20201 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 18195314 |
| **Virginia — 1.6%** | **Virginia — 1.6%** | **Virginia — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4 Series 2024, <br> Rev., VRDO, 3.40%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp; City of Alexandria, GO, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3688055 |
| &nbsp;&nbsp;&nbsp; City of Richmond Series 2017D, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46379 |
| &nbsp;&nbsp;&nbsp; City of Richmond Public Utility Series 2016A, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 451321 |
| &nbsp;&nbsp;&nbsp; City of Virginia Beach Series 2017A, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25203 |
| &nbsp;&nbsp;&nbsp; County of Fairfax Series 2016A, GO, 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30243 |
| &nbsp;&nbsp;&nbsp; County of Henrico Water and Sewer Series 2016, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25263 |
| &nbsp;&nbsp;&nbsp; Fairfax County Economic Development Authority, Silver Line Phase I Project, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20155 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District Series 2016A, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30489 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District, Subordinate Wastewater Series 2016A, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, <br> 5.00%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18965000 | &nbsp;&nbsp;&nbsp;&nbsp; 19235547 |
| &nbsp;&nbsp;&nbsp; Loudoun County Economic Development Authority Series 2020A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Louisa Industrial Development Authority, Electric and Power Co. Project Series 2008A, Rev., 3.13%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005768 |
| &nbsp;&nbsp;&nbsp; Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020D, Rev., 5.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4411320 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 331314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 200536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 299622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906151 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Highway Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2152141 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402464 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth University Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56122 |
| &nbsp;&nbsp;&nbsp; Virginia Port Authority Series 2016B, Rev., AMT, 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8755000 | &nbsp;&nbsp;&nbsp;&nbsp; 8849825 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority Series 2017A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52050 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, Prince William County, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3185000 | &nbsp;&nbsp;&nbsp;&nbsp; 3236796 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Valley Health System Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B-1, Rev., VRDO, LOC : Truist Bank, 2.88%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20965000 | &nbsp;&nbsp;&nbsp;&nbsp; 20965000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B-2, Rev., VRDO, LOC : Truist Bank, 2.88%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 87356954 |
| **Washington — 1.6%** | **Washington — 1.6%** | **Washington — 1.6%** |
| &nbsp;&nbsp;&nbsp; Central Washington University, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270080 |
| &nbsp;&nbsp;&nbsp; City of Kent, Limited Tax Series 2016, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; City of Seattle Series 2016B, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105799 |
| &nbsp;&nbsp;&nbsp; City of Seattle Drainage and Wastewater System Improvement, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57149 |
| &nbsp;&nbsp;&nbsp; City of Seattle Municipal Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 186515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86226 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Limited Tax Series 2022A, GO, 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25957 |
| &nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 Electric Series 2024, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 722991 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen Series 2019, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 37 Vancouver, Unlimited Tax, GO, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 |
| &nbsp;&nbsp;&nbsp; County of King |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20262 |
| &nbsp;&nbsp;&nbsp; County of King Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 355030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3922490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975343 |
| &nbsp;&nbsp;&nbsp; County of King, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60862 |
| &nbsp;&nbsp;&nbsp; County of King, Sewer, Junior Lien Series 2020B, Rev., 0.88%, 12/31/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59905 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4178924 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3651734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4248424 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 3 Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 390533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126688 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project Series 2019, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303398 |
| &nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Electric Series 2023U, Rev., 4.00%, 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3665000 | &nbsp;&nbsp;&nbsp;&nbsp; 3668888 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax Series 2017, GO, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 409 Tahoma Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Unlimited Tax Series 2022, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 97864 |
| &nbsp;&nbsp;&nbsp; Public Utility District No. 1 of Lewis County, Cowlitz Falls Hydroelec Project Series 2013, Rev., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2292815 |
| &nbsp;&nbsp;&nbsp; State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, COP, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 207927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2025B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10144524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, COP, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205317 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax Series R-2026B, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9375000 | &nbsp;&nbsp;&nbsp;&nbsp; 9741877 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5920000 | &nbsp;&nbsp;&nbsp;&nbsp; 5931117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 848190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022C, GO, 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15025000 | &nbsp;&nbsp;&nbsp;&nbsp; 15381126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075241 |
| &nbsp;&nbsp;&nbsp; University of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20156 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Providence Health and Services Series 2012A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030758 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 91270517 |
| **West Virginia — 0.4%** | **West Virginia — 0.4%** | **West Virginia — 0.4%** |
| &nbsp;&nbsp;&nbsp; West Virginia Commissioner of Highways |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 145562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 187023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project <br> Series 2010A, Rev., 0.63%, 12/15/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Nucor Steel Project Series 2025B-1, <br> Rev., AMT, VRDO, 3.10%, 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20900000 | &nbsp;&nbsp;&nbsp;&nbsp; 20900000 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 21332492 |
| **Wisconsin — 1.7%** | **Wisconsin — 1.7%** | **Wisconsin — 1.7%** |
| &nbsp;&nbsp;&nbsp; City of De Pere Series 2013A, GO, 3.38%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310095 |
| &nbsp;&nbsp;&nbsp; City of Madison Series 2021A, GO, 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20246 |
| &nbsp;&nbsp;&nbsp; Lake Mills Area School District, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482875 |
| &nbsp;&nbsp;&nbsp; Milwaukee Metropolitan Sewerage District Series 2025H, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9890000 | &nbsp;&nbsp;&nbsp;&nbsp; 10087087 |
| &nbsp;&nbsp;&nbsp; PMA Levy and Aid Anticipation Notes Program Series 2025B, Rev., 5.00%, 9/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6106915 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Duke Energy Progress Project Series 2022B, Rev., AMT, 4.00%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279884 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 512128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4138406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5115000 | &nbsp;&nbsp;&nbsp;&nbsp; 5411138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1623769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1559544 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Annual Appropriation Series 2017B, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303097 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Environmental Improvement Fund Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25311 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3257056 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-2, Rev., 5.00%, 6/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1699461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C1, Rev., 5.00%, 7/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1419387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-3, Rev., 5.00%, 6/22/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4808677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C-4, Rev., 5.00%, 6/22/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6401110 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403638 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9160000 | &nbsp;&nbsp;&nbsp;&nbsp; 9220605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3810000 | &nbsp;&nbsp;&nbsp;&nbsp; 3843371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., <br> VRDO, LIQ : US Bank NA, 2.90%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health, Inc. Series B-2, Rev., 5.00%, <br> 8/15/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | &nbsp;&nbsp;&nbsp;&nbsp; 5625409 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc., Rev., 5.00%, 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Services, Inc. Series <br> 2018, Rev., 5.00%, 4/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68137 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 92980528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $5,132,200,939)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5140428600 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 12.5%** | **Short-Term Investments — 12.5%** | **Short-Term Investments — 12.5%** |
| **Investment Companies — 12.5%** | **Investment Companies — 12.5%** | **Investment Companies — 12.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.71% (g) (h) <br>(Cost $695,699,068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 695636171 | &nbsp;&nbsp;&nbsp;&nbsp; 695705734 |
| **Total Investments — 104.9%** <br>**(Cost $5,827,900,007)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **5836134334** |
| **Liabilities in Excess of Other Assets — (4.9)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(270211213)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **5565923121** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| TAN | Tax Anticipation Note |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (f) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of November 30, 2025. |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

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

**A. Valuation of Investments**— Investments are valued in accordance with U.S. generally accepted accounting principles ("GAAP") and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's net asset values per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5140428600 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5140428600 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 695705734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 695705734 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $695705734 | &nbsp;&nbsp;&nbsp;&nbsp; $5140428600 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5836134334 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

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

**B. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan <br> Institutional Tax <br> Free Money Market <br> Fund Class IM <br> Shares, 2.71% <br> (a) (b)<br>| $366506598 | $2902733204 | $2573534069 | $1516 | $(1515)<br>| $695705734 | 695636171 | $10284734 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** J.P. Morgan Exchange-Traded Fund Trust

- **b. Investment Company Act file number:** 811-22903

- **c. CIK number of Registrant:** 0001485894

- **d. LEI of Registrant:** 5493001E1K1DVWDV2464

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

  - **Street Address 1:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 844-457-6383

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

- **a. Name of Series:** JPMorgan Ultra-Short Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000063269

- **c. LEI of Series:** 549300C27W430AWFZC05

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5921587703.29

**Total Liabilities:** $355664970.60

**Net Assets:** $5565922732.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 15717.33276000 | **1-Year:** 262269.53639000 | **5-Year:** 131540.31435000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 7817.63976000 | **1-Year:** 52854.15610000 | **5-Year:** 129.25626000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205216 | 0.21%                | 0.12%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-36399.07               | $-2080052.17                               |
| Month 2  | $-239004.48              | $-5324272.23                               |
| Month 3  | $-123447.15              | $1869487.41                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Town of Abington MA                                                              | Town of Abington                                                                                                                                 | CUSIP: 003518QK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2484995 | PA      | $2497944.06   | 0.04%             | 2026-04-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Adams and Arapahoe Counties Joint School District 28J Aurora                     | Adams and Arapahoe Counties Joint School District 28J Aurora                                                                                     | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4119743.60   | 0.07%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                               | County of Adams                                                                                                                                  | CUSIP: 005596DW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron, Series 2022A                                    | CUSIP: 009730QD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $475027.12    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron, Series 2022A                                    | CUSIP: 009730QE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $490327.97    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron City School District                                                       | Akron City School District, Unlimited Tax                                                                                                        | CUSIP: 010050BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5395205.90   | 0.10%             | 2026-08-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                      | CUSIP: 010268AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3215000 | PA      | $3271857.92   | 0.06%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                      | CUSIP: 010268BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101768.52    | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $193360.19    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $255108.80    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78094.53     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1093323.42   | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31237.81     | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97304.98     | 0.00%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series B                                                                                          | CUSIP: 010268CC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101768.52    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | Alabama Public School and College Authority, Capital improvement, Series 2014B                                                                   | CUSIP: 010609AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311056.45    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | Alabama Public School and College Authority, Capital improvement, Series 2014B                                                                   | CUSIP: 010609AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45150.43     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County School Board                                                      | Alachua County School Board, Series 2020                                                                                                         | CUSIP: 01069SGM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20700.18     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Maintenance Tax                                                                                                | CUSIP: 011415TJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276345.38    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alamo Regional Mobility Authority                                                | Alamo Regional Mobility Authority, Junior Lien Vehicle Registration Fee                                                                          | CUSIP: 011432AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1249691.16   | 0.02%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., Home Mortgage, Series 2007A                                                                                        | CUSIP: 01170PBW5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | STIV             | MUN               | US        |  28400000 | PA      | $28400000.00  | 0.51%             | 2041-12-01      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 1                                                                                                   | CUSIP: 01179RE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 3                                                                                                   | CUSIP: 01179RSX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56219.41     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., State Capital Project, Series II 2021A                                                                             | CUSIP: 011839XH5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    935000 | PA      | $955823.20    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Payroll Development Authority                                   | Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products, Series 1999                                                     | CUSIP: 012192AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26197.78     | 0.00%             | 2028-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Albany NY                                                                | City of Albany                                                                                                                                   | CUSIP: 012429CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30124614.00  | 0.54%             | 2026-03-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System, Series 2017                                     | CUSIP: 013493HG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152068.04    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System                                                  | CUSIP: 013493HH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1114449.38   | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Series 2018                                                                               | CUSIP: 013493HX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101378.69    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                     | Albuquerque Municipal School District No. 12                                                                                                     | CUSIP: 013595UU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015168.30   | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                            | City of Alexandria                                                                                                                               | CUSIP: 015303FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3688054.56   | 0.07%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Redevelopment & Housing Authority                                     | Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4, Series 2024                                   | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.04%             | 2054-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                         | CUSIP: 01728A4L7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111443.51    | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, University Refunding Duquesne University, Series 2016                                      | CUSIP: 01728RLQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70335.53     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, Robert Morris University                                                                   | CUSIP: 01728RMJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1136494.08   | 0.02%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, Robert Morris University                                                                   | CUSIP: 01728RMT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4670000 | PA      | $4862984.95   | 0.09%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                           | County of Allegheny, Series C-75                                                                                                                 | CUSIP: 01728VSK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $346974.76    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                           | County of Allegheny, Series C-75                                                                                                                 | CUSIP: 01728VSL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5475000 | PA      | $5582105.78   | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer, Series 2016                                                                                          | CUSIP: 017357B60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2017A                                                               | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20299.93     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen Hospital Facilities, Series 2017A                                                                                                | CUSIP: 01757LFS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $845179.04    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2025C                                                               | CUSIP: 01757LHJ8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  17830000 | PA      | $17830000.00  | 0.32%             | 2050-11-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                                | Allen Independent School District, Series 2025A                                                                                                  | CUSIP: 018106ZC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8227892.80   | 0.15%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Altmar-Parish-Williamstown Central School District                               | Altmar-Parish-Williamstown Central School District, Series 2025B                                                                                 | CUSIP: 021501GR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17765000 | PA      | $17899198.59  | 0.32%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., Comb Hydroelectric Projects, Series 2016A                                                                        | CUSIP: 02765UME1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2859092.14   | 0.05%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                  | CUSIP: 02765UNM2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25115.17     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                  | CUSIP: 02765UNN0<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25687.59     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                  | CUSIP: 02765UNP5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73465.67     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Amherst NY                                                               | Town of Amherst                                                                                                                                  | CUSIP: 031304DE5<br>LEI: 549300Y05O1QJP3REV80 | Long             | DBT              | MUN               | US        |  12930000 | PA      | $13106582.42  | 0.24%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                        | County of Anne Arundel                                                                                                                           | CUSIP: 03588JLM2<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031878.70   | 0.02%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | Arizona Health Facilities Authority, Banner Health, Series 2015B                                                                                 | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7600000 | PA      | $7553915.88   | 0.14%             | 2046-01-01      | Floating      | 3.04%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2022A                                                      | CUSIP: 04052FCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3995990.00   | 0.07%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                      | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2225542.20   | 0.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Sports & Tourism Authority                                               | Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project, Series 2022                                             | CUSIP: 040583BS4<br>LEI: 5493000FS1Q9KGAM2L28 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30407.31     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona, Series 2019A                                                                                                                   | CUSIP: 040588G90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $499924.07    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery                                                                                                                         | CUSIP: 040624BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197622.48    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery                                                                                                                         | CUSIP: 040624BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20731.42     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery                                                                                                                         | CUSIP: 040624BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216329.84    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Water Infrastructure Finance Authority                                   | Arizona Water Infrastructure Finance Authority, Series 2024                                                                                      | CUSIP: 040688PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $5763844.34   | 0.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Housing Finance Corp.                                                  | Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road, Series 2023                                                             | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65298.20     | 0.00%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2004                                                                                                | CUSIP: 047870EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1432458.27   | 0.03%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Water and Wastewater                                                                                                            | CUSIP: 047870MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195364.14    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2017A                                                                                               | CUSIP: 047870NR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62768.96     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2017A                                                                                               | CUSIP: 047870NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83691.94     | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Water and Wastewater, Series 2017A                                                                                              | CUSIP: 047870PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52307.47     | 0.00%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2018C                                                                                               | CUSIP: 047870RC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31384.48     | 0.00%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                | City of Aurora                                                                                                                                   | CUSIP: 051556KC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                | City of Aurora                                                                                                                                   | CUSIP: 051556KE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62839.69     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO Water Revenue                                                  | City of Aurora, Series 2016                                                                                                                      | CUSIP: 051595BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $294555.93    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ausable Valley Central School District                                           | Ausable Valley Central School District                                                                                                           | CUSIP: 052087GL1<br>LEI: 5493007R5JT7OH6ZYR81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5038978.50   | 0.09%             | 2026-07-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017A                                                                                                     | CUSIP: 052398ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $260217.25    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Round Rock Campus, Series 2015                                                          | CUSIP: 052405CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95150.74     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | City of Austin Electric Utility, Series 2015A                                                                                                    | CUSIP: 052414PH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70132.76     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | City of Austin Electric Utility, Series 2015A                                                                                                    | CUSIP: 052414PJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155293.97    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System                                                                                                       | CUSIP: 052477MJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272168.15    | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System                                                                                                       | CUSIP: 052477XX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $383390.36    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                          | CUSIP: 052477XY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $188223.39    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                          | CUSIP: 052477XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1602579.75   | 0.03%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Avalon NJ                                                             | Borough of Avalon                                                                                                                                | CUSIP: 053375PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13988000 | PA      | $14028621.15  | 0.25%             | 2026-02-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Avoca Central School District                                                    | Avoca Central School District                                                                                                                    | CUSIP: 053876FC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8105000 | PA      | $8156035.56   | 0.15%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | Bartow County Development Authority, Georgia Power Co. Plant, Series 2009-1                                                                      | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |    690000 | PA      | $700476.48    | 0.01%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| County of Bastrop TX                                                             | County of Bastrop, Combination Tax                                                                                                               | CUSIP: 070307SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507648.30    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2025A                                                    | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23147220.70  | 0.42%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project                                                                  | CUSIP: 083773ED9<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17202609.40  | 0.31%             | 2026-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Series 2017                                                                                                                     | CUSIP: 088281A26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $248041.99    | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2017                                                                                                        | CUSIP: 088281A34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $273352.40    | 0.00%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Series A                                                                                                                        | CUSIP: 088281YB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20248.33     | 0.00%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar                                                                                                                                  | CUSIP: 088281ZW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1043123.02   | 0.02%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2017                                                                                                        | CUSIP: 088281ZX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3060826.29   | 0.05%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District       | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Mass Sales Tax, Series 2019                            | CUSIP: 088632BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142626.64    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                                                     | CUSIP: 090888GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20269.32     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Supply, Series 2022D-2                                                                                       | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  25575000 | PA      | $25724741.63  | 0.46%             | 2052-07-01      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Prepay Project No. 4, Series 2019A-1                                                                         | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.45%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Project No. 6, Series 2021B                                                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60350.65     | 0.00%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Project, Series 2025E                                                                                        | CUSIP: 09182TFW2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2240375.97   | 0.04%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Bloomingdale NJ                                                       | Borough of Bloomingdale                                                                                                                          | CUSIP: 094401JW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3638000 | PA      | $3648965.30   | 0.07%             | 2026-02-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Township of Boonton NJ                                                           | Township of Boonton                                                                                                                              | CUSIP: 099320AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8066000 | PA      | $8131016.80   | 0.15%             | 2026-08-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brasher Falls Central School District                                            | Brasher Falls Central School District                                                                                                            | CUSIP: 105529GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6647157.66   | 0.12%             | 2026-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Brick Township Municipal Utilities Authority (The)                               | Brick Township Municipal Utilities Authority (The), Series 2016B                                                                                 | CUSIP: 107897JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bristol CT                                                               | City of Bristol                                                                                                                                  | CUSIP: 1098536R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37600000 | PA      | $38118274.64  | 0.68%             | 2026-11-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brockton MA                                                              | City of Brockton                                                                                                                                 | CUSIP: 111746MC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5096929.00   | 0.09%             | 2026-10-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brocton Central School District                                                  | Brocton Central School District                                                                                                                  | CUSIP: 112012FB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10199710 | PA      | $10276759.63  | 0.18%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series 2013C                                                                                                  | CUSIP: 114894UZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100189.98    | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2019A                                                           | CUSIP: 115065B78<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    130000 | PA      | $139746.61    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2019B                                                           | CUSIP: 115065B86<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80623.04     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                               | CUSIP: 115065YW8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40503.22     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                               | CUSIP: 115065YX6<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1082850.91   | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                               | CUSIP: 115065YY4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354132.10    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series B                                                               | CUSIP: 115065ZH0<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    375000 | PA      | $379503.83    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series C                                                               | CUSIP: 115065ZN7<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20251.61     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bucks PA                                                               | County of Bucks, Series 2017                                                                                                                     | CUSIP: 118565XV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40491.66     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                         | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                    | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   8040000 | PA      | $8379410.21   | 0.15%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                      | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 1994                                                 | CUSIP: 121342QF9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    125000 | PA      | $125451.89    | 0.00%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                      | Development Authority of Burke County (The), Gergia Power Co. Plant Vogtle Project, Series 1994                                                  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    575000 | PA      | $577078.68    | 0.01%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                      | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2012-2                                               | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3250000 | PA      | $3255047.58   | 0.06%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2024D                                                                    | CUSIP: 121651PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5701983.03   | 0.10%             | 2025-12-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2025D                                                                    | CUSIP: 121651QW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22800000 | PA      | $23109874.80  | 0.42%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No. 385 Andover                            | Butler County Unified School District No. 385 Andover, Series 2017                                                                               | CUSIP: 12343ECN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046142.00   | 0.04%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community College Financing Authority                                 | California Community College Financing Authority, West Valley Mission Community College District, Series 2016C                                   | CUSIP: 13012EW61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25304.66     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp., Series 2020A                                             | CUSIP: 13016NHH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1100885.29   | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure and Economic Development Bank, Colburn School (The)                                                                    | CUSIP: 13034AV64<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |  28500000 | PA      | $28486149.00  | 0.51%             | 2072-08-01      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2017A                                                            | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499874.75   | 0.03%             | 2044-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2020                                                             | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1425000 | PA      | $1425000.00   | 0.03%             | 2045-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series 2017A-1                         | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7000511.70   | 0.13%             | 2042-11-01      | Variable      | 3.45%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project                                         | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6500000 | PA      | $6496680.45   | 0.12%             | 2043-07-01      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Adventist Health System/West Obligated Group, Series 2007A                               | CUSIP: 13080SYC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    775000 | PA      | $785853.18    | 0.01%             | 2037-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                        | Camden County Improvement Authority (The), City Hall Project                                                                                     | CUSIP: 13281NXD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | Canadian County Educational Facilities Authority, Mustang Public Schools Project, Series 2017                                                    | CUSIP: 135521CM2<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1060568.93   | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                       | Canadian County Independent School District No. 69 Mustang, Series 2023                                                                          | CUSIP: 135591HS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3590430.42   | 0.06%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                       | Canadian County Independent School District No. 69 Mustang, Series 2024C                                                                         | CUSIP: 135591JG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2579403.50   | 0.05%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canisteo-Greenwood Central School District                                       | Canisteo-Greenwood Central School District                                                                                                       | CUSIP: 137590CL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $7851190.62   | 0.14%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of Carlstadt NJ                                                          | Borough of Carlstadt                                                                                                                             | CUSIP: 142825HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10064929.00  | 0.18%             | 2026-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Carroll GA                                                             | County of Carroll, Series 2021                                                                                                                   | CUSIP: 144753BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $545963.38    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Dauphin School District                                                  | Central Dauphin School District, Series 2016                                                                                                     | CUSIP: 153300XZ6<br>LEI: 549300B7BTSSV63QDZ15 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25077.49     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $440472.47    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $541518.81    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012329.40   | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2017                                                                                   | CUSIP: 153476CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51783.67     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2019B                                                                                  | CUSIP: 153476FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45566.12     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2019B                                                                                  | CUSIP: 153476FS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81022.20     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien                                                                                                | CUSIP: 153476GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1880390.68   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2021                                                                                   | CUSIP: 153476GL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311118.15    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Ohio Solid Waste Authority                                               | Central Ohio Solid Waste Authority                                                                                                               | CUSIP: 154686LR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7086370.90   | 0.13%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Subordinate Lien, Series 2021C                                                                        | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2174540.51   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Washington University                                                    | Central Washington University                                                                                                                    | CUSIP: 155839EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270080.38    | 0.00%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                              | City of Chandler, Series 2016                                                                                                                    | CUSIP: 158843XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076556.60   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                   | Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System, Series 2021C                                                          | CUSIP: 160853VE4<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3644314.67   | 0.07%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                             | City of Charlotte, Series 2021A                                                                                                                  | CUSIP: 161035LC2<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101224.14    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                | City of Charlotte Water and Sewer System, Series 2020                                                                                            | CUSIP: 161045QF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50713.57     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Charlton MA                                                              | Town of Charlton                                                                                                                                 | CUSIP: 161123GH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8699000 | PA      | $8751066.12   | 0.16%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN Electric Revenue                                          | City of Chattanooga Electric                                                                                                                     | CUSIP: 162393GS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7835000 | PA      | $8351437.76   | 0.15%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Cherry Hill NJ                                                       | Township of Cherry Hill                                                                                                                          | CUSIP: 164663C38<br>LEI: 549300PWUU8HBZV2OJ44 | Long             | DBT              | MUN               | US        |  29863179 | PA      | $30306957.79  | 0.54%             | 2026-11-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | Chester County Health and Education Facilities Authority, Main Line Health System, Series 2020A                                                  | CUSIP: 16557HEU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50802.95     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 1999                                                                                                                     | CUSIP: 167484QS6<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3772200.51   | 0.07%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Capital Appreciation City College, Series 1999                                                                                  | CUSIP: 167484QT4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  10925000 | PA      | $10251780.74  | 0.18%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2022D                                                                 | CUSIP: 1675932P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215385.99    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2022D                                                                 | CUSIP: 1675932Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30684.41     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593C42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61463.96     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2020B                                                                 | CUSIP: 167593Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40071.81     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310490.23    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $886495.03    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180290.75    | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series E                                                                     | CUSIP: 167593WV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225403.94    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series E                                                                     | CUSIP: 167593WX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128381.23    | 0.00%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series A                                                                     | CUSIP: 167593YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71596.95     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                            | City of Cincinnati, Unlimited Tax Various Purpose, Series 2017A                                                                                  | CUSIP: 172217A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                            | City of Cincinnati, Unlimited Tax Various Purpose, Series 2016A                                                                                  | CUSIP: 172217XH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $775000.00    | 0.01%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH Water System Revenue                                       | City of Cincinnati Water System, Series 2015A                                                                                                    | CUSIP: 172311KS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 46 Oregon Trail                             | Clackamas County School District No. 46 Oregon Trail, Series 2017                                                                                | CUSIP: 179126DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555863.15   | 0.03%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Limited Tax, Series 2016A                                                                                                       | CUSIP: 180848QR7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    600000 | PA      | $605584.62    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2016B                                                                                                                    | CUSIP: 180848RX3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86885.84     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Limited Tax, Series 2016B                                                                                                       | CUSIP: 180848RY1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3061185.30   | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Limited Tax                                                                                                                     | CUSIP: 180848SN4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101207.65    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Stadium Improvement, Limited Tax, Series 2018A                                                                                  | CUSIP: 180848WX7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    135000 | PA      | $142917.45    | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Transportation Improvement, Limited Tax, Series 2018B                                                                           | CUSIP: 180848XR9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Transportation Improvement, Limited Tax, Series 2018B                                                                           | CUSIP: 180848XV0<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    215000 | PA      | $230058.34    | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018                                                                                                                     | CUSIP: 180848YP2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1561945.26   | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport, Series 2019A                   | CUSIP: 18085PRH9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70950.79     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark                                                                                                                                  | CUSIP: 181000PS3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50709.78     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Indexed Fuel and Subordinate Motor Vehicle Tax, Series 2019                                                                     | CUSIP: 181000QL7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25354.89     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Motor Vehicle Fuel Tax, Series 2020C                                                                                            | CUSIP: 181000QV5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76064.66     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Indexed Fuel and Subordinate Motor Vehicle Tax                                                                                  | CUSIP: 181000TS9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2535488.75   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility, Series 2019E                            | CUSIP: 181006HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207784.45    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | County of Clark Passenger Facility Charge, Series 2022B                                                                                          | CUSIP: 181006HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141901.58    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Various Purpose, Series 2024C                                                                         | CUSIP: 1810595J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1449096.32   | 0.03%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2025B                                                                                          | CUSIP: 1810596N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30500000 | PA      | $31569598.40  | 0.57%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2019A                                                                                          | CUSIP: 181059F92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25903.00     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015C                                                                                          | CUSIP: 181059TC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115186.37    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015C                                                                                          | CUSIP: 181059TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335299.72    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2016B                                                                                          | CUSIP: 181059UY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151838.43    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Various Purpose, Series 2016F                                                                         | CUSIP: 181059WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100008.71    | 0.00%             | 2026-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                          | CUSIP: 181059WW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506128.10    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017C                                                                                          | CUSIP: 181059YH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313763.34    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2021C                                                                                          | CUSIP: 181059Z82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55674.09     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                      | Clark County Public Utility District No. 1 Electric, Series 2024                                                                                 | CUSIP: 181108E64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $722990.95    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 37 Vancouver                                    | Clark County School District No. 37 Vancouver, Unlimited Tax                                                                                     | CUSIP: 181144UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1855000.00   | 0.03%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 114 Evergreen                                   | Clark County School District No. 114 Evergreen, Series 2019                                                                                      | CUSIP: 181234N76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Clarksville TN Water Sewer & Gas Revenue                                 | City of Clarksville, Series 2016                                                                                                                 | CUSIP: 182618LU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230887.69    | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Norman Public Schools Project, Series 2023A                                                   | CUSIP: 18604TEX2<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1786895.50   | 0.03%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                             | City of Cleveland, various Purpose                                                                                                               | CUSIP: 1863435Q8<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |   7045000 | PA      | $7144916.42   | 0.13%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                             | City of Cleveland, Series 2015                                                                                                                   | CUSIP: 186343L23<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Water                       | Cleveland Department of Public Utilities Division of Water, Series 2020FF                                                                        | CUSIP: 186427GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80160.50     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Idea Public Schools                                                                                      | CUSIP: 187145VT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1712374.62   | 0.03%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Idea Public Schools                                                                                      | CUSIP: 187145VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1955072.97   | 0.04%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Central School District                                                  | Clinton Central School District                                                                                                                  | CUSIP: 188288KP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9790000 | PA      | $9863954.64   | 0.18%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | Collin County Community College District, Series 2018                                                                                            | CUSIP: 194741GM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1031901.88   | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | Collin County Community College District, Series 2020A                                                                                           | CUSIP: 194741HH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53068.08     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Colonie NY                                                               | Town of Colonie, Series 2025A                                                                                                                    | CUSIP: 196145EC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1168800.58   | 0.02%             | 2026-03-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge Enterprise                                                       | Colorado Bridge Enterprise, Series 2019A                                                                                                         | CUSIP: 19633SAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75947.24     | 0.00%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2016C                                                                      | CUSIP: 1964745K2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3541025.70   | 0.06%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2016                                                                           | CUSIP: 19648A5Z4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75785.73     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2016                                                                           | CUSIP: 19648A6A8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60628.58     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project                                                                                        | CUSIP: 19648A6B6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    370000 | PA      | $372212.93    | 0.01%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2016                                                                           | CUSIP: 19648A6D2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1051250.04   | 0.02%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2025-XM1212                                                                    | CUSIP: 19648A6E0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    180000 | PA      | $181076.56    | 0.00%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Children's Hospital Colorado Project, Series C                                                             | CUSIP: 19648A7V1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85868.63     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Parkview Medical center, Inc. Project                                                                      | CUSIP: 19648FBB9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    465000 | PA      | $469622.38    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2017                                       | CUSIP: 19648FDJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36161.34     | 0.00%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project                                                    | CUSIP: 19648FDL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180806.71    | 0.00%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-2                                                                        | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2201792.65   | 0.04%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1                                                                        | CUSIP: 19648FJL9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    340000 | PA      | $344217.33    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                        | CUSIP: 19648FKD5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5155387.00   | 0.09%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Sanford Health, Series 2019A                                                                               | CUSIP: 19648FPG3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    190000 | PA      | $204002.91    | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022B                                                                     | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2997099.70   | 0.05%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022C                                                                     | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5015000 | PA      | $5286688.63   | 0.09%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Series 2022A                                                          | CUSIP: 19648FWC4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    700000 | PA      | $737239.79    | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventhealth Obligated Group, Series 2019B                                                                 | CUSIP: 19648FXB5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044704.60   | 0.04%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventhealth Obligated Group, Series 2019B                                                                 | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1658653.59   | 0.03%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series A-1                                                                        | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1424265.26   | 0.03%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2024E                                                                     | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.45%             | 2064-05-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2024D                                                                     | CUSIP: 19648FYT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | STIV             | MUN               | US        |  28100000 | PA      | $28100000.00  | 0.50%             | 2064-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2025A                                                                      | CUSIP: 19648FZQ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1698679.63   | 0.03%             | 2060-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado River Municipal Water District                                          | Colorado River Municipal Water District, Series 2017                                                                                             | CUSIP: 196558SH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51229.73     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado River Municipal Water District                                          | Colorado River Municipal Water District, Series 2017                                                                                             | CUSIP: 196558SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20891.70     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                         | Colorado Springs School District No. 11 Facilities Corp.                                                                                         | CUSIP: 19662UAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $398884.69    | 0.01%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                         | Colorado Springs School District No. 11 Facilities Corp.                                                                                         | CUSIP: 19662UAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $378632.14    | 0.01%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series 2018A-1                                                                                        | CUSIP: 196632J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35823.21     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series 2020C                                                                                          | CUSIP: 196632W41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20944.95     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series A-1                                                                                            | CUSIP: 196632ZA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1468067.36   | 0.03%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018L                                                                                                                  | CUSIP: 19668QJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $149339.40    | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado                                                                                                                                | CUSIP: 19668QKG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $3164542.19   | 0.06%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Building Excellent Schools Today, Series 2025T                                                                                | CUSIP: 19668QNZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2264115.15   | 0.04%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                  | CUSIP: 196711QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20018.39     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                  | CUSIP: 196711QW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $164031.46    | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2020A                                                                                                                  | CUSIP: 196711SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81497.35     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2021A                                                                                                                  | CUSIP: 196711TR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26798.31     | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                             | Colton Joint Unified School District, Election of 2008, Series 2010B                                                                             | CUSIP: 197036JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66607.08     | 0.00%             | 2035-08-01      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                            | City of Columbia Waterworks and Sewer System, Series 2016B                                                                                       | CUSIP: 198504WJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502015.30    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | Columbus-Franklin County Finance Authority, Multi Family Housing Westerville Crossing Apartments, Series 2024B                                   | CUSIP: 19910XAJ5<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1448901.72   | 0.03%             | 2028-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                       | Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project, Series 2019A                                                      | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $951717.70    | 0.02%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Unlimited Tax, Series 2024-1                                                                                                   | CUSIP: 1994928L6<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3788288.39   | 0.07%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Series 2016A                                                                                                                   | CUSIP: 199492QS1<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90087.68     | 0.00%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2017-1                                                                                  | CUSIP: 199492VK2<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   7010000 | PA      | $7301781.44   | 0.13%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2025A                                                                                   | CUSIP: 19951BAB0<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2363524.95   | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2025-1                                                                                  | CUSIP: 19951BCR3<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3453307.97   | 0.06%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2025-2                                                                                  | CUSIP: 19951BDD3<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2666033.71   | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | Comal Independent School District, Unlimited Tax                                                                                                 | CUSIP: 199821AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6580000 | PA      | $6761828.43   | 0.12%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | Comal Independent School District, Unlimited Tax                                                                                                 | CUSIP: 199821BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12170000 | PA      | $12775481.84  | 0.23%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | Comal Independent School District, Unlimited Tax                                                                                                 | CUSIP: 199821BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3628318.70   | 0.07%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Commerce City CO Sales & Use Tax Revenue                                 | City of Commerce City Sales and Use Tax                                                                                                          | CUSIP: 200588PF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030753.40   | 0.04%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2019B                                                                                                   | CUSIP: 20281PLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $160006.66    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $900414.69    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1393043.00   | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2940008.23   | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5440000 | PA      | $5720869.38   | 0.10%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3622604.91   | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series E                                                                                                                   | CUSIP: 20772J3X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2191943.28   | 0.04%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2016A                                                                                                               | CUSIP: 20772JT28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20081.88     | 0.00%             | 2026-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2016A                                                                                                               | CUSIP: 20772JV66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25173.66     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2016B                                                                                                               | CUSIP: 20772JY55<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101104.29    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                               | CUSIP: 20772KB73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14625000 | PA      | $14981358.60  | 0.27%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                               | CUSIP: 20772KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6815940.95   | 0.12%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                               | CUSIP: 20772KB99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $2045419.19   | 0.04%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2018E                                                                                                               | CUSIP: 20772KDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1775521.70   | 0.03%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025 C                                                                                                              | CUSIP: 20772KE70<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   8890000 | PA      | $9860023.46   | 0.18%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2019A                                                                                                               | CUSIP: 20772KFX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539689.00    | 0.01%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025 D                                                                                                              | CUSIP: 20772KG78<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |  14825000 | PA      | $15079093.09  | 0.27%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025 D                                                                                                              | CUSIP: 20772KG86<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20828906.00  | 0.37%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025 D                                                                                                              | CUSIP: 20772KH36<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3327342.00   | 0.06%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2022D                                                                                                               | CUSIP: 20772KRU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277760.83    | 0.00%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2022E                                                                                                               | CUSIP: 20772KSE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37445.09     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, Yale University, Series 2017C-1                                                   | CUSIP: 20774Y3C9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62969.57     | 0.00%             | 2040-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, University System Issue, Series L                                                 | CUSIP: 20774YGN1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120003.18    | 0.00%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021A                                                                                                   | CUSIP: 207758B69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605998.08    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2022A                                                                                                   | CUSIP: 207758J38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60842.62     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2023B                                                                                                   | CUSIP: 207758R47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31836.09     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2024A-1                                                                                                 | CUSIP: 207758S79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48788.24     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series B                                                                                                       | CUSIP: 207758UT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90145.95     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series A                                                                                                       | CUSIP: 207758VR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101691.09    | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2018B                                                                                                   | CUSIP: 207758YA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81608.25     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, Yale University, Series 2024C-1                                                   | CUSIP: 20775DYT3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.72%             | 2060-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2016A                                                                                                                     | CUSIP: 213185KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45859.95     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021A                                                                                                                     | CUSIP: 213185LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $117108.88    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021B                                                                                                                     | CUSIP: 213185MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121472.51    | 0.00%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook Kane Lake & McHenry Counties Community College District No. 512             | Cook Kane Lake and McHenry Counties Community College District No. 512, William Rainey Harper College, Series 2017B                              | CUSIP: 216181GF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $391649.89    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cornwall NY                                                              | Town of Cornwall                                                                                                                                 | CUSIP: 219579JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $8591510.44   | 0.15%             | 2026-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cotuit Fire District                                                             | Cotuit Fire District                                                                                                                             | CUSIP: 222033CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9100000 | PA      | $9227637.51   | 0.17%             | 2026-12-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                                | County Square Redevelopment Corp., Greenville South Carolina Project                                                                             | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $9593561.34   | 0.17%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collier County Water-Sewer District                                              | Collier County Water-Sewer District, Series 2016                                                                                                 | CUSIP: 222642JX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202689.72    | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Croton-Harmon Union Free School District                                         | Croton-Harmon Union Free School District, Series 2025A                                                                                           | CUSIP: 227777GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21132178 | PA      | $21298674.20  | 0.38%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                        | CUSIP: 231266MS3<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4185593.60   | 0.08%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                        | CUSIP: 231266MT1<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603598.10   | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                     | CUSIP: 23225PAW5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   7490000 | PA      | $7490000.00   | 0.13%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                     | CUSIP: 23225PAX3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5870559.10   | 0.11%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                          | Cuyahoga Metropolitan Housing Authority, Wade Park Apartments                                                                                    | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4930000 | PA      | $4930000.00   | 0.09%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2023A                                                                       | CUSIP: 232769MT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5560000 | PA      | $6093306.86   | 0.11%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                     | CUSIP: 232769PZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11803499.40  | 0.21%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                                     | Dallas County Utility and Reclamation District, Unlimited Tax, Series 2016                                                                       | CUSIP: 234839PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $496758.75    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                            | CUSIP: 2350365B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30631.24     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                            | CUSIP: 2350365D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79988.06     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020B                                                                                            | CUSIP: 2350365V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79988.06     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2022B                                                                                            | CUSIP: 23503CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36550.27     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1633666.08   | 0.03%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566440.25   | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1093170.19   | 0.02%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2025A-1                                                                                          | CUSIP: 23503CFP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4222187.60   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2025A-1                                                                                          | CUSIP: 23503CFQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5368880.00   | 0.10%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2025A-1                                                                                          | CUSIP: 23503CFR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10886933.00  | 0.20%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2023A                                                                                                                     | CUSIP: 235219US9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $366778.06    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2023A                                                                                                                     | CUSIP: 235219UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61742.01     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2023A                                                                                                                     | CUSIP: 235219UV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21473.67     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RJ7<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RL2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RM0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285000.00    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RN8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RQ1<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RU2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2019                                                                                   | CUSIP: 235241SY3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks and Sewer System, Series 2015A                                                                                         | CUSIP: 2354166N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2263824.37   | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks and Sewer System, Series 2015A                                                                                         | CUSIP: 2354166P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180290.43    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks Sewer System, Series 2016A                                                                                             | CUSIP: 23542JAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018203.80   | 0.02%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA                                                              | County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax                                                                 | CUSIP: 240451YF5<br>LEI: 54930077BXREPE6WKC96 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of De Pere WI                                                               | City of De Pere, Series 2013A                                                                                                                    | CUSIP: 241361G99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310094.98    | 0.01%             | 2026-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                               | City of Decatur                                                                                                                                  | CUSIP: 243127XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340994.26    | 0.01%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                               | City of Decatur                                                                                                                                  | CUSIP: 243127XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202940.08    | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Industrial Development Authority                                 | Delaware County Industrial Development Authority, United Parcel Service Project                                                                  | CUSIP: 245903AB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.72%             | 2045-09-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | Delaware County Authority, Cabrini University                                                                                                    | CUSIP: 245913MH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1409543.50   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | Delaware County Authority, Cabrini University                                                                                                    | CUSIP: 245913MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1481827.78   | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | State of Delaware, Series 2018A                                                                                                                  | CUSIP: 246381MJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25104.62     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | State of Delaware, Series 2023A                                                                                                                  | CUSIP: 246381SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126301.89    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                                | Delaware Transportation Authority, Series 2016                                                                                                   | CUSIP: 246428B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1024656.01   | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                       | Delaware Valley Regional Finance Authority, Local Government, Series 2024B                                                                       | CUSIP: 246579LZ7<br>LEI: 549300HGYP3NW885TT18 | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.54%             | 2059-09-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Delaware Academy Central School District at Delhi                                | Delaware Academy Central School District at Delhi                                                                                                | CUSIP: 246797EY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10492486 | PA      | $10562876.94  | 0.19%             | 2026-07-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of Demarest NJ                                                           | Borough of Demarest                                                                                                                              | CUSIP: 248033EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8080000 | PA      | $8115246.58   | 0.15%             | 2026-03-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Permanent Improvement                                                                                                          | CUSIP: 2487755B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20285.51     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                      | CUSIP: 249015B98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117687.06    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                      | CUSIP: 249015C30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71594.19     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024A                                                                                                          | CUSIP: 249164SW5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1072616.71   | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024B                                                                                                          | CUSIP: 249164TN4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    955000 | PA      | $970946.88    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                       | Denver City and County School District No. 1, Series 2018A                                                                                       | CUSIP: 249174WE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver City and County School District No. 1                                     | Denver City and County School District No. 1, Series 2025D                                                                                       | CUSIP: 249174ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3610863.71   | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County School District No. 1                                     | Denver City and County School District No. 1, Series 2025D                                                                                       | CUSIP: 249174ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4089771.66   | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City and County School District No. 1                                     | Denver City and County School District No. 1, Series 2025D                                                                                       | CUSIP: 249174ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5084341.10   | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Pledged Excise Tax Revenue                            | City and County of Denver Pledged Excise Tax, Series 2016A                                                                                       | CUSIP: 24917DAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $345246.20    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                          | CUSIP: 249182UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4792849.91   | 0.09%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                          | CUSIP: 249182UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080678.40   | 0.04%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Depew Union Free School District                                                 | Depew Union Free School District                                                                                                                 | CUSIP: 249541KZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20160000 | PA      | $20438966.02  | 0.37%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                 | City of Derby, Series 2024-1                                                                                                                     | CUSIP: 249776KX2<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4183580.17   | 0.08%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | Desert Community College District, Series 2016                                                                                                   | CUSIP: 250375GA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25107.50     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | Desert Community College District, Series 2016                                                                                                   | CUSIP: 250375GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25107.50     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Unlimited Tax, Series 2023A                                                                                                     | CUSIP: 2510935U0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007899.50   | 0.02%             | 2026-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business and Industry, Republic Services, Inc. Project, Series 2001                                                | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1800000 | PA      | $1799965.98   | 0.03%             | 2026-12-01      | Variable      | 3.95%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    230000 | PA      | $230523.89    | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265640.00    | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100243.41    | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2023B                                                                                                               | CUSIP: 25476FA81<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25304.79     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2024C                                                                                                               | CUSIP: 25476FH50<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5105000 | PA      | $5346915.74   | 0.10%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series D                                                                                                                   | CUSIP: 25476FSQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25304.79     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017D                                                                                                               | CUSIP: 25476FUZ9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071009.60   | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | District of Columbia Income Tax, Series 2020A                                                                                                    | CUSIP: 25477GRG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20615.23     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | District of Columbia Income Tax, Series 2022C                                                                                                    | CUSIP: 25477GVG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56356.10     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project, Series 2023                                       | CUSIP: 25477PPY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6275000 | PA      | $6280388.97   | 0.11%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, National Public Radio, Inc., Issue, Series 2016                                                                            | CUSIP: 25483VRG1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25186.40     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Federal Highway, Series 2020                                                                                               | CUSIP: 25483VWQ3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48003.75     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | District of Columbia Water and Sewer Authority, Subordinate Lien, Series 2025B                                                                   | CUSIP: 254845UY4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1381663.42   | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dougherty County School District                                                 | Dougherty County School District, Sales Tax                                                                                                      | CUSIP: 258687FD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1505000.00   | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                            | Omaha School District, Series 2016                                                                                                               | CUSIP: 259291ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2761495.74   | 0.05%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Dover NJ                                                                 | Town of Dover, General Improvement Water Utility                                                                                                 | CUSIP: 260237LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17039000 | PA      | $17080108.29  | 0.31%             | 2026-01-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Du Page Cook & Will Counties Community College District No. 502                  | Du Page Cook and Will Counties Community College District No. 502, Series 2023                                                                   | CUSIP: 262615KV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $601867.61    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2016A                                                                                         | CUSIP: 264474HA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50080.93     | 0.00%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2016A                                                                                         | CUSIP: 264474HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2755069.35   | 0.05%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019B                                                                                         | CUSIP: 264474HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1194071.11   | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019B                                                                                         | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $412535.00    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dunklin MO                                                             | County of Dunklin                                                                                                                                | CUSIP: 265620BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400269.00    | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                | City of Durham                                                                                                                                   | CUSIP: 26678PGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117358.87    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169GZ7<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |    415000 | PA      | $420680.40    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169HB9<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58211.84     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169HC7<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43211.84     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                   | E-470 Public Highway Authority, Series 2020A                                                                                                     | CUSIP: 26822LMN1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76280.27     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of East Orange NJ                                                           | City of East Orange                                                                                                                              | CUSIP: 274137Y44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16840900 | PA      | $17047440.17  | 0.31%             | 2026-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of East Rutherford NJ                                                    | Borough of East Rutherford                                                                                                                       | CUSIP: 274785JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14130000 | PA      | $14189179.27  | 0.25%             | 2026-04-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Edison NJ                                                            | Township of Edison                                                                                                                               | CUSIP: 281047M98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25870000 | PA      | $26219369.18  | 0.47%             | 2026-11-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Irrigation District                                                    | El Dorado Irrigation District, Series 2016C                                                                                                      | CUSIP: 283062CA3<br>LEI: 54930090GZM9I8KVSN04 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40266.09     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                               | City of El Paso, Series 2020A                                                                                                                    | CUSIP: 283734R78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21614.22     | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | City of El Paso Water and Sewer, Series 2019A                                                                                                    | CUSIP: 283822SG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1265816.47   | 0.02%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elba Central School District                                                     | Elba Central School District                                                                                                                     | CUSIP: 284191ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11082910.30  | 0.20%             | 2026-06-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 3 Electric, Series 2018C                                                                                               | CUSIP: 29270C2C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $390532.72    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2022-A                                                                                                       | CUSIP: 29270C4M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101437.07    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                        | CUSIP: 29270C6B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3651734.52   | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                        | CUSIP: 29270C6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558605.15   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Columbia Generating Station, Series 2025A                                                                                      | CUSIP: 29270C6H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4178923.98   | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                        | CUSIP: 29270C6W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3013303.29   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                        | CUSIP: 29270C6X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4248424.00   | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 3 Electric, Series 2016-A                                                                                              | CUSIP: 29270CR31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126688.36    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2017-A                                                                                                       | CUSIP: 29270CU45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96365.22     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County School Board                                                     | Escambia County School Board, Series 2020A                                                                                                       | CUSIP: 296141DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $391439.84    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                   | FYI Properties, State of Washington District Project, Series 2019                                                                                | CUSIP: 302716BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303398.28    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | County of Fairfax, Series 2016A                                                                                                                  | CUSIP: 30382AEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30242.81     | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                    | Fairfax County Economic Development Authority, Silver Line Phase I Project                                                                       | CUSIP: 30383BCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20155.16     | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Fairport NY                                                           | Village of Fairport                                                                                                                              | CUSIP: 305567NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5631750 | PA      | $5671836.23   | 0.10%             | 2026-05-29      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of Fanwood NJ                                                            | Borough of Fanwood, Series 2025A                                                                                                                 | CUSIP: 307315LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5907690 | PA      | $5923888.30   | 0.11%             | 2026-02-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Flemington NJ                                                         | Borough of Flemington, Series 2025A                                                                                                              | CUSIP: 339261GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7079000 | PA      | $7096574.33   | 0.13%             | 2026-01-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Waste Management, Inc. Project, Series 2025A                                                                  | CUSIP: 34061XAH5<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5027543.00   | 0.09%             | 2050-09-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | Florida Higher Educational Facilities Financing Authority, Rollins College Project, Series 2012B                                                 | CUSIP: 34073TEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2025-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                    | Florida Gulf Coast University Financing Corp., Housing Project, Series 2008A                                                                     | CUSIP: 34073XCK2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8800000 | PA      | $8800000.00   | 0.16%             | 2038-02-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                    | Florida Housing Finance Corp., Culmer Apartments, Series 2023C                                                                                   | CUSIP: 34074HGY2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | STIV             | MUN               | US        |   4715000 | PA      | $4715000.00   | 0.08%             | 2026-12-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | Florida Local Government Finance Commission, Fleet Landing at Nocatee Project, Series 2025B-3                                                    | CUSIP: 34077UAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6335007.84   | 0.11%             | 2030-11-15      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Right of Way Acquisition and Bridge Construction, Series 2017A                                                                 | CUSIP: 3411502D1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25351.09     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Right of Way Acquisition and Bridge Construction, Series 2019A                                                                 | CUSIP: 3411505V8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40561.75     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2021B                                                               | CUSIP: 34115PBA2<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50702.19     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida Lottery, Series 2017A                                                                                                           | CUSIP: 341507S36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47685.74     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2015A                                                               | CUSIP: 34153P6X1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35064.83     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2016E                                                                                  | CUSIP: 34153QFJ0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    315000 | PA      | $318857.62    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2017B                                                               | CUSIP: 34153QKM7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30367.39     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2017C                                                                                  | CUSIP: 34153QLH7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20244.93     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2021B                                                                                  | CUSIP: 34153QUY0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43363.81     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2023A                                                               | CUSIP: 34153QWX0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    265000 | PA      | $268245.30    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Housing System Revenue                               | Florida Atlantic University Housing System, Series 2016A                                                                                         | CUSIP: 341568BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1082918.32   | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40526.75     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46668.43     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26543.62     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Indirect Garvees, Series 2019A                                                                    | CUSIP: 34160DAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $172961.28    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2021A                                                                                      | CUSIP: 34160DAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62224.58     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation                                                                                                    | CUSIP: 34160KBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27624.45     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $428871.95    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1087437.73   | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42759.12     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54587.88     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101404.37    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155608.88    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $206487.68    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2018A                                                                                     | CUSIP: 34160WB60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344774.86    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2018A                                                                                     | CUSIP: 34160WB86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26472.78     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2019B                                                                                     | CUSIP: 34160WE26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197738.52    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2016A                                                                                     | CUSIP: 34160WZK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81123.50     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2016A                                                                                     | CUSIP: 34160WZL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $729951.84    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Education                                         | State of Florida Department of Education, Series 2018A                                                                                           | CUSIP: 34161CDU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67113.97     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816H81<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    680000 | PA      | $691633.17    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816H99<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    170000 | PA      | $172957.76    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816J22<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2280236.45   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                              | CUSIP: 342816N92<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76283.07     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                              | CUSIP: 342816P25<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    225000 | PA      | $233911.31    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2018A                                                              | CUSIP: 342816Q24<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    160000 | PA      | $162259.04    | 0.00%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2016B                                                                      | CUSIP: 343137BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19929.70     | 0.00%             | 2026-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2018A                                                                      | CUSIP: 343137DE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126726.28    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2021B                                                                      | CUSIP: 343137KJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25345.26     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2024A                                                                      | CUSIP: 343137RR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22343.54     | 0.00%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2025A                                                                      | CUSIP: 343137WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $3239677.86   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Floyd County Hospital Authority                                                  | Floyd County Hospital Authority, Floyd Medical Center Project                                                                                    | CUSIP: 343575JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20239.86     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series A                                                                                                     | CUSIP: 346766SY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70413.91     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Series B                                                                                                                    | CUSIP: 346766TU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150879.36    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series B                                                                                                     | CUSIP: 346766TW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25144.46     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Pierce Utilities Authority                                                  | Fort Pierce Utilities Authority, Series 2022A                                                                                                    | CUSIP: 348430PC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181800.33    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $319098.19    | 0.01%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27275.59     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $926414.10    | 0.02%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426MP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1690090.42   | 0.03%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426MQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7845000 | PA      | $8398808.36   | 0.15%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                           | Fort Worth Independent School District, Unlimited Tax                                                                                            | CUSIP: 349461FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7714134.75   | 0.14%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH Sales Tax Revenue                                          | County of Franklin Sales Tax, Various Purpose                                                                                                    | CUSIP: 353204AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31085.61     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County School District No. 1 Pasco                                      | Franklin County School District No. 1 Pasco, Unlimited Tax, Series 2015                                                                          | CUSIP: 353442ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $5015000.00   | 0.09%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                | City of Frisco, Series 2025C                                                                                                                     | CUSIP: 3587767H9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2758779.40   | 0.05%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax, Series 2025B                                                                                  | CUSIP: 35880C6H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3692596.27   | 0.07%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax                                                                                                | CUSIP: 35880CQW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.18%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax, Series 2017                                                                                   | CUSIP: 35880CXF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5067861.00   | 0.09%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Utilities System, Series B                                                                                                  | CUSIP: 362848SW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50068.82     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Utilities System, Series 2017A                                                                                              | CUSIP: 362848UA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042469.10   | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork           | Garfield Pitkin and Eagle Counties School District No. Re-1 Roaring Fork                                                                         | CUSIP: 365892MK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75067.10     | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork           | Garfield Pitkin and Eagle Counties School District No. Re-1 Roaring Fork, Series 2016                                                            | CUSIP: 365892MM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.37     | 0.00%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garnet Valley School District                                                    | Garnet Valley School District, Series 2017                                                                                                       | CUSIP: 366268RV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135121.81    | 0.00%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GCS School Building Corp. One                                                    | GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage                                                                  | CUSIP: 36828VGP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45110.30     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020B                                                                                                 | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13940000 | PA      | $14144124.81  | 0.25%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020C                                                                                                 | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2662187.73   | 0.05%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Geneseo Central School District                                                  | Geneseo Central School District                                                                                                                  | CUSIP: 371826FJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7235000 | PA      | $7282209.82   | 0.13%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2016A                                                                                                                   | CUSIP: 3733844B9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25098.48     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2016E                                                                                                                   | CUSIP: 3733846U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2018A                                                                                                                   | CUSIP: 373385CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55791.67     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2022A                                                                                                                   | CUSIP: 373385JZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101439.40    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | Georgia State Road and Tollway Authority, Series 2020                                                                                            | CUSIP: 37358MEH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60752.78     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Community College District                                              | Glendale Community College District, Election of 2016, Series 2016A                                                                              | CUSIP: 378394GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26222.11     | 0.00%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds, Series 2017A-1                                                 | CUSIP: 38122NZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26009.49     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gouverneur Central School District                                               | Gouverneur Central School District                                                                                                               | CUSIP: 383622DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20135418.00  | 0.36%             | 2026-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                            | City of Grand Rapids Sanitary Sewer System, Series 2010                                                                                          | CUSIP: 386289FX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20037.91     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2014A                                                                                                          | CUSIP: 386442VJ3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310522.26    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WL7<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    170000 | PA      | $171868.88    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WM5<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148071.84    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WN3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56185.32     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                    | Grand Valley State University, Series 2016A                                                                                                      | CUSIP: 386545KV8<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1637440.84   | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grant County Public Utility District No. 2 Electric Revenue                      | Grant County Public Utility District No. 2 Electric, Series 2023U                                                                                | CUSIP: 387874YX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3668887.83   | 0.07%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | Great Lakes Water Authority Sewage Disposal System, Senior Lien, Series 2024A                                                                    | CUSIP: 39081HFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152061.90    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority, Water Supply System, Second Lien, Series C                                                                          | CUSIP: 39081JAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126718.25    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Senior Lien, Series C                                                                           | CUSIP: 39081JAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25333.18     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Senior Lien, Series C                                                                           | CUSIP: 39081JAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50663.75     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority, Water Supply System, Second Lien, Series 2018A                                                                      | CUSIP: 39081JBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45592.33     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority, Series 2017A                                                                                                 | CUSIP: 3922744P8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1412811.31   | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County School District                                                | Greenville County School District, Series 2023                                                                                                   | CUSIP: 396066JD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325000.00   | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Groton CT                                                                | Town of Groton                                                                                                                                   | CUSIP: 3993525U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6933236.61   | 0.12%             | 2026-04-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam, Series 2025G                                                                                                                  | CUSIP: 40065NCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $518412.55    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam, Series 2025G                                                                                                                  | CUSIP: 40065NCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    850000 | PA      | $895957.46    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | County of Hamilton, Trihealth, Inc. Group Project, Series 2020A                                                                                  | CUSIP: 407272Y56<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25858.23     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton, Sales Tax, Series 2016A                                                                                                      | CUSIP: 407287MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton, Sales Tax, Series 2016A                                                                                                      | CUSIP: 407287MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $686050.99    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton Sales Tax, Series 2016A                                                                                                       | CUSIP: 407287MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1516043.77   | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton Sales Tax                                                                                                                     | CUSIP: 407287MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  41800000 | PA      | $42724921.14  | 0.77%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                              | City of Hamilton, Limited Tax Various Purpose                                                                                                    | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2521051.09   | 0.05%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hamilton NJ/Atlantic County                                          | Township of Hamilton                                                                                                                             | CUSIP: 408000GJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8150000 | PA      | $8208927.76   | 0.15%             | 2026-06-05      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Township of Hamilton NJ/Mercer County                                            | Township of Hamilton                                                                                                                             | CUSIP: 4080543W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37000000 | PA      | $37449309.50  | 0.67%             | 2026-10-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Subordinate Wastewater, Series 2016A                                                                          | CUSIP: 409327HJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55897.10     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2016A                                                                                                  | CUSIP: 409327HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30489.33     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                           | Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien, Series 2021A                                           | CUSIP: 40934TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18965000 | PA      | $19235547.10  | 0.35%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp.                                | Harris County Health Facilities Development Corp., Sisters of Charity of the Incarnate Word, Series 1997B                                        | CUSIP: 41315RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3254708.42   | 0.06%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                             | County of Harnett, Limited Obligation                                                                                                            | CUSIP: 41333TCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                             | County of Harnett, Series 2020                                                                                                                   | CUSIP: 41333TCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88977.10     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Series 2022A                                                                                                                   | CUSIP: 414005N46<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1792226.15   | 0.03%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Series 2022A                                                                                                                   | CUSIP: 414005R91<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152997.95    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2015B                                                                                                      | CUSIP: 414005VF2<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60104.82     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2015B                                                                                                      | CUSIP: 414005VG0<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90187.27     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2016A                                                                                                      | CUSIP: 414005WG9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    310000 | PA      | $314796.69    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                           | CUSIP: 414005WH7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40634.13     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Children's Hospital, Series 2015-1                                                    | CUSIP: 414009JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1851793.02   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series 2015-1                                              | CUSIP: 414009JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40034.74     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2019A                                          | CUSIP: 414009ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $97512.56     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2019B-3                                        | CUSIP: 414009MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3031296.94   | 0.05%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2020C-3                                        | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3112948.04   | 0.06%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2024C                                          | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10630498.00  | 0.19%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax, Series A                                                                      | CUSIP: 41422EFQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127830.63    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax, Series 2018                                                                   | CUSIP: 41422EHX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $588020.88    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax                                                                                | CUSIP: 41422EJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067422.30   | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, First Lien, Series 2021                                                                                              | CUSIP: 41423PBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35591.48     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris, First Lien, Series 2024A                                                                                                       | CUSIP: 41423PDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $330492.27    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hatfield MA                                                              | Town of Hatfield                                                                                                                                 | CUSIP: 418866DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8907094 | PA      | $8986638.80   | 0.16%             | 2026-07-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hawaii HI                                                              | County of Hawaii, Series C                                                                                                                       | CUSIP: 419722P72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20118.11     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series ET                                                                                                                       | CUSIP: 419792AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25035.32     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series EO                                                                                                                       | CUSIP: 419792H90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40031.77     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series 2016FB                                                                                                                   | CUSIP: 419792HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125389.99    | 0.00%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FH                                                                                                                       | CUSIP: 419792MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137770.23    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series 2019FW                                                                                                                   | CUSIP: 419792XK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50099.93     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii State Highway Fund                                               | State of Hawaii State Highway Fund, Series B                                                                                                     | CUSIP: 41981CNS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35455.17     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | County of Hays, Series 2017                                                                                                                      | CUSIP: 421020B31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118306.80    | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                            | County of Hennepin, Series 2018A                                                                                                                 | CUSIP: 425507GH7<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN Sales Tax Revenue                                          | County of Hennepin Sales Tax, Series 2017A                                                                                                       | CUSIP: 425538CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55049.24     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                       | County of Henrico Water and Sewer, Series 2016                                                                                                   | CUSIP: 426170MR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25263.41     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County School District                                                     | Henry County School District, Series 2016                                                                                                        | CUSIP: 426362NT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75686.28     | 0.00%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                     | Henry County Water Authority, Series 2021                                                                                                        | CUSIP: 426368AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70272.65     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | Hillsborough County Aviation Authority, Tampa International Airport, Series 2022A                                                                | CUSIP: 432308M76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3109051.20   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County School Board                                                 | Hillsborough County School Board, Master Lease Program                                                                                           | CUSIP: 43232VUZ2<br>LEI: 549300E7JND1K3JLOI29 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3282417.64   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                        | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.36%             | 2054-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Homewood AL                                                              | City of Homewood                                                                                                                                 | CUSIP: 437884NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61061.11     | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Homewood AL                                                              | City of Homewood                                                                                                                                 | CUSIP: 437884NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035370.40   | 0.04%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series A                                                                                                            | CUSIP: 438687AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20369.93     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Rail Transit Project, Series 2020B                                                                                  | CUSIP: 438687LZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25155.42     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Rail Transit Project, Series 2021E                                                                                  | CUSIP: 438687TW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352175.81    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hornell City School District                                                     | Hornell City School District                                                                                                                     | CUSIP: 440614LQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17170000 | PA      | $17290176.26  | 0.31%             | 2026-06-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2019A                                                                                                                    | CUSIP: 4423314Z4<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68385.27     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Public Improvement, Series 2021A                                                                                                | CUSIP: 4423316F6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    295000 | PA      | $296729.41    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2021A                                                                                                                    | CUSIP: 4423316H2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21041.62     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2016A                                                                                                                    | CUSIP: 442331K60<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100586.24    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2016A                                                                                                                    | CUSIP: 442331K78<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2202184.50   | 0.04%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2016A                                                                                                                    | CUSIP: 442331K86<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    595000 | PA      | $598358.42    | 0.01%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2017A                                                                                                                    | CUSIP: 442331U51<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2757797.45   | 0.05%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston                                                                                                                                  | CUSIP: 442332GB2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |  23300000 | PA      | $23631666.18  | 0.42%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Subordinate Lien, Series 2018B                                                                                   | CUSIP: 442349BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227964.29    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Subordinate Lien, Series 2018B                                                                                   | CUSIP: 442349BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25915.46     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018D                                                                                  | CUSIP: 442349CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303952.38    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                  | CUSIP: 442349ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126646.83    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                  | CUSIP: 442349EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51830.91     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2023B                                                                                  | CUSIP: 442349HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37066.39     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                               | CUSIP: 442349JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025521.30   | 0.05%             | 2026-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                               | CUSIP: 442349JY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2682075.90   | 0.05%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                               | CUSIP: 442349JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2374283.76   | 0.04%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Houston City College                                                             | Houston City College                                                                                                                             | CUSIP: 442368NH5<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1426494.47   | 0.03%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | Houston Independent School District, Limited Tax, Series 2025B                                                                                   | CUSIP: 442403RE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6950047.73   | 0.12%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 1998A                                                                                            | CUSIP: 4424365Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7510000 | PA      | $7510000.00   | 0.13%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | Deutsche Intermediate Tax-Free Fund, First Lien, Series 2015D                                                                                    | CUSIP: 44244CCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25045.26     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, First Lien, Series 2016B                                                                                | CUSIP: 44244CGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2175551.12   | 0.04%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 2017B                                                                                            | CUSIP: 44244CMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $141272.92    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2018C                                                                               | CUSIP: 44244CN94<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.72%             | 2034-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | Deutsche Intermediate Tax-Free Fund, Series 2017B                                                                                                | CUSIP: 44244CNG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47053.49     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston Combined Utility System, First Lien, Series 2024A                                                                                | CUSIP: 44244CS32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022756.10   | 0.02%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 2018D                                                                                            | CUSIP: 44244CSL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511378.05    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2018D                                                                               | CUSIP: 44244CSQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2856601.20   | 0.05%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Howell NJ                                                            | Township of Howell                                                                                                                               | CUSIP: 443157MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3507989.80   | 0.06%             | 2026-02-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Huber Heights OH                                                         | City of Huber Heights, Various Purpose                                                                                                           | CUSIP: 443524XD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10119179.00  | 0.18%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huber Heights OH                                                         | City of Huber Heights, Income Tax                                                                                                                | CUSIP: 44353ABN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5794762.60   | 0.10%             | 2026-06-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Hudson OH                                                                | City of Hudson, Limited Tax                                                                                                                      | CUSIP: 443695TC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35300000 | PA      | $35823061.28  | 0.64%             | 2026-12-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Local Unit Loan Program, Series B-1                                                                         | CUSIP: 443728GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15112620.00  | 0.27%             | 2026-06-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Courthouse Project, Series 2020                                                                             | CUSIP: 443730PK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $198691.00    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Courthouse Project, Series 2020                                                                             | CUSIP: 443730PL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31269.77     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Falls Central School District                                             | Hudson Falls Central School District                                                                                                             | CUSIP: 443780NT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9368268.51   | 0.17%             | 2026-06-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Hudson NY                                                                | City of Hudson                                                                                                                                   | CUSIP: 444060ET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7560000 | PA      | $7606092.56   | 0.14%             | 2026-06-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | Idaho Health Facilities Authority, Trinity Health, Series 2015ID                                                                                 | CUSIP: 451295XL8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95510.32     | 0.00%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | Idaho Housing and Finance Association, Federal Highway Trust, Series 2015A                                                                       | CUSIP: 45129WMR8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70974.70     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                                   | Idaho State Building Authority, Sales Tax, Series 2024A                                                                                          | CUSIP: 451446AB4<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |    245000 | PA      | $247975.89    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern University, Series 2015                                                                                 | CUSIP: 45203HZ62<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80242.82     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Unitypoint Health, Series 2016D                                                                                      | CUSIP: 45204ECM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5495000 | PA      | $5511749.86   | 0.10%             | 2046-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                | CUSIP: 45204EEU8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    520000 | PA      | $532846.13    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                            | CUSIP: 45204EJH2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110116.12    | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative                                                                                         | CUSIP: 45204EJK5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125234.73    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                            | CUSIP: 45204EKD9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20037.56     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                            | CUSIP: 45204EKE7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    395000 | PA      | $395741.73    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $386717.30    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQB7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35679.47     | 0.00%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019413.50   | 0.02%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25485.34     | 0.00%             | 2031-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERD2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20544.30     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERE0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    320000 | PA      | $328708.80    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERF7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     90000 | PA      | $92449.35     | 0.00%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERG5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    140000 | PA      | $143810.10    | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51360.75     | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERJ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51360.75     | 0.00%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERK6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30816.45     | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERL4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    275000 | PA      | $282484.13    | 0.01%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERN0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45746.61     | 0.00%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2019                                                                   | CUSIP: 45204EW20<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285547.77    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2019                                                                            | CUSIP: 45204EW38<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    205000 | PA      | $207819.14    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund                                                                                | CUSIP: 45204EXS2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2892223.58   | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                            | CUSIP: 45204EXT0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    170000 | PA      | $174375.89    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                       | CUSIP: 45204EZQ4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20887.92     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, University of Chicago, Series 2020A                                                                                  | CUSIP: 45204FAC9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25207.64     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2020                                                                   | CUSIP: 45204FFB6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40076.88     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2020                                                                   | CUSIP: 45204FFC4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76031.39     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2020                                                                   | CUSIP: 45204FFH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37485.20     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presbyterian Homes Obligated Group, Series 2021B                                                                     | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   5790000 | PA      | $5768647.64   | 0.10%             | 2042-05-01      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                   | CUSIP: 45204FJA4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    210000 | PA      | $217386.75    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                   | CUSIP: 45204FJB2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    340000 | PA      | $359520.22    | 0.01%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                | CUSIP: 45204FN43<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3545000 | PA      | $3610403.12   | 0.06%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2016C                                                                                                         | CUSIP: 45204FN84<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25756.29     | 0.00%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2016C                                                                                                         | CUSIP: 45204FN92<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1061159.25   | 0.02%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2016C                                                                                                         | CUSIP: 45204FP33<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101844.94    | 0.00%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Uchicago Medicine, Series 2022B-2                                                                                    | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3084340.50   | 0.06%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                | CUSIP: 45204FYF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1379998.94   | 0.02%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                  | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1766737.24   | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018B                                                                                                                  | CUSIP: 4521522Y6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $228855.89    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2019A                                                                                                                  | CUSIP: 4521525F4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81507.79     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020B                                                                                                                  | CUSIP: 4521526Q9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1327364.18   | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020B                                                                                                                  | CUSIP: 4521526S5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184692.17    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016-6                                                                                                                 | CUSIP: 452152D32<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    585000 | PA      | $590912.48    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25083.01     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                   | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    825000 | PA      | $843949.51    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017C                                                                                                                  | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3936171.48   | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1998788.91   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3122518.92   | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  19825000 | PA      | $20193225.59  | 0.36%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                  | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                  | CUSIP: 452152X22<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    275000 | PA      | $288224.23    | 0.01%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                  | CUSIP: 452153AE9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150757.41    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021C                                                                                                                  | CUSIP: 452153BH1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178887.85    | 0.00%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                  | CUSIP: 452153BS7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52924.46     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                  | CUSIP: 452153BT5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69992.16     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022A                                                                                                                  | CUSIP: 452153CM9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40201.98     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022A                                                                                                                  | CUSIP: 452153CN7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51272.41     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022B                                                                                                                  | CUSIP: 452153DH9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52279.80     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                  | CUSIP: 452153GB9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    780000 | PA      | $789166.17    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                  | CUSIP: 452153GD5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78902.72     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2013                                                                                                        | CUSIP: 452227HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1867797.31   | 0.03%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2021A                                                                                                       | CUSIP: 452227RN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20544.65     | 0.00%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2021A                                                                                                       | CUSIP: 452227RP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57047.53     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                              | CUSIP: 452252NB1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60114.81     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                              | CUSIP: 452252ND7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    180000 | PA      | $188696.63    | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                              | CUSIP: 452252NE5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107100.56    | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019B                                                                                              | CUSIP: 452252NS4<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180344.43    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019B                                                                                              | CUSIP: 452252NU9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20966.29     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                              | CUSIP: 452252PE3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    630000 | PA      | $660438.20    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                              | CUSIP: 452252PG8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76523.19     | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2016C                                                                                                          | CUSIP: 45470RCT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    255000 | PA      | $255000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2016C                                                                                                          | CUSIP: 45470RCU8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $235241.36    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017A                                                                                                          | CUSIP: 45470RDJ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51771.17     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group, Series 2017B                                                              | CUSIP: 45470YDR9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102058.39    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                              | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3876685.00   | 0.07%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B-2                                                             | CUSIP: 45470YFM8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4095000 | PA      | $4433781.40   | 0.08%             | 2060-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2025D-1                                                             | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2670494.50   | 0.05%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2016A                                                               | CUSIP: 45471APH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                | CUSIP: 454898UJ4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    245000 | PA      | $248112.26    | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                | CUSIP: 454898UK1<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    975000 | PA      | $986851.03    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                | CUSIP: 454898UL9<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80907.29     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2019B                                                                                | CUSIP: 454898XD4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.27%             | 2042-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, Series 2021-2                                                                                  | CUSIP: 45505MKE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20865.18     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, First Lien, Series 2022A                                                                       | CUSIP: 45505MLZ7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26081.47     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2017C                                                                            | CUSIP: 45506DH99<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215870.58    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2018A                                                                            | CUSIP: 45506DR64<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57864.81     | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2019A                                                                            | CUSIP: 45506DV69<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    290000 | PA      | $291174.27    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2019A                                                                                                          | CUSIP: 45506DV77<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20576.95     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Deaconess Health System, Series 2016A                                                                                 | CUSIP: 45506DXT7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2588587.48   | 0.05%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series D                                                                                | CUSIP: 45506DYR0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    140000 | PA      | $142246.13    | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series E                                                                                | CUSIP: 45506DZF5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50202.46     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group, Series 2016                                                 | CUSIP: 45506DZZ1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $238773.84    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2021B                                                                            | CUSIP: 45506EDM2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004049.20   | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                         | CUSIP: 45506EEX7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    300000 | PA      | $319444.44    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                         | CUSIP: 45506EEY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    160000 | PA      | $173065.76    | 0.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                            | CUSIP: 45506ELT8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1419809.27   | 0.03%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Ascension Senior Credit Group, Series 2025A-1                                                                         | CUSIP: 45506EQE6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1557791.05   | 0.03%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Ascension Senior Credit Group, Series 2025A-1                                                                         | CUSIP: 45506EQF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5385000 | PA      | $5837119.22   | 0.10%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                               | Indiana University, Series 2015A                                                                                                                 | CUSIP: 455168BZ6<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100173.39    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                               | Indiana University, Series 2016A                                                                                                                 | CUSIP: 455168CY8<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20224.00     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Series 2018B                                                                                    | CUSIP: 45528UYK1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26803.56     | 0.00%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025C                               | CUSIP: 45528VGK9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4362838.16   | 0.08%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025C                               | CUSIP: 45528VGL7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1359413.43   | 0.02%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025C                               | CUSIP: 45528VGM5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095179.80   | 0.04%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025D                               | CUSIP: 45528VHA0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3434681.79   | 0.06%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025D                               | CUSIP: 45528VHB8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2563810.75   | 0.05%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Unlimited AD Valorem Property Tax Supported Project, Series 2025D                               | CUSIP: 45528VHC6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3141502.80   | 0.06%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue          | City of Indianapolis, Department of Public Utilities Gas Utility, Second Lien, Series 2017A                                                      | CUSIP: 455398NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35562.57     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue          | City of Indianapolis, Department of Public Utilities Gas Utility, Second Lien, Series 2017A                                                      | CUSIP: 455398NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114276.07    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, Series 2018A                                                                  | CUSIP: 455412BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25475.29     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                       | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                      | CUSIP: 45884AE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $142726.09    | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project                                                            | CUSIP: 46246SAC9<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  21600000 | PA      | $21600000.00  | 0.39%             | 2051-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                    | State of Iowa, Ijobs Program, Series 2016A                                                                                                       | CUSIP: 46257TEE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3649785.81   | 0.07%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Irondequoit NY                                                           | Town of Irondequoit, Series 2025B                                                                                                                | CUSIP: 463074R55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8747000 | PA      | $8855008.83   | 0.16%             | 2026-12-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water and Sewer System, Series 2008A-1                                                                                                       | CUSIP: 46613PVW3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11500000 | PA      | $11500000.00  | 0.21%             | 2038-10-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                | CUSIP: 46613SFU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7283495.10   | 0.13%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                | CUSIP: 46613SFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77921.54     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2020A                                                                                                                | CUSIP: 46613SQR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $154146.64    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                      | CUSIP: 46645V725<br>LEI: 549300UURKD5II8M6J91 | Long             | STIV             | RF                | US        | 695636171 | NS      | $695705734.28 | 12.50%            |  |  |  | No            |                  1 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Health Care Facilities, Baptist Health, Series 2019C                                                                       | CUSIP: 469400DY8<br>LEI: 549300XQE0JVN9WV0J40 | Long             | STIV             | MUN               | US        |  17400000 | PA      | $17400000.00  | 0.31%             | 2036-08-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series A                                                                                                                   | CUSIP: 469487MB5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25504.45     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2015                                                                                                                | CUSIP: 469495DF9<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20035.48     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville                                                                                                                             | CUSIP: 469495DJ1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165292.56    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | Deutsche Intermediate Tax-Free Fund, Series 2024                                                                                                 | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1037212.70   | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jersey City NJ                                                           | City of Jersey City, Series 2025A                                                                                                                | CUSIP: 476576VV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10789028.28  | 0.19%             | 2026-07-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jersey City NJ                                                           | City of Jersey City, Series 2025C                                                                                                                | CUSIP: 476576WN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26600000 | PA      | $26932856.44  | 0.48%             | 2026-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                        | Jersey City Municipal Utilities Authority, Water Project, Series 2025A                                                                           | CUSIP: 476624DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13125724.30  | 0.24%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Redevelopment Agency                                                 | Jersey City Redevelopment Agency, Bayfront Redevelopment Project, Series 2025A                                                                   | CUSIP: 476637BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13263065.40  | 0.24%             | 2026-12-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnstown City School District                                                   | Johnstown City School District                                                                                                                   | CUSIP: 479589FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7045940.30   | 0.13%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2018A                                                                                                                | CUSIP: 484873NA8<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52540.54     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Sanitary Sewer System Revenue                             | City of Kansas City Sanitary Sewer System, Series 2016A                                                                                          | CUSIP: 48507TFM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30054.38     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Missouri Special Obligation, Series A                                                                                       | CUSIP: 485106MD7<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450762.17    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2017C                                                                                                                | CUSIP: 485106RW0<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62340.54     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2018A                                                                                       | CUSIP: 485424SD8<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106905.82    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2018A                                                                                       | CUSIP: 485424SE6<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20846.89     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2024A                                                                                       | CUSIP: 485424SS5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    260000 | PA      | $264719.18    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                       | CUSIP: 485424TM7<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2470356.94   | 0.04%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                       | CUSIP: 485424TN5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4662172.81   | 0.08%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, AdventHealth, Series 2021B                                                                                 | CUSIP: 48542AFH9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   9220000 | PA      | $9740795.39   | 0.18%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, State of Kansas Project, Series 2019F                                                                      | CUSIP: 48542REA8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30650.47     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, Series 2020B                                                                                               | CUSIP: 48542RGR9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37009.49     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kent WA                                                                  | City of Kent, Limited Tax, Series 2016                                                                                                           | CUSIP: 490746XY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Norton Healthcare, Inc., Series 2000B                                                           | CUSIP: 49126VCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $218835.05    | 0.00%             | 2028-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Infrastructure Authority                                                | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program, Series 2016A                                            | CUSIP: 4913138A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75301.26     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Housing Corp.                                                           | Kentucky Housing Corp., Multi Family Housing Beecher Terrace Phase IV Project                                                                    | CUSIP: 49131CAA0<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100485.09    | 0.00%             | 2043-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                   | CUSIP: 49151F2Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127720.60    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 113, Series 2024B                                                                   | CUSIP: 49151F3A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045421.80   | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                   | CUSIP: 49151F3D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $188146.28    | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                       | CUSIP: 49151F3R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1930367.52   | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                       | CUSIP: 49151F3S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1704085.28   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                       | CUSIP: 49151F4M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2459109.35   | 0.04%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 133, Series A                                                                       | CUSIP: 49151F5W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3053325.90   | 0.05%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 133, Series A                                                                       | CUSIP: 49151F5X4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3124410.30   | 0.06%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 133, Series A                                                                       | CUSIP: 49151F5Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6500996.40   | 0.12%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 133, Series B                                                                       | CUSIP: 49151F6U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3053325.90   | 0.05%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 122, Series A                                                                       | CUSIP: 49151FB90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045421.80   | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 108, Series B                                                                       | CUSIP: 49151FHJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45710.56     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $633494.18    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $908265.56    | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $684338.54    | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 115                                                                                 | CUSIP: 49151FTC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1458750.67   | 0.03%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series 2016A                                                                               | CUSIP: 491552J71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55714.66     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series 2016A                                                                               | CUSIP: 491552J89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $658112.98    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Series 2016A                                                                                                        | CUSIP: 491552K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1222669.31   | 0.02%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116494.30    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $209089.11    | 0.00%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31060.20     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | County of King, Limited Tax, Series 2024A                                                                                                        | CUSIP: 49474F2A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | County of King, Limited Tax, Series 2024A                                                                                                        | CUSIP: 49474F5K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60862.24     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | County of King, Series 2017                                                                                                                      | CUSIP: 49474FSC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101437.07    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                       | King County School District No. 403 Renton, Unlimited Tax, Series 2017                                                                           | CUSIP: 495080UJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 409 Tahoma                                       | King County School District No. 409 Tahoma, Series 2015                                                                                          | CUSIP: 495188NY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                     | King County School District No. 411 Issaquah, Unlimited Tax, Series 2022                                                                         | CUSIP: 4952245V5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2016B                                                                                                                     | CUSIP: 4952894F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20261.98     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2018B                                                                                                               | CUSIP: 495290AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355029.75    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Sewer, Junior Lien, Series 2020B                                                                                                 | CUSIP: 495290BD9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |     60000 | PA      | $59904.92     | 0.00%             | 2042-01-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2025A                                                                                                               | CUSIP: 495290HA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3922489.63   | 0.07%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2025A                                                                                                               | CUSIP: 495290HB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2975342.72   | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kings Local School District                                                      | Kings Local School District, Unlimited Tax                                                                                                       | CUSIP: 496026ND3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4053115.20   | 0.07%             | 2026-07-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Mills Area School District                                                  | Lake Mills Area School District                                                                                                                  | CUSIP: 510201GC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1482875.03   | 0.03%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland, Department of Electric Utilities, Series 2010A                                                                                 | CUSIP: 51166FCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067880.50   | 0.02%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland, Department of Electric Utilities                                                                                               | CUSIP: 51166FDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $312235.29    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansingburgh Central School District at Troy                                     | Lansingburgh Central School District at Troy                                                                                                     | CUSIP: 516498GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10072658 | PA      | $10133938.04  | 0.18%             | 2026-07-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Limited Tax, Series B                                                                                           | CUSIP: 5178407A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2105000.00   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2016B                                                                                                    | CUSIP: 517845BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20225.01     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2018B                                                                                                    | CUSIP: 517845EK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $364401.54    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | County of Lee, Airport, Series 2021A                                                                                                             | CUSIP: 523470GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103503.80   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2014B                                                                                                      | CUSIP: 523494PB2<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25028.13     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2019A                                                                                                      | CUSIP: 523494QE5<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |    215000 | PA      | $218307.41    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Utility District No. 1 of Lewis County                                    | Public Utility District No. 1 of Lewis County, Cowlitz Falls Hydroelec Project, Series 2013                                                      | CUSIP: 527839DN1<br>LEI: 549300GUJWR2C89RVS54 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2292815.33   | 0.04%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2016A                                                                              | CUSIP: 5288287J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100084.38    | 0.00%             | 2027-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                                            | CUSIP: 52882PDN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1721633.71   | 0.03%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2023                                                                               | CUSIP: 52882PFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $940435.85    | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                                            | CUSIP: 52882PHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2643387.24   | 0.05%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                  | Lexington County Health Services District, Inc., Lexmed Obligated Group, Series 2017                                                             | CUSIP: 529050EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25988.25     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System, Series 2016                                                                                                    | CUSIP: 534272G78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55964.85     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System                                                                                                                 | CUSIP: 534272J42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20350.85     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System                                                                                                                 | CUSIP: 534272J67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25703.61     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System, Series 2020A                                                                                                   | CUSIP: 534272K81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76315.70     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System, Series 2020A                                                                                                   | CUSIP: 534272K99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $119706.77    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Egg Harbor NJ                                                 | Township of Little Egg Harbor, Series 2025A                                                                                                      | CUSIP: 537089ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3508000 | PA      | $3513845.73   | 0.06%             | 2026-01-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Township of Livingston NJ                                                        | Township of Livingston                                                                                                                           | CUSIP: 539141YQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35635000 | PA      | $36175582.95  | 0.65%             | 2026-12-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Logan NJ                                                             | Township of Logan                                                                                                                                | CUSIP: 541112BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15289000 | PA      | $15463779.26  | 0.28%             | 2026-10-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System, Series 2025B                                                                                       | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1981974.80   | 0.04%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Lopatcong NJ                                                         | Township of Lopatcong                                                                                                                            | CUSIP: 543536DD5<br>LEI: 5493005YSTVXIV0T8347 | Long             | DBT              | MUN               | US        |   4959127 | PA      | $4975866.53   | 0.09%             | 2026-03-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2017B                                                                                   | CUSIP: 5444952F0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    800000 | PA      | $819560.48    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2016B                                                                                   | CUSIP: 544495U77<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1628214.90   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2020A                                                                                   | CUSIP: 544532AT1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    800000 | PA      | $811776.96    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2022E                                                                                   | CUSIP: 544532GB4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1927970.28   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2024C                                                                                   | CUSIP: 544532MC5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    625000 | PA      | $685363.63    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                              | Los Angeles Unified School District, Certificates of Participation, Series 2023A                                                                 | CUSIP: 544648WQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10763.57     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                              | Los Angeles Unified School District, Certificates of Participation, Series 2023A                                                                 | CUSIP: 544648XE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10735.60     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                    | Loudoun County Economic Development Authority, Series 2020A                                                                                      | CUSIP: 54589SFW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                          | Louisa Industrial Development Authority, Electric and Power Co. Project, Series 2008A                                                            | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2005767.80   | 0.04%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities and Community Development Authority, Series 2017                                             | CUSIP: 54628CCP5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203689.10    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Willis Knighton Medical Center Project, Series 1997                                                       | CUSIP: 546395V35<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3436159.32   | 0.06%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2016A                                                      | CUSIP: 5463986B9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71575.83     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2002B                                                           | CUSIP: 546398DH8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25323.82     | 0.00%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                 | CUSIP: 546417KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2556546.00   | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                 | CUSIP: 546417KF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088538.00   | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1                                                                           | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.11%             | 2043-05-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-2                                                                           | CUSIP: 546475VW1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  33900000 | PA      | $33900000.00  | 0.61%             | 2043-05-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                   | CUSIP: 54659LBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.94     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                   | CUSIP: 54659LBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25383.35     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2020D                                                   | CUSIP: 54659LCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4160958.36   | 0.07%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project                                                                        | CUSIP: 54811BQM6<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1105385.97   | 0.02%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2019                                                           | CUSIP: 54811BSM4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    185000 | PA      | $194959.35    | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2019A                                                          | CUSIP: 54811BTH4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176865.47    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2020                                                           | CUSIP: 54811BUL3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20683.82     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2021                                                           | CUSIP: 54811BWH0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21467.98     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2022                                                           | CUSIP: 54811BXZ9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80852.78     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2022                                                           | CUSIP: 54811BYA3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20683.82     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2022                                                           | CUSIP: 54811BYB1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52691.72     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2023                                                           | CUSIP: 54811BZY0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84502.08     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2023                                                           | CUSIP: 54811BZZ7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107682.19    | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2018                                                                                                                     | CUSIP: 549188M49<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502341.95    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2016                                                                                                                     | CUSIP: 549188XB1<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130608.91    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2021                                                                                    | CUSIP: 549203WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36870.23     | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | County of Luzerne                                                                                                                                | CUSIP: 550697WP7<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3036171.30   | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | County of Luzerne                                                                                                                                | CUSIP: 550697WQ5<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2169559.35   | 0.04%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | County of Luzerne                                                                                                                                | CUSIP: 550697WR3<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3694706.40   | 0.07%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lyons Central School District                                                    | Lyons Central School District                                                                                                                    | CUSIP: 552279KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8876000 | PA      | $8936799.71   | 0.16%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Madison WI                                                               | City of Madison, Series 2021A                                                                                                                    | CUSIP: 55844RVA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20246.44     | 0.00%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madrid-Waddington Central School District                                        | Madrid-Waddington Central School District                                                                                                        | CUSIP: 558855HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4457500 | PA      | $4483581.28   | 0.08%             | 2026-07-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH                                                            | County of Mahoning, Limited Tax Various Tax                                                                                                      | CUSIP: 5600582E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6270000 | PA      | $6313667.42   | 0.11%             | 2026-10-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health and Higher Educational Facilities Authority, Mainehealth, Series 2020A                                                              | CUSIP: 56042RXS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35430.54     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                   | State of Maine, Series 2017B                                                                                                                     | CUSIP: 56052AZK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25307.41     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                         | CUSIP: 560551SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1776947.05   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                         | CUSIP: 560551SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1437064.07   | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Manchester NJ                                                        | Township of Manchester, Series 2025A                                                                                                             | CUSIP: 562462PV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17123054 | PA      | $17237393.19  | 0.31%             | 2026-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Township of Maple Shade NJ                                                       | Township of Maple Shade, Series 2025A                                                                                                            | CUSIP: 565335NG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12811000 | PA      | $12963514.96  | 0.23%             | 2026-11-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2019D                                                                    | CUSIP: 56682HCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2186302.95   | 0.04%             | 2046-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-1                                                                  | CUSIP: 56682HDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6080000 | PA      | $6126376.42   | 0.11%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-2                                                                  | CUSIP: 56682HDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $392094.86    | 0.01%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A3                                                                   | CUSIP: 56682HDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3462395.70   | 0.06%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                       | Maricopa County Union High School District No. 210-Phoenix, Project of 2023, Series 2025B                                                        | CUSIP: 567505SL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2467415.29   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2017C                                                                                                                  | CUSIP: 574193NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36435.21     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2018A                                                                                                                  | CUSIP: 574193QA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85602.85     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2A                                                                                                                     | CUSIP: 574193RP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40660.98     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, State and Local Facilities Loan of 2022, Series 2022C                                                                         | CUSIP: 574193UX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40245.02     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, State and Local Facilities Loan of 2021, Series 2022D                                                                         | CUSIP: 574193VC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63079.63     | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Series 2019                                                                                      | CUSIP: 574204N25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25513.01     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, Medstar Health, Inc., Series 2015                                                   | CUSIP: 574218UV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50145.20     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System, Series 2024A                                       | CUSIP: 57421CGB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.36%             | 2048-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System, Series 2025C-1                               | CUSIP: 57421CHW7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  45000000 | PA      | $45000000.00  | 0.81%             | 2055-07-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System, Series 2025C-2                               | CUSIP: 57421CHX5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  19550000 | PA      | $19550000.00  | 0.35%             | 2055-07-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                       | Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program                                                 | CUSIP: 574296AW9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    140000 | PA      | $141398.39    | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                    | Massachusetts Bay Transportation Authority Assessment, Series 2006A                                                                              | CUSIP: 575577PQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $150976.06    | 0.00%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                            | Massachusetts Clean Water Trust (The), Series 23B                                                                                                | CUSIP: 575829HJ8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50210.09     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2016A                                                                                                      | CUSIP: 57582RHE9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111583.34    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2016B                                                                                                      | CUSIP: 57582RKL9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    260000 | PA      | $263742.44    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2021A                                                                                                      | CUSIP: 57582RT30<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3271908.90   | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2018B                                                                                                      | CUSIP: 57582RTH9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25359.85     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2016Q                                                         | CUSIP: 57584XHQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45585.52     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2016Q                                                         | CUSIP: 57584XHR5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    305000 | PA      | $309103.90    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024U-2                                               | CUSIP: 57584Y8K8<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.72%             | 2048-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2019T-1                                                       | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |   1075000 | PA      | $1075356.15   | 0.02%             | 2049-07-01      | Floating      | 3.39%                 | Yes           |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Alaska School General Obligation, Series 2025B                                                                     | CUSIP: 5765444E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1405506.30   | 0.03%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Series 2025A                                                              | CUSIP: 576553CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1461668.95   | 0.03%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Series 2025A                                                              | CUSIP: 576553CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3428788.23   | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                             | McKinney Independent School District, Unlimited Tax, Series 2022                                                                                 | CUSIP: 581664LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185885.80    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                               | Memphis-Shelby County Industrial Development Board, Series 2017B                                                                                 | CUSIP: 586108AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122489.82    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue    | City of Memphis Electric System, Series 2016                                                                                                     | CUSIP: 586158PD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2210732.16   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Educational and Housing Facility Board of the City of Memphis/the         | Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project, Series 2012                            | CUSIP: 586169EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1665697.50   | 0.03%             | 2049-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Gas Revenue                | City of Memphis Gas System, Series 2016                                                                                                          | CUSIP: 58616PAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2231154.63   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrimack Valley Regional Transit Authority                                      | Merrimack Valley Regional Transit Authority                                                                                                      | CUSIP: 590341CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7451683.82   | 0.13%             | 2026-06-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | City of Mesa Utility System, Series 2017                                                                                                         | CUSIP: 590545XT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532404.95   | 0.03%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2017D                                                                            | CUSIP: 5917453Y8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1302565.12   | 0.02%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County, Series 2016                                                                            | CUSIP: 592112RL2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30398.40     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County                                                                                         | CUSIP: 592112SJ6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30385.01     | 0.00%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project, Series 2023B                  | CUSIP: 592113CR3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1517087.85   | 0.03%             | 2045-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier and Exposition Authority, Dedicated state Tax Mccormick Place Expansion, Series 2025A                                          | CUSIP: 592247H86<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13484646.45  | 0.24%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | Metropolitan Washington Airports Authority Dulles Toll Road, Second Line, Series 2009C                                                           | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1221958.49   | 0.02%             | 2041-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2010C-2                                                                              | CUSIP: 592646X24<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | STIV             | MUN               | US        |  20100000 | PA      | $20100000.00  | 0.36%             | 2039-10-01      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2018A                                                                                | CUSIP: 592647FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5270916.50   | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2019B                                                                                | CUSIP: 592647GW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30578.34     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                | CUSIP: 592647JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1433058.03   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3818264.10   | 0.07%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                               | Metropolitan Water District of Southern California, Waterworks, Series 2024B-2                                                                   | CUSIP: 59266TXQ9<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1432554.53   | 0.03%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014B                                                                                | CUSIP: 593338AN6<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001523.20   | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2016A                                                                                | CUSIP: 593338AS5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    260000 | PA      | $262767.57    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2016A                                                                                | CUSIP: 593338AT3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25257.41     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2015B                                                                          | CUSIP: 59333FPG9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270706.81    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2015D                                                                          | CUSIP: 59333FTM2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45618.57     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2015D                                                                          | CUSIP: 59333FTP5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     90000 | PA      | $91135.85     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2016B                                                     | CUSIP: 59333MR23<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25379.58     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2016B                                                     | CUSIP: 59333MR31<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96422.71     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015D                                                     | CUSIP: 59333MT70<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2408880.96   | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015D                                                     | CUSIP: 59333MT88<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190640.32    | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Series 2015D                                                                                            | CUSIP: 59333MU37<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2096371.78   | 0.04%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016B                                                                                                               | CUSIP: 59333ND26<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    280000 | PA      | $282182.54    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016B                                                                                                               | CUSIP: 59333ND34<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176387.02    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016B                                                                                                               | CUSIP: 59333ND42<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20151.19     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2017A                                                                                                               | CUSIP: 59333NF81<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    195000 | PA      | $196519.99    | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series B                                                                                                  | CUSIP: 59333PS25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $696159.47    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PS90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $167872.14    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2141978.32   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PT32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20352.56     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2015                                                                                        | CUSIP: 59334DHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2665499.15   | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2017B                                                                                       | CUSIP: 59334DJZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46937.59     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                        | CUSIP: 59334DQQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12233782.80  | 0.22%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                        | CUSIP: 59334DQR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8341464.80   | 0.15%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                        | CUSIP: 59334DQS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10310000 | PA      | $10970090.53  | 0.20%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                        | CUSIP: 59334DQT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6512944.20   | 0.12%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014A                                                                                | CUSIP: 59334KJE9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375571.20    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014A                                                                                | CUSIP: 59334KJG4<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150210.02    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami University/Oxford OH                                                       | Miami University, Series 2017                                                                                                                    | CUSIP: 593791HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25442.70     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miamisburg City School District                                                  | Miamisburg City School District, Series 2016                                                                                                     | CUSIP: 593881LC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390000.00    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2015MI                                                                           | CUSIP: 59447P7K1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1330000.00   | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2015MI                                                                  | CUSIP: 59447P7L9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    710000 | PA      | $712676.35    | 0.01%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2015MI                                                                  | CUSIP: 59447P7M7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2145064.43   | 0.04%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2015MI                                                                           | CUSIP: 59447P7W5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45318.82     | 0.00%             | 2028-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-1                                                                         | CUSIP: 59447PXQ9<br>LEI: 54930022O46HOX5J1D14 | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5500000.00   | 0.10%             | 2034-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Beaumont Spectrum, Series 2022A                                                                                      | CUSIP: 59447T3G6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51491.41     | 0.00%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TMB6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101975.53    | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System                                                                                             | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    575000 | PA      | $585344.54    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TMD2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25515.55     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20413.61     | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017MI                                                                           | CUSIP: 59447TPK3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    195000 | PA      | $201717.50    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017A-MI                                                                         | CUSIP: 59447TQE6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46043.01     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2017A-MI                                                                | CUSIP: 59447TQF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62654.44     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2019MI-1                                                                         | CUSIP: 59447TTX1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21318.92     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | State of Michigan, Environmental Program, Series 2015A                                                                                           | CUSIP: 594612CC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | State of Michigan, Series 2016                                                                                                                   | CUSIP: 594612DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55361.20     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Series 2016I                                                                                                  | CUSIP: 594615FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1408383.01   | 0.03%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Multi Modal Program, Series III                                                                               | CUSIP: 594615HB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8635000 | PA      | $8635000.00   | 0.16%             | 2042-10-15      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Series 2020I                                                                                                  | CUSIP: 594615HF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47545.06     | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2023-I                                                                             | CUSIP: 594615KQ8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  33000000 | PA      | $33000000.00  | 0.59%             | 2058-04-15      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2023 II                                                                            | CUSIP: 594615KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25534.95     | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Ascension Senior Credit Group, Series 2010F-7                                                         | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3625055.17   | 0.07%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Trinity Health Credit Group, Series 2008C                                                             | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                       | CUSIP: 59465PEU8<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  11250000 | PA      | $11224938.38  | 0.20%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                       | CUSIP: 59465PEV6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13009734.40  | 0.23%             | 2030-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Consumers Co. Project, Series 2019                                                                                      | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1700000 | PA      | $1696012.31   | 0.03%             | 2049-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| City of Milford CT                                                               | City of Milford                                                                                                                                  | CUSIP: 599382PQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11160000 | PA      | $11316975.44  | 0.20%             | 2026-10-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Milford Central School District                                                  | Milford Central School District                                                                                                                  | CUSIP: 599603JM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501080.10   | 0.06%             | 2025-12-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Milton NY                                                                | Town of Milton                                                                                                                                   | CUSIP: 602117AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7029645.70   | 0.13%             | 2026-07-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Metropolitan Sewerage District                                         | Milwaukee Metropolitan Sewerage District, Series 2025H                                                                                           | CUSIP: 602409RG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9890000 | PA      | $10087086.93  | 0.18%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | City of Minneapolis and The Housing and Redevelopment Authority of City of St. Paul, Allina Health System, Series 2017A                          | CUSIP: 603695JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35980.57     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                           | City of Minneapolis, Allina Health System, Series 2023A                                                                                          | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57975.73     | 0.00%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St. Paul Metropolitan Airports Commission, Series A                                                                                  | CUSIP: 603827WR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60069.58     | 0.00%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                            | Minneapolis-St. Paul Metropolitan Airports Commission, Series A                                                                                  | CUSIP: 603827WZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.56     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                   | Minnesota Municipal Gas Agency, Series 2022B                                                                                                     | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15028114.50  | 0.27%             | 2052-12-01      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| Minnesota Public Facilities Authority State Revolving Fund                       | Minnesota Public Facilities Authority State Revolving Fund, Series 2023A                                                                         | CUSIP: 604115DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40237.94     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2025D                                                                                                | CUSIP: 60412A2K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  48305000 | PA      | $50293861.77  | 0.90%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2025E                                                                                                                 | CUSIP: 60412A2V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14890000 | PA      | $15503065.97  | 0.28%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2023B                                                                                                                 | CUSIP: 60412AD26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272265.55    | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2018A                                                                                                | CUSIP: 60412APE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $3006358.01   | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2019A                                                                                                | CUSIP: 60412AQS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25411.45     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2020A                                                                                                                 | CUSIP: 60412ATG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $245039.00    | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2025A                                                                                                | CUSIP: 60412AU92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10411730.00  | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                               | Mission Economic Development Corp., Republic Services, Inc., Project, Series 2020A                                                               | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5200000 | PA      | $5201408.68   | 0.09%             | 2050-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                               | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020B                                                                 | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1875000 | PA      | $1875000.00   | 0.03%             | 2040-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Waste Management, Inc., Project                                                                              | CUSIP: 60527MAQ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1219092.13   | 0.02%             | 2029-03-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project, Series 2007B                       | CUSIP: 60528AAT1<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.36%             | 2030-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Harrison County, Series 2013A                                                                                      | CUSIP: 60534TML6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2194227.80   | 0.04%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project, Series A                     | CUSIP: 60534WBZ0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35508.57     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Department of Corrections East Correctional Facility Refunding Bonds Project, Series C                             | CUSIP: 60534WCE6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41454.64     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Desoto County Mississippi Highway Project, Series 2024A                                                            | CUSIP: 60534XWQ5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2117595.49   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Desoto County Mississippi Highway Project, Series 2024A                                                            | CUSIP: 60534XWR3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142011.20   | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2016B                                                                                                               | CUSIP: 605581HS9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25641.17     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2016B                                                                                                               | CUSIP: 605581HZ3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20512.94     | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2017A                                                                                                               | CUSIP: 605581JS7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26172.30     | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2018A                                                                                                               | CUSIP: 605581LA3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35822.14     | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Iatan Project 2, Series 2023                                                               | CUSIP: 606092LV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20899.13     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Iatan Project 2, Series 2023                                                               | CUSIP: 606092LW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213514.70    | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Board of Public Buildings                                         | Missouri State Board of Public Buildings, Series 2020B                                                                                           | CUSIP: 606341MC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40760.79     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Procter & Gamble Co. Project, Series 1999                                                                    | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1235669.02   | 0.02%             | 2029-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                     | Missouri Highway and Transportation Commission, First Lien, Series A                                                                             | CUSIP: 60636WRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101024.77    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                     | Missouri Highway and Transportation Commission, State Appropriations Mega Projects State Road, Series 2025A                                      | CUSIP: 60636WTL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20900000 | PA      | $22082682.93  | 0.40%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Public Utilities Commission                                             | Missouri Public Utilities Commission                                                                                                             | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9758405.48   | 0.18%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Louis University                                                       | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    220000 | PA      | $222054.45    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc.                                             | CUSIP: 60637AKT8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    395000 | PA      | $398681.76    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                 | CUSIP: 60637AMZ2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25771.03     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                 | CUSIP: 60637ANB4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    205000 | PA      | $216867.27    | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, BJC Health System, Series 2021B                                            | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   7610000 | PA      | $7647683.96   | 0.14%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Series 2021C                                                               | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  18210000 | PA      | $19119467.49  | 0.34%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2022A                              | CUSIP: 60637AVJ8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176681.63    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2023A                              | CUSIP: 60637AVX7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    850000 | PA      | $889301.28    | 0.02%             | 2039-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Coxhealth Obligated Group, Series 2025B                                    | CUSIP: 60637AXU1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039371.00   | 0.02%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Coxhealth Obligated Group, Series 2025B                                    | CUSIP: 60637AXV9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588698.45   | 0.03%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Coxhealth Obligated Group, Series 2025B                                    | CUSIP: 60637AXX5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2034159.05   | 0.04%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                      | Monmouth County Improvement Authority (The)                                                                                                      | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24545000 | PA      | $24638990.17  | 0.44%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                      | Monmouth County Improvement Authority (The), Series 2019B                                                                                        | CUSIP: 60956PVP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                     | Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project, Series 2006-2                                             | CUSIP: 610530FX0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    350000 | PA      | $350784.77    | 0.01%             | 2041-12-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Monroe Local School District                                                     | Monroe Local School District                                                                                                                     | CUSIP: 611237CY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000254.10   | 0.05%             | 2025-12-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Monroe Local School District                                                     | Monroe Local School District                                                                                                                     | CUSIP: 611237CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7392028.91   | 0.13%             | 2026-12-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                    | Monroeville Finance Authority, University of Pittsburg Medical Center                                                                            | CUSIP: 611530AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160681.09    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | County of Montgomery, Series 2017B                                                                                                               | CUSIP: 6133407D4<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20245.83     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Dayton Children's Hospital, Series 2021                                                                                    | CUSIP: 613520NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $309086.94    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2014A                                                                                                               | CUSIP: 613681U86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1411550.44   | 0.03%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2025A                                                                                                               | CUSIP: 613682AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2456710.57   | 0.04%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2025A                                                                                                               | CUSIP: 613682AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4624995.15   | 0.08%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2025A                                                                                                               | CUSIP: 613682BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8401128.80   | 0.15%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2025A                                                                                                               | CUSIP: 613682BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3735000 | PA      | $4005247.05   | 0.07%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Montville NJ                                                         | Township of Montville                                                                                                                            | CUSIP: 615298NN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13474000 | PA      | $13657282.78  | 0.25%             | 2026-11-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Morristown NJ                                                            | Town of Morristown                                                                                                                               | CUSIP: 618533K36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6360110 | PA      | $6406560.43   | 0.12%             | 2026-06-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia Project, Series 2016A                                                                                    | CUSIP: 626207P73<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265532.09    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                                        | CUSIP: 626207W42<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3582178.24   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | County of Muskingum, Limited Tax                                                                                                                 | CUSIP: 628076NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12005844.00  | 0.22%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Nahant MA                                                                | Town of Nahant                                                                                                                                   | CUSIP: 629785GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3628700 | PA      | $3661052.76   | 0.07%             | 2026-07-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                              | County of Nassau, Series 2016B                                                                                                                   | CUSIP: 63165TRK3<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50898.55     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2023A                                                                                                     | CUSIP: 63968A7W9<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    375000 | PA      | $392953.69    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2016A                                                                                                     | CUSIP: 63968AH32<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185363.43    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2016A                                                                                                     | CUSIP: 63968AH40<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35062.76     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series C                                                                                                         | CUSIP: 63968AN92<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70137.52     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series C                                                                                                         | CUSIP: 63968AP33<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20035.28     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series B                                                                                                         | CUSIP: 63968AV44<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20039.29     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                       | CUSIP: 63968AZQ1<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75128.57     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Capital Improvement and Cultural Affairs, Series 2020A                                                                          | CUSIP: 641462HJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51708.83     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Capital Improvement and Cultural Affairs, Series 2025A                                                                          | CUSIP: 641462WH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $483936.58    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Series 2025A                                                                                                                    | CUSIP: 641462WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2963399.51   | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                      | State of Nevada Highway Improvement, Motor Vehicle Fuel Tax                                                                                      | CUSIP: 641480HX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                                                         | CUSIP: 6446145T2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45084.50     | 0.00%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2015A                                                                        | CUSIP: 64461XJX4<br>LEI: 549300CNCK7OT82W5653 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3008973.90   | 0.05%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2015B                                                                        | CUSIP: 64461XJY2<br>LEI: 549300CNCK7OT82W5653 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1002991.30   | 0.02%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                          | CUSIP: 644804EY8<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67809.45     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center                                                                                       | CUSIP: 644804EZ5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78241.67     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                          | CUSIP: 644804FB7<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46945.00     | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Student Housing Texas A&M University, Series 2017A                                         | CUSIP: 64542RFF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25806.64     | 0.00%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Building Authority                                                    | New Jersey Building Authority, Series 2016A                                                                                                      | CUSIP: 645771YX8<br>LEI: 549300YJLPPJFRLYB368 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40518.20     | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2019GGG                                                        | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3567875.15   | 0.06%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series A                                                                                              | CUSIP: 64577BC93<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25656.74     | 0.00%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                             | CUSIP: 64577BKD5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50059.70     | 0.00%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series XX                                                             | CUSIP: 64577BKV5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25015.48     | 0.00%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Biomedical Research Facilities, Series 2016A                                                          | CUSIP: 64577BSG0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1089361.68   | 0.02%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series AAA                                                            | CUSIP: 64577BTL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76879.64     | 0.00%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                                        | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40230.85     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                                        | CUSIP: 64577XEQ5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68313.13     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                        | CUSIP: 64577XET9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2764399.91   | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                        | CUSIP: 64577XEU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1657681.60   | 0.03%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Series 2016A                                         | CUSIP: 645790FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55724.60     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Series 2016A                                         | CUSIP: 645790FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141860.14    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group, Series 2019B-3                                           | CUSIP: 645790MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013262.00   | 0.02%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated                                                            | CUSIP: 645790ML7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50652.90     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group                                                             | CUSIP: 645790RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1128851.21   | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group, Series 2013                                                | CUSIP: 645790RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $191326.50    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, RWJ Barnabas Health, Series 1997A                                                                     | CUSIP: 645905S68<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2290149.08   | 0.04%             | 2026-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                              | CUSIP: 646039WQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20709.06     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                              | CUSIP: 646039WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45969.45     | 0.00%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404718.72    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $386456.31    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54080.79     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery, Series 2025-2                                  | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16123700.80  | 0.29%             | 2056-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1                                                        | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65628.20     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2018A                                                              | CUSIP: 6461363X7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25609.16     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2018A                                                              | CUSIP: 6461363Y5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73338.69     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2019A                                                              | CUSIP: 6461366C0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153654.93    | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2019A                                                              | CUSIP: 6461366D8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31430.87     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2021A                                                              | CUSIP: 6461367Q8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101260.07    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2021A                                                              | CUSIP: 6461367S4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26437.61     | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2021A                                                              | CUSIP: 6461367T2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26966.13     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006C                                                              | CUSIP: 646136ET4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6003184.60   | 0.11%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series 2010A                                                               | CUSIP: 646136XF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    400000 | PA      | $365025.68    | 0.01%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2014A                                                                                                      | CUSIP: 6461394W2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    825000 | PA      | $826380.39    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-2                                                                                                    | CUSIP: 646139ZW8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  12445000 | PA      | $12472113.92  | 0.22%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-3                                                                                                    | CUSIP: 646139ZX6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1072331.21   | 0.02%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Series 2019BB                                                                                    | CUSIP: 64613CFE3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    155000 | PA      | $166261.22    | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2017E                                                                                                      | CUSIP: 646140BY8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41900.22     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2024A                                                                                                      | CUSIP: 646140FQ1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2440464.44   | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, Subordinate Lien Public Project, Series 2025C                                                                      | CUSIP: 64711PSZ4<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1795003.18   | 0.03%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                               | CUSIP: 64711RMA1<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177327.73    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                               | CUSIP: 64711RML7<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1854341.38   | 0.03%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                               | CUSIP: 64711RMP8<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49870.34     | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                            | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.02%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | New Mexico Mortgage Finance Authority, Multi Family Santee Apartments and Sangre De Cristo Project                                               | CUSIP: 64719HES5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4320000 | PA      | $4320015.98   | 0.08%             | 2042-02-01      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series 2025G-2, Class I                                                   | CUSIP: 64720AAB8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9000000 | PA      | $8999886.60   | 0.16%             | 2057-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                              | State of New Mexico, Capital Projects, Series A                                                                                                  | CUSIP: 647293RJ0<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50293.63     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                              | State of New Mexico, Series 2023                                                                                                                 | CUSIP: 647293SS9<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    395000 | PA      | $397319.64    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2017A                                                                                   | CUSIP: 6473102N0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40554.74     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2020A                                                                                   | CUSIP: 6473103F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $998660.57    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2020A                                                                                   | CUSIP: 6473103J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27064.41     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                                      | City of New Orleans, Water System, Series 2015                                                                                                   | CUSIP: 647753LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455000.00    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                                      | City of New Orleans Water System                                                                                                                 | CUSIP: 647753LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1525000.00   | 0.03%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2016, Series C                                                                                                     | CUSIP: 64966L4K4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170656.39    | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2014, Series 2014I-1                                                                                               | CUSIP: 64966LKQ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5008.78      | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2016, Series E                                                                                                     | CUSIP: 64966MAU3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1051494.80   | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2017A, Subseries A-1                                                                                  | CUSIP: 64966MEW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40621.17     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2017A, Subseries A-1                                                                                  | CUSIP: 64966MFP9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    130000 | PA      | $131690.81    | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2018, Series 2018A                                                                                                 | CUSIP: 64966MPE3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25996.82     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2023-1                                                                                                | CUSIP: 64966Q3J7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    270000 | PA      | $280765.63    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2008, Series 2008L-6                                                                                               | CUSIP: 64966QBS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31544.98     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2020, Series 2020C-1                                                                                               | CUSIP: 64966QGS3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31761.65     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2021, Series 2021 Subseries A-1                                                                                    | CUSIP: 64966QMB3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20797.45     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2021, Series 2021C                                                                                                 | CUSIP: 64966QPN4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81274.96     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2022, Series 2022C                                                                                                 | CUSIP: 64966QZA1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50796.85     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2024, Series 2024E                                                                                                 | CUSIP: 64966SCX2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1381944.96   | 0.02%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2018A                                                                                                 | CUSIP: 64966SFS0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32389.34     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2025C, Subseries C-1                                                                                  | CUSIP: 64966SGQ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178139.59    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2017A, Subseries A-4                                                                                  | CUSIP: 64966SMP8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.72%             | 2044-08-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2026, Series 2026B, Subseries B-1                                                                                  | CUSIP: 64966SPX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7147454.60   | 0.13%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                         | New York City Health and Hospitals Corp., Health System, Series 2008B                                                                            | CUSIP: 649674GR3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1620000 | PA      | $1620000.00   | 0.03%             | 2031-02-15      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                         | New York City Health and Hospitals Corp., Health System, Series 2008C                                                                            | CUSIP: 649674GS1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  24300000 | PA      | $24300000.00  | 0.44%             | 2031-02-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York (The)                       | Trust for Cultural Resources of The City of New York (The), The Museum of Modern Art, Series 2016-1E                                             | CUSIP: 649717SZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95456.85     | 0.00%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A                                                       | CUSIP: 64971PKV6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511455.25    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A                                                       | CUSIP: 64971PKW4<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305471.63   | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018, Series 2018 -1                                               | CUSIP: 64971W7N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132936.69    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Series C                                                                       | CUSIP: 64971WU40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30941.31     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series B1                                                                       | CUSIP: 64971WXE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3335391.62   | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023, Subseries E-1                                   | CUSIP: 64971X4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21392.96     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2023, Subseries F-1                                                      | CUSIP: 64971X6U7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70291.75     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2018, Series 2018C-6                                                 | CUSIP: 64971XED6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.72%             | 2047-05-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2022C, Subseries C-1                                                     | CUSIP: 64971XJ66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36005.57     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2022D, Subseries D-1                                                     | CUSIP: 64971XN20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56242.44     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2022, Series 2022F, Subseries F-1                                    | CUSIP: 64971XT40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276146.15    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2021, Series 2021F-1                                                 | CUSIP: 64971XYZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204517.98    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2021, Series 2021G-1                                                 | CUSIP: 64971XZR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37437.67     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Series 2018 EE                                                                                  | CUSIP: 64972GQU1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    715000 | PA      | $715656.80    | 0.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2020, Series 2020CC-1                                            | CUSIP: 64972GUR3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60811.02     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2021, Series 2021, Subseries EE2 | CUSIP: 64972GZB3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  65000000 | PA      | $65000000.00  | 1.17%             | 2045-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2022, Series 2022, Subseries BB-2                                | CUSIP: 64972GZQ0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    815000 | PA      | $816588.76    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018, Series S-2                                                         | CUSIP: 64972HC26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36207.68     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2019S-3A                                                                       | CUSIP: 64972HX23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96352.34     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2016S-1                                                                        | CUSIP: 64972HYK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $421236.61    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Subordinate, Series 2016S-1                                                           | CUSIP: 64972HYL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80235.54     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Fiscal Year 2018, Series S-1                                                          | CUSIP: 64972HZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20693.83     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Fiscal Year 2018, Series S-1                                                          | CUSIP: 64972HZS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1837297.00   | 0.03%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                  | CUSIP: 64972JLR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4966767.36   | 0.09%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                  | CUSIP: 64972JLS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5289483.50   | 0.10%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                  | CUSIP: 64972JLT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2695000 | PA      | $2907449.01   | 0.05%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                     | CUSIP: 64972JPW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2866499.59   | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                     | CUSIP: 64972JPX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2893122.70   | 0.05%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                    | CUSIP: 64972JTW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2171634.41   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                    | CUSIP: 64972JTX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9170000 | PA      | $9808670.33   | 0.18%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                    | CUSIP: 64972JTY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $3002740.07   | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                    | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2015D                                     | CUSIP: 64985HUG0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50173.96     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                             | CUSIP: 64985SCY7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613646.75   | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                             | CUSIP: 64985SCZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1249849.93   | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, Historic Front Street, Series 2003A                                                                       | CUSIP: 64986MQP3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.40%             | 2036-11-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, State Personal Income Tax, Series 2024A-2                                                                 | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3005179.20   | 0.05%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2005B                                                                      | CUSIP: 649902AW3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75643.31     | 0.00%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2005B                                                                      | CUSIP: 649902AX1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    110000 | PA      | $114183.47    | 0.00%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Sales Tax, Series 2016A                                                                                      | CUSIP: 64990AEZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117102.25    | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                | CUSIP: 64990AUM5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50854.92     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                | CUSIP: 64990AUN3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30541.25     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series 2015A                                                        | CUSIP: 64990BQA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25009.60     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series 2015A                                                        | CUSIP: 64990BQB2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40015.02     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2016A                                                                                                 | CUSIP: 64990CDS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30394.52     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, New York University, Series 2016A                                                                            | CUSIP: 64990CEH0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35481.32     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2022A                                                     | CUSIP: 64990F2C7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20610.65     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2018A                                                     | CUSIP: 64990F4V3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70473.11     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2018A                                                             | CUSIP: 64990GAR3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25517.18     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018-1                                                                                                | CUSIP: 64990GEW8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    110000 | PA      | $115556.07    | 0.00%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Health Facilities Improvement Program Lease, Series 2018-1                                                   | CUSIP: 64990GEX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57500.66     | 0.00%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2019B-3                                                             | CUSIP: 64990GTD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3129627.50   | 0.06%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Touro College and University System Group                                                                    | CUSIP: 64990H6V7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $576607.02    | 0.01%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2025C                                                     | CUSIP: 64990KHK2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8900000 | PA      | $9994036.95   | 0.18%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2023D                                                                                                 | CUSIP: 65000BC30<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26136.47     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                 | CUSIP: 65000BW53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530404.85   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Sales Tax, Series 2024A                                                                                      | CUSIP: 65000BW61<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1620460.99   | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | New York State Thruway Authority, Series 2021A-1                                                                                                 | CUSIP: 650028WL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20143.01     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2017C                                                                          | CUSIP: 6500356K9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105750.82    | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2016A                                                                          | CUSIP: 650036GN0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85611.69     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2016A                                                                          | CUSIP: 650036GP5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25179.91     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Newburgh NY                                                              | Town of Newburgh                                                                                                                                 | CUSIP: 65087RBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3810256.58   | 0.07%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                        | CUSIP: 6582034K7<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45571.64     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                        | CUSIP: 6582034L5<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    230000 | PA      | $233020.80    | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                        | CUSIP: 6582034M3<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    870000 | PA      | $881492.09    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series A                                                                                            | CUSIP: 658203W91<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    955000 | PA      | $956835.51    | 0.02%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Catawba Electric, Series A                                                                          | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1839101.96   | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 52-C                                                                     | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |  15500000 | PA      | $15500000.00  | 0.28%             | 2049-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                                     | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   5515000 | PA      | $5512500.05   | 0.10%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Caromont Health, Series 2021B                                                                            | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2677585.47   | 0.05%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2026A                                                                                                            | CUSIP: 6582566C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1307261.41   | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Limited Obligation, Series 2013A                                                                                        | CUSIP: 65829QAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9967.79      | 0.00%             | 2026-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2022A                                                                                                            | CUSIP: 65829QEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100982.96    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2025B                                                                                                            | CUSIP: 65829QGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514744.40   | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2025B                                                                                                            | CUSIP: 65829QGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549990.95   | 0.03%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Series 2017                                                          | CUSIP: 65830RBD0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50085.90     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Series 2017                                                          | CUSIP: 65830RBF5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511153.20    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority                                            | North Dakota Public Finance Authority, Series 2022A                                                                                              | CUSIP: 65887PXA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $203792.86    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2020B                                                                 | CUSIP: 658909YZ3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $122817.13    | 0.00%             | 2026-07-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                     | North East Texas Regional Mobility Authority, Subordinate Lien, Series B                                                                         | CUSIP: 659231BD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1162128.95   | 0.02%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                           | CUSIP: 65956NGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112576.96    | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                           | CUSIP: 65956NGR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $711017.53    | 0.01%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                           | CUSIP: 65956NGS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35798.39     | 0.00%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Middlesex Regional School District/MA                                      | North Middlesex Regional School District                                                                                                         | CUSIP: 661139NU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11400257 | PA      | $11549701.83  | 0.21%             | 2026-10-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of North Olmsted OH                                                         | City of North Olmsted, Various Purpose                                                                                                           | CUSIP: 661292ZF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2891676.44   | 0.05%             | 2026-06-24      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| North St Paul-Maplewood-Oakdale Independent School District No. 622              | North St Paul-Maplewood-Oakdale Independent School District No. 622, Series 2021A                                                                | CUSIP: 662152GW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $264298.68    | 0.00%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope, General Purpose, Series 2021C                                                                                            | CUSIP: 662523N39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120911.69    | 0.00%             | 2026-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope, Series 2022A                                                                                                             | CUSIP: 662523P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79537.22     | 0.00%             | 2028-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope                                                                                                                           | CUSIP: 662523X46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026631.80   | 0.04%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2022A                                                                                          | CUSIP: 66285WJ23<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145288.07    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WM52<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260436.62    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2023A                                                                                          | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150298.01    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2024A                                                                                          | CUSIP: 66285WQ25<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4635000 | PA      | $4958138.30   | 0.09%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2024B                                                                                         | CUSIP: 66285WS31<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2177303.40   | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Series 2016A                                                                                                      | CUSIP: 66285WSG2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1537947.66   | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2016A                                                                                          | CUSIP: 66285WSQ0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    345000 | PA      | $345662.50    | 0.01%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2016A                                                                                          | CUSIP: 66285WSR8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4915000 | PA      | $4924438.27   | 0.09%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2025A                                                                                          | CUSIP: 66285WT30<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1796260.03   | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series A                                                                                              | CUSIP: 66285WVQ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55076.48     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100184.07    | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WWY8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3269403.83   | 0.06%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WWZ5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   6260000 | PA      | $6268251.31   | 0.11%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WXA9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1912480.52   | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2019A                                                                                          | CUSIP: 66285WYQ3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52403.27     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                         | CUSIP: 66285WZJ8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240983.03    | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                         | CUSIP: 66285WZK5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52382.51     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                         | CUSIP: 66285WZL3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    405000 | PA      | $432987.16    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2020A                                                                                          | CUSIP: 66285WZQ2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150298.01    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | North Texas Municipal Water District Water System, Series 2021A                                                                                  | CUSIP: 662903C50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27133.13     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | North Texas Municipal Water District Water System                                                                                                | CUSIP: 662903G72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50887.27     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                           | CUSIP: 665250CK0<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97105.31     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                           | CUSIP: 665250CN4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1338500.76   | 0.02%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | Northwest Independent School District, Unlimited Tax, Series 2016A                                                                               | CUSIP: 667825Z89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602859.36    | 0.01%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nueces River Authority                                                           | Nueces River Authority, Series 2015                                                                                                              | CUSIP: 670500EZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20032.49     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Nutley NJ                                                            | Township of Nutley                                                                                                                               | CUSIP: 670590GB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8031740.80   | 0.14%             | 2026-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2020B                                                                                          | CUSIP: 6775222S2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40647.62     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Full Faith and Credit Highway User Receipt, Series V                                                                              | CUSIP: 677522B78<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101008.04    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series U                                                                                                                          | CUSIP: 677522RL0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70705.63     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2021B                                                                                          | CUSIP: 677523AQ5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20567.60     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                          | CUSIP: 677523KK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12403088.10  | 0.22%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                          | CUSIP: 677523KL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8261550.75   | 0.15%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Conservation Projects, Series 2025A                                                                                               | CUSIP: 677523MQ2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3596692.97   | 0.06%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Higher Education, Series 2025D                                                                                                    | CUSIP: 677523NW8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  12085000 | PA      | $12647808.12  | 0.23%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2014D                                                        | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2995677.60   | 0.05%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Cleveland Clinic Health System, Series 2019F                                                                                      | CUSIP: 677561LD2<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.18%             | 2052-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Cleveland Clinic Health System, Series 2008-B4                                                      | CUSIP: 67756AH96<br>LEI: 5493007MQT6NGNN6BR81 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.27%             | 2043-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, University Hospitals Health System, Inc., Series 2016A                                                                            | CUSIP: 67756CCJ5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95261.97     | 0.00%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series 2021B                                               | CUSIP: 67756DZJ8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5462116.00   | 0.10%             | 2042-12-01      | Floating      | 3.02%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2016-1                                                                                       | CUSIP: 677581GG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50045.98     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2016-1                                                                                       | CUSIP: 677581GH7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50614.24     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2018-1                                                                                                                     | CUSIP: 677581GT1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.99     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2018-1                                                                                       | CUSIP: 677581GU8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20503.93     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New Infrastructure Project, Series 2018-1                                                                                   | CUSIP: 677581GX2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    115000 | PA      | $116399.02    | 0.00%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, New Infrastructure Project, Series 2019-1                                                                                         | CUSIP: 677581HD5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20018.39     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2021-1A                                                                                      | CUSIP: 677581HR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20503.93     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, New Infrastructure Project, Series 2022-1                                                                                         | CUSIP: 677581JE1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.99     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New State Infrastructure Project, Series 2024-1                                                                             | CUSIP: 677581JT8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1258630.16   | 0.02%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New State Infrastructure Project, Series 2024-1                                                                             | CUSIP: 677581JU5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1755414.82   | 0.03%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Mental Health Facilities Improvement Fund Projects, Series 2018A                                                                  | CUSIP: 677587DF1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101209.65    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Mental Health Facilities Improvement Fund Projects, Series 2018A                                                                  | CUSIP: 677587DH7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79408.83     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series A                                                                                                                          | CUSIP: 67759HGW8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177116.89    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Mental Health Facilities Improvement Fund Projects, Series 2020A                                                                  | CUSIP: 67759HLR3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60237.87     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Capital Facilities Lease Appropriation, Series 2017A                                                                              | CUSIP: 67760ADR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 1998A                                                                                        | CUSIP: 67760HCH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2840648.24   | 0.05%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 2017A                                                                                        | CUSIP: 67760HLD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170769.34    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2020A                                                                                                        | CUSIP: 677632K34<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35835.69     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2020A                                                                                                        | CUSIP: 677632K42<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104762.75    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), General Receipts, Series 2021A                                                                                      | CUSIP: 677632L33<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2023A-1                                                                                                      | CUSIP: 677632P39<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.54%             | 2043-06-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Series 2019A                                                                                                   | CUSIP: 677660UT7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182168.39    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Series 2019A                                                                                                   | CUSIP: 677660UU4<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30725.00     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015A                                                                 | CUSIP: 67766WWY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55662.56     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                 | CUSIP: 67766WXA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                 | CUSIP: 67766WXB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2020B                                                                 | CUSIP: 67766WZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32856.59     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Okaloosa County School Board                                                     | Okaloosa County School Board, Series 2022A                                                                                                       | CUSIP: 678233CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67608.74     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                            | CUSIP: 6785192J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4188586.37   | 0.08%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City, Series 2016                                                                                                               | CUSIP: 678519TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1157778.79   | 0.02%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                            | CUSIP: 678519W62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52750.13     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma City Water Utilities Trust                                              | Oklahoma City Water Utilities Trust, Series 2016                                                                                                 | CUSIP: 678657MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20274.80     | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | Oklahoma Development Finance Authority, Health System, Integris Obligated Group, Series 2020C                                                    | CUSIP: 67884XCT2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | STIV             | MUN               | US        |  12610000 | PA      | $12610000.00  | 0.23%             | 2031-08-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                           | Oklahoma Capitol Improvement Authority, Capitol Repair Project, Series 2017B                                                                     | CUSIP: 679088CT9<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70136.33     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                               | Oklahoma Municipal Power Authority, Power Supply System, Series 2021A                                                                            | CUSIP: 67910HQU7<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20477.63     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2020A                                                                        | CUSIP: 679111A79<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20039.80     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2017D                                                                        | CUSIP: 679111YX6<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135268.66    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2017D                                                                        | CUSIP: 679111YZ1<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73278.88     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma State University                                                        | Oklahoma State University, Series 2020A                                                                                                          | CUSIP: 679191HD1<br>LEI: 254900M845UI413F1O58 | Long             | DBT              | MUN               | US        |    760000 | PA      | $788482.37    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Olathe KS                                                                | City of Olathe, Series 2025A                                                                                                                     | CUSIP: 679384RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7740000 | PA      | $7872669.02   | 0.14%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | Omaha Public Power District, Series 2022B                                                                                                        | CUSIP: 682001HR6<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21007.57     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | Omaha Public Power District, Series 2025C                                                                                                        | CUSIP: 682001QH8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   4505000 | PA      | $4729419.73   | 0.08%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2019B                                                          | CUSIP: 68450LGA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101886.16    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2023A                                                          | CUSIP: 68450LGV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58458.58     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2023A                                                          | CUSIP: 68450LGW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59550.88     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016B                                                                                                         | CUSIP: 684517RG2<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101504.25    | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016C                                                                                                         | CUSIP: 684517RX5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016043.80   | 0.02%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017B                                                                                                         | CUSIP: 684517SC0<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    440000 | PA      | $446534.09    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017B                                                                                                         | CUSIP: 684517SD8<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1120135.28   | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2017                                                                                                     | CUSIP: 684545A89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $140472.33    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2017                                                                                                     | CUSIP: 684545A97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37278.84     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2016B                                                                                                    | CUSIP: 684545ZP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157859.05    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Reed College Project, Series 2017A                                                                            | CUSIP: 68608JXB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127645.68    | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-M, XI-N and XI-P State Grant Program, Series 2019D                                                                   | CUSIP: 68609TKD9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50597.33     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-Q State Project, Series 2023A                                                                                        | CUSIP: 68609UBT1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25247.83     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-F Project, Series 2025F                                                                                              | CUSIP: 68609URE7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079678.80   | 0.04%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-G Project, Series 2025G                                                                                              | CUSIP: 68609USA4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5526746.41   | 0.10%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Interstate 5 Bridge Replacement Project, Series 2025E                                                                           | CUSIP: 68609UTB1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2737126.41   | 0.05%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2020A                                                                                                       | CUSIP: 686507JN5<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61185.67     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2020A                                                                                                       | CUSIP: 686507JP0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52180.34     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Owego Apalachin Central School District                                          | Owego Apalachin Central School District, Series 2025A                                                                                            | CUSIP: 690632HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7019000 | PA      | $7071587.05   | 0.13%             | 2026-07-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Owego Apalachin Central School District                                          | Owego Apalachin Central School District, Series 2025B                                                                                            | CUSIP: 690632HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7459662.50   | 0.13%             | 2026-07-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Oxford MA                                                                | Town of Oxford                                                                                                                                   | CUSIP: 691582HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4012606.00   | 0.07%             | 2026-03-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Palisades Park NJ                                                     | Borough of Palisades Park, Swimming Pool Utility                                                                                                 | CUSIP: 696395GD8<br>LEI: 549300SF9JNNWFAZGA56 | Long             | DBT              | MUN               | US        |   6631872 | PA      | $6650664.74   | 0.12%             | 2026-03-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2017A                                                                                                  | CUSIP: 696550B92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106559.27    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series B                                                                                                      | CUSIP: 696550C75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106049.81    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018B                                                                                                  | CUSIP: 696550F49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121987.81    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parker Sewer & Fire Subdistrict                                                  | Parker Sewer and Fire Subdistrict, South Carolina Sewer System                                                                                   | CUSIP: 701137AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $243953.09    | 0.00%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Parsippany-Troy Hills NJ                                             | Township of Parsippany-Troy Hills                                                                                                                | CUSIP: 701859U81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36190000 | PA      | $36682734.09  | 0.66%             | 2026-10-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Independent School District                                             | Pasadena Independent School District, Series 2023B                                                                                               | CUSIP: 702334HQ9<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1594254.52   | 0.03%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                          | CUSIP: 702528MZ0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93524.10     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project                                                           | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6001628.40   | 0.11%             | 2045-08-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project, Series 2017A                                             | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5100000 | PA      | $5111872.29   | 0.09%             | 2037-08-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Series 2021A                                              | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  13000000 | PA      | $13012247.30  | 0.23%             | 2041-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center                                                   | CUSIP: 70869PLG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $256534.18    | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2016                                      | CUSIP: 70869PLH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20311.90     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2017A                                     | CUSIP: 70870JAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25505.77     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Infrastructure Investment Authority                                 | Pennsylvania Infrastructure Investment Authority, FED Clean water Drining Water                                                                  | CUSIP: 708836GS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75219.38     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2018A                                                                                                       | CUSIP: 709144NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51759.12     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2018A                                                                                                       | CUSIP: 709144NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $460147.95    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2025A                                                                                                       | CUSIP: 70914P4N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18000000 | PA      | $19137987.00  | 0.34%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2025B                                                                                                       | CUSIP: 70914P4Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6645134.38   | 0.12%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 1ST                                                                                                         | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20380.43     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania                                                                                                                     | CUSIP: 70914PE24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20380.43     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2016                                                                                                        | CUSIP: 70914PE32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1348592.69   | 0.02%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania                                                                                                                     | CUSIP: 70914PK27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1133898.62   | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2015                                                                                                        | CUSIP: 70914PYS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $676176.05    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series 2019                                      | CUSIP: 70917S6J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31786.78     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania Health System, Series 2016A                                     | CUSIP: 70917SVW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76237.19     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series A                                                                                     | CUSIP: 709221UE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127963.14    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series A                                                                                     | CUSIP: 709221UG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511796.50    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series B                                                                                     | CUSIP: 709221UV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20450.64     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series B                                                                                     | CUSIP: 709221UW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20453.89     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Registration Fee Revenue                        | Pennsylvania Turnpike Commission Registration Fee, Series 2005A                                                                                  | CUSIP: 709222CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20844.93     | 0.00%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                                                                                 | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  38000000 | PA      | $38000000.00  | 0.68%             | 2039-12-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate, Series 2017                                                         | CUSIP: 709224A33<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    170000 | PA      | $177695.03    | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2017                                                                                                    | CUSIP: 709224A41<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    465000 | PA      | $486014.61    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2015B                                                                                                   | CUSIP: 709224KX6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3360000.00   | 0.06%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2015B                                                                                                   | CUSIP: 709224KZ1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2019                                                                                                    | CUSIP: 709224L31<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2765000.00   | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                                                                                 | CUSIP: 709224L64<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79973.39     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016                                                                                                    | CUSIP: 709224LL1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016                                                                                                    | CUSIP: 709224LN7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Subordinate, Series A-2                                                                                        | CUSIP: 709224NH8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5530000 | PA      | $5591497.47   | 0.10%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016B                                                                                                   | CUSIP: 709224PA1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20222.41     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-1                                                                                                 | CUSIP: 709224PV5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151789.29    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-1                                                                                                 | CUSIP: 709224PW3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50597.03     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-3                                                                                                 | CUSIP: 709224RD3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148234.75    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series B-2                                                                                                     | CUSIP: 709224XA2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    275000 | PA      | $278175.48    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series B-2                                                                                                     | CUSIP: 709224XC8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31001.97     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series A-2                                                                                                     | CUSIP: 709224ZF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2740000.00   | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2017-2                                                                                                  | CUSIP: 709224ZQ5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26114.90     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2021A                                                                                                   | CUSIP: 709225BL9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42836.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2024A                                                                                                   | CUSIP: 709225JG2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21418.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Multi School Building Corp.                                       | Perry Township Multi School Building Corp., 1996 Unlimited AD Valorem Property Tax First Mortgage                                                | CUSIP: 715036AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2765460.79   | 0.05%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peters Township School District Washington County                                | Peters Township School District Washington County                                                                                                | CUSIP: 716090XG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20053.00     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                         | Pflugerville Independent School District, Series 2019A                                                                                           | CUSIP: 7170956Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25124.91     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Culture and Commercial Corridor Program, Series 2016A                                         | CUSIP: 71779QAK8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5125000.00   | 0.09%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Culture and Commercial Corridor Program, Series 2016A                                         | CUSIP: 71779QAQ5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2340000.00   | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2025C                                                                                                               | CUSIP: 717813C23<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3060000 | PA      | $3176257.66   | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2025C                                                                                                               | CUSIP: 717813C56<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   5425000 | PA      | $5981895.24   | 0.11%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2017A                                                                                                               | CUSIP: 717813VK2<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86290.58     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia Water and Wastewater, Series 2019A                                                                                          | CUSIP: 717813WP0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    195000 | PA      | $197960.74    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2019B                                                                                                               | CUSIP: 717813XC8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157556.76    | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2021A                                                                                                               | CUSIP: 717813YM5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201889.88    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2021A                                                                                                               | CUSIP: 717813YP8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     90000 | PA      | $95006.74     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series B-2                                                                                    | CUSIP: 71781QEJ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | STIV             | MUN               | US        |  16600000 | PA      | $16600000.00  | 0.30%             | 2030-10-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFA1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    205000 | PA      | $208726.78    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFB9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    305000 | PA      | $317797.83    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFC7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53180.77     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFD5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $433340.12    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                  | CUSIP: 7178238D3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178166.84    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                  | CUSIP: 7178238F8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    190000 | PA      | $193332.39    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                  | CUSIP: 7178238G6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122114.64    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TB8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356011.29    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TD4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50681.45     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TE2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30395.46     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883XS6<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50820.10     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 2014A                                                                                          | CUSIP: 717893YS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2714273.94   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, University Square Apartments Projects Based Section 8, Class III                              | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2759698.08   | 0.05%             | 2047-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of Phoenix AZ                                                               | City of Phoenix, Series 2016                                                                                                                     | CUSIP: 718814Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $277370.39    | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series B                                                                                                | CUSIP: 71884AA82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $233197.83    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2020A                                                                                            | CUSIP: 71884AC64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25347.59     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Civic Plaza Expansion, Series 2005B                                                                     | CUSIP: 71884WAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25419.45     | 0.00%             | 2026-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp.                                                                                                          | CUSIP: 71885KAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4055278.40   | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp.                                                                                                          | CUSIP: 71885KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2464146.10   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | Piedmont Municipal Power Agency, Series 2015A                                                                                                    | CUSIP: 720175XW3<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1702831.86   | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | Piedmont Municipal Power Agency, Series 2021B                                                                                                    | CUSIP: 720175ZB7<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |    915000 | PA      | $936841.78    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                          | CUSIP: 720424YZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                          | CUSIP: 720424ZN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245000.00    | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pike Township Multi-School Building Corp.                                        | Pike Township Multi-School Building Corp.                                                                                                        | CUSIP: 72130PDX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4430000 | PA      | $4490830.99   | 0.08%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pike Township Multi-School Building Corp.                                        | Pike Township Multi-School Building Corp.                                                                                                        | CUSIP: 72130PDY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4739840.14   | 0.09%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Regional Transportation Authority Excise Tax Revenue                 | Pima County Regional Transportation Authority Excise Tax, Series 2017                                                                            | CUSIP: 72178RBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177087.17    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System                                                                                                                      | CUSIP: 721876TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152017.29    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Piscataway NJ                                                        | Township of Piscataway                                                                                                                           | CUSIP: 724292YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21721675 | PA      | $22021301.61  | 0.40%             | 2026-10-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | Pittsburgh Water and Sewer Authority, Series 2017A                                                                                               | CUSIP: 725304TU3<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525976.40   | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsfield MA                                                            | City of Pittsfield                                                                                                                               | CUSIP: 725464KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4714249 | PA      | $4731589.42   | 0.09%             | 2026-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                 | CUSIP: 727199D81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5663665.15   | 0.10%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                 | CUSIP: 727199D99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9443808.00   | 0.17%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                 | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2892060.72   | 0.05%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Platte River Power Authority                                                     | Platte River Power Authority, Series JJ                                                                                                          | CUSIP: 727818HR0<br>LEI: 549300UBIE8RGXXJ1090 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65480.23     | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PMA Levy & Aid Anticipation Notes Program                                        | PMA Levy and Aid Anticipation Notes Program, Series 2025B                                                                                        | CUSIP: 730146DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6106915.20   | 0.11%             | 2026-09-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Point Pleasant Beach NJ                                               | Borough of Point Pleasant Beach                                                                                                                  | CUSIP: 730570HR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7530000 | PA      | $7623670.94   | 0.14%             | 2026-11-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Polk IA                                                                | County of Polk, Series 2024A                                                                                                                     | CUSIP: 731197Z77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2340908.33   | 0.04%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 175                                                                              | CUSIP: 73358WJM7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 175                                                                              | CUSIP: 73358WJN5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215211.67    | 0.00%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 177TH                                                                            | CUSIP: 73358WME1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500294.20    | 0.01%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 183                                                                              | CUSIP: 73358WRR7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20017.12     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 243                                                                              | CUSIP: 73358XKS0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20477.54     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 246                                                                              | CUSIP: 73358XNF5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11664907.70  | 0.21%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S58<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    225000 | PA      | $228569.31    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S74<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74486.20     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S82<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     90000 | PA      | $97863.83     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series C                                                                                                     | CUSIP: 735389WF1<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2102049.39   | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                  | CUSIP: 735389YE2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130506.79    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                  | CUSIP: 735389YF9<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30108.07     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien                                                                                                               | CUSIP: 735389YG7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80301.70     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                  | CUSIP: 735389YH5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30109.58     | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series A                                                                                                     | CUSIP: 735389YL6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103305.86    | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | City of Portland Sewer System, Series 2019A                                                                                                      | CUSIP: 736742A72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115685.81    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | City of Portland Sewer System, Senior Lien, Series 2020A                                                                                         | CUSIP: 736742B30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50298.18     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges and Universities Authority, Emory University, Series 2019A                                                                      | CUSIP: 74265LR26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25452.08     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Gas Supply, Series 2020A                                                                                       | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    710000 | PA      | $711565.48    | 0.01%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Duke Energy Progress Project, Series 2022B                                                                             | CUSIP: 74447HAC2<br>LEI: 5493004S6D3NA627K012 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1279884.13   | 0.02%             | 2046-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Series 2016CC                                                                                                                 | CUSIP: 746189XK0<br>LEI: 254900FDUYUVV8EQOC75 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30421.49     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Series EE                                                                                                                     | CUSIP: 746189YZ6<br>LEI: 254900FDUYUVV8EQOC75 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60842.97     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products, Inc. Trust                                               | RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-147                                                                           | CUSIP: 74934RP91<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11000000 | PA      | $11000000.00  | 0.20%             | 2026-02-10      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority, Series 2017                                                                                           | CUSIP: 75076PAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1729301.97   | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority, Series 2017                                                                                           | CUSIP: 75076PAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $748352.90    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                            | City of Raleigh Combined Enterprise System, Series 2016A                                                                                         | CUSIP: 751100KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1520004.46   | 0.03%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Ramsey NJ                                                             | Borough of Ramsey                                                                                                                                | CUSIP: 751600DA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7700000 | PA      | $7721362.88   | 0.14%             | 2026-02-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Randolph Central School District                                                 | Randolph Central School District                                                                                                                 | CUSIP: 752691FV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12589212.50  | 0.23%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District                                                                                                                 | CUSIP: 75913TLC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2193737.20   | 0.04%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                          | CUSIP: 759151AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $959531.73    | 0.02%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                  | CUSIP: 7599113A6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2813266.91   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | State of Rhode Island, Series 2019E                                                                                                              | CUSIP: 76222RZV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20058.50     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $414769.20    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $439904.02    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161610.50    | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1121470.41   | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2020A                                                                          | CUSIP: 762232BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25245.31     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                                 | RIB Floater Trust Various States, Series 2022-046                                                                                                | CUSIP: 76252PXR5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.54%             | 2058-03-01      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017D                                                                                                                   | CUSIP: 76541VTA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46378.65     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                       | City of Richmond Public Utility, Series 2016A                                                                                                    | CUSIP: 765433KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451321.34    | 0.01%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ridge Road Fire District                                                         | Ridge Road Fire District                                                                                                                         | CUSIP: 765743DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4751128.01   | 0.09%             | 2026-10-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No. 383 Manhattan-Ogden                     | Riley County Unified School District No. 383, Manhattan-Ogden, Series 2018A                                                                      | CUSIP: 766651RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104126.04    | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                           | Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Series 2020D                                                            | CUSIP: 770082CB9<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4411319.56   | 0.08%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Robstown Independent School District                                             | Robstown Independent School District, Unlimited Tax, Series 2016                                                                                 | CUSIP: 771146WS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305268.16    | 0.01%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                           | Round Rock Independent School District, Series 2016                                                                                              | CUSIP: 779240LC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30451.30     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rowlett TX                                                               | City of Rowlett, Series 2019                                                                                                                     | CUSIP: 779699ED5<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30140.52     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rutherford County Health & Educational Facilities Board                          | Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group, Series 2025B1                                          | CUSIP: 78324PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2049539.44   | 0.04%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                              | City of St. Cloud, Centracare Health System, Series 2016A                                                                                        | CUSIP: 78916VDK3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    280000 | PA      | $282402.79    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                              | City of St. Cloud, Centracare Health System, Series 2016A                                                                                        | CUSIP: 78916VDN7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55483.59     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017C                                                                        | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1002150.20   | 0.02%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| St Louis County Library District                                                 | St. Louis County Library District                                                                                                                | CUSIP: 79152QAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2010972.44   | 0.04%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St. Louis Airport, Series 2005                                                                                                           | CUSIP: 791638VF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78252.70     | 0.00%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of St Lucie FL                                                            | County of St. Lucie, Power and Light Co., Project                                                                                                | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  35750000 | PA      | $35750000.00  | 0.64%             | 2028-09-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City, Series 2021A                                                                                                             | CUSIP: 795576JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3741426.30   | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Series 2016                                                                                                                 | CUSIP: 7962373H6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106608.77    | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, General Improvement, Series 2019                                                                                            | CUSIP: 79623PCW3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     90000 | PA      | $97682.75     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio                                                                                                                              | CUSIP: 79623PGE9<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1123351.64   | 0.02%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Series 2024                                                                                                                 | CUSIP: 79623PQT5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102880.06    | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Combination Tax                                                                                                             | CUSIP: 79623PRQ0<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051697.80   | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio                                                                                                                              | CUSIP: 79623PSS5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    355000 | PA      | $365224.21    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2015                                                                                       | CUSIP: 7962533Z3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270990.87    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2015                                                                                       | CUSIP: 7962534N9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175642.23    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems                                                                                                     | CUSIP: 7962535P3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028711.40   | 0.04%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2016                                                                                       | CUSIP: 7962535V0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1288944.46   | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2024D                                                                                      | CUSIP: 79625GLC5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613445.75   | 0.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2025B                                                                                       | CUSIP: 79625GMG5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   9480000 | PA      | $9728712.54   | 0.17%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2025B                                                                                       | CUSIP: 79625GMJ9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4302522.00   | 0.08%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Drainage Utility System                                                                                                     | CUSIP: 796311CV8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50085.96     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp.                                              | San Antonio Public Facilities Corp., Convention Center Facility Project, Series 2022                                                             | CUSIP: 796334BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52800.16     | 0.00%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2016C                                                                                              | CUSIP: 79642B3Q4<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101097.90    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | Deutsche Intermediate Tax-Free Fund, Series 2016A                                                                                                | CUSIP: 79642BX99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106152.80    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2020A                                                                                              | CUSIP: 79642GHA3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35384.27     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2020A                                                                                              | CUSIP: 79642GHC9<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26486.52     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2020A                                                                                              | CUSIP: 79642GHD7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32438.73     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2021A                                                                                              | CUSIP: 79642GMJ8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42378.43     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Subordinate Lien, Series 2024A                                                                                         | CUSIP: 79642GQR6<br>LEI: 549300S7VENCVRZAA322 | Long             | STIV             | MUN               | US        |  33300000 | PA      | $33300000.00  | 0.60%             | 2054-05-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | San Diego County Regional Airport Authority, Senior Private Activity, Series 2025B                                                               | CUSIP: 79739GSK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1737266.69   | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | San Diego County Regional Airport Authority, Senior Private Activity, Series 2025B                                                               | CUSIP: 79739GSL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3378933.81   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | San Diego County Regional Airport Authority, Senior Private Activity, Series 2025B                                                               | CUSIP: 79739GSM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2403553.68   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                              | City of San Jose, Multi-Family Housing Parkmoor, Series 2023F2                                                                                   | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121164.44    | 0.00%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County School Board                                                     | Sarasota County School Board, Florida Certificates of Participation Master Lease Program, Series 2022A                                           | CUSIP: 80330QCQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $258445.74    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County School Board                                                     | Sarasota County School Board, Florida Certificates of Participation Master Lease Program, Series 2023A                                           | CUSIP: 80330QDH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21584.58     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Series 2015                                                                      | CUSIP: 80585TCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1190000.00   | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District                                                                                   | CUSIP: 80585TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85085.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Series 2015                                                                      | CUSIP: 80585TCE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2387385.00   | 0.04%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine School Administrative District No. 51                                      | Maine School Administrative District No. 51, Series 2025A                                                                                        | CUSIP: 807688KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9600000 | PA      | $9613125.12   | 0.17%             | 2025-12-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Village of Scotia NY                                                             | Village of Scotia                                                                                                                                | CUSIP: 809273DS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10585000 | PA      | $10657506.19  | 0.19%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Scotts Bluff County School District No. 32                                       | Scotts Bluff County School District No. 32, Series 2015                                                                                          | CUSIP: 810181DZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sea Isle City NJ                                                         | City of Sea Isle City                                                                                                                            | CUSIP: 811403VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24660000 | PA      | $24982737.75  | 0.45%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                               | City of Seattle, Limited Tax, Series 2022A                                                                                                       | CUSIP: 812627LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25956.57     | 0.00%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                                 | City of Seattle Drainage and Wastewater System Improvement                                                                                       | CUSIP: 812631NP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57148.86     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2016B                                                                                          | CUSIP: 812643MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186514.74    | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle, Series 2016B                                                                                                                    | CUSIP: 812643MX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105799.43    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2018A                                                                                          | CUSIP: 812643RD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70141.45     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2020A                                                                                          | CUSIP: 812643UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86226.47     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Seekonk MA                                                               | Town of Seekonk                                                                                                                                  | CUSIP: 815730NB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5495000 | PA      | $5527895.82   | 0.10%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Shenandoah IA                                                            | City of Shenandoah, Iowa Sewer Capital Loan Project                                                                                              | CUSIP: 82311CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17100000 | PA      | $17202935.16  | 0.31%             | 2026-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sidney Central School District                                                   | Sidney Central School District                                                                                                                   | CUSIP: 826101HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8980000 | PA      | $9038934.84   | 0.16%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sioux Falls School District No. 49-5/SD                                          | Sioux Falls School District No. 49-5, Series 2018A                                                                                               | CUSIP: 829596VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20173.88     | 0.00%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Socorro Independent School District                                              | Socorro Independent School District, Unlimited Tax, Series B                                                                                     | CUSIP: 833715DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1084252.92   | 0.02%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Somerville MA                                                            | City of Somerville, Series 2025B                                                                                                                 | CUSIP: 835241MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $18757090.80  | 0.34%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bend Community School Corp.                                                | South Bend Community School Corp., Series 2025A                                                                                                  | CUSIP: 836513JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1395369.22   | 0.03%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Bend Community School Corp.                                                | South Bend Community School Corp., Series 2025B                                                                                                  | CUSIP: 836513JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $664941.29    | 0.01%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Bend Community School Corp.                                                | South Bend Community School Corp., Series 2025C                                                                                                  | CUSIP: 836513KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1465893.29   | 0.03%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Broward Hospital District                                                  | South Broward Hospital District, Memorial Healthcare System                                                                                      | CUSIP: 836753LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216042.34    | 0.00%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Custodial Receipts CR 086                                                                    | CUSIP: 837031XM0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2413679.62   | 0.04%             | 2036-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority                                                                                               | CUSIP: 837031XN8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    475000 | PA      | $481721.77    | 0.01%             | 2041-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc., Series 2025B-1                                               | CUSIP: 83703EMV4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7648787.30   | 0.14%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project, Series 2024                                                   | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3998394.40   | 0.07%             | 2027-12-15      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| State of South Carolina                                                          | State of South Carolina, Series 2017A                                                                                                            | CUSIP: 83710RSE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75610.05     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2016A                                                                                            | CUSIP: 837151PJ2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25264.67     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2016A                                                                                            | CUSIP: 837151PK9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    330000 | PA      | $333528.03    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Santee Cooper, Series 2022B                                                                             | CUSIP: 837151X87<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3645558.70   | 0.07%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Santee Cooper, Series 2022A                                                                             | CUSIP: 837151ZD4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    465000 | PA      | $475221.58    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                | South Carolina Transportation Infrastructure Bank, Series 2021B                                                                                  | CUSIP: 837152VY0<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26090.63     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                                | South Dakota Conservancy District, Series 2017B                                                                                                  | CUSIP: 837545LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1308671.91   | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of South Kingstown RI                                                       | Town of South Kingstown, Series 2025-1                                                                                                           | CUSIP: 838566S40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25190190.00  | 0.45%             | 2026-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                            | City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group                                              | CUSIP: 838810DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46652.56     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of South River NJ                                                        | Borough of South River, Water Utility, Series 2025A                                                                                              | CUSIP: 839669PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9081000 | PA      | $9197267.68   | 0.17%             | 2026-12-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group, Series 2025A                                                    | CUSIP: 84129NNM7<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3646114.44   | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2017                                                                                  | CUSIP: 842039CR8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251429.55    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts, Series 2017                                                          | CUSIP: 842039DT3<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70811.45     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2020                                                                                  | CUSIP: 842039EM7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    240000 | PA      | $242782.10    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2020                                                                                  | CUSIP: 842039EP0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31651.58     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority                                                                                               | CUSIP: 842039EW5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151738.82    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | Southern California Public Power Authority, Series 2015C                                                                                         | CUSIP: 842477TZ4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2415019.79   | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | Southern California Public Power Authority, Series 2023-1                                                                                        | CUSIP: 84247PMQ1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1329284.77   | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 7                                         | Spartanburg County School District No. 7                                                                                                         | CUSIP: 847082MP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  31000000 | PA      | $31384093.10  | 0.56%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2017A                                                                                  | CUSIP: 8500006C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40611.02     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2024B                                                                                  | CUSIP: 850001BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540172.00    | 0.01%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield MA                                                           | City of Springfield                                                                                                                              | CUSIP: 850752XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9435208 | PA      | $9491736.22   | 0.17%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Springfield MO Public Utility Revenue                                    | City of Springfield Public Utility                                                                                                               | CUSIP: 851018LA7<br>LEI: NDLRXEC1F2GZZETPKO45 | Long             | DBT              | MUN               | US        |   3090000 | PA      | $3139389.63   | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | State Public School Building Authority, The School District of the City of Harrisburg Project, Series 2016A                                      | CUSIP: 85732TKK7<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15215.01     | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Stillwater NY                                                            | Town of Stillwater                                                                                                                               | CUSIP: 860792DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5054724.34   | 0.09%             | 2026-05-29      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Strongsville OH                                                          | City of Strongsville, First Station Construction                                                                                                 | CUSIP: 863370XB3<br>LEI: 549300LHSNZ8QAGXUZ59 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3548053.25   | 0.06%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                                     | City of Tallahassee, Energy System, Series 2020                                                                                                  | CUSIP: 874476LE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88706.58     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                  | Tampa Bay Water, Utility System, Series 2001A                                                                                                    | CUSIP: 875128FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5440000 | PA      | $6033990.34   | 0.11%             | 2029-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project, Series 2008-A                                 | CUSIP: 87638QBE8<br>LEI: 549300ROY505NVTMMI25 | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.45%             | 2041-10-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Series 2022F                                    | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1841684.46   | 0.03%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025B                                                | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  19650000 | PA      | $21103435.83  | 0.38%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                              | CUSIP: 88044TAE9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505358.40    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series 2015B                                                | CUSIP: 880558HK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30051.31     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                             | Texas A&M University, Financing System, Series 2017C                                                                                             | CUSIP: 88213AJF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82685.10     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Home Collaborative                                                         | Texas Home Collaborative, 1518 Apartments, Series 2023                                                                                           | CUSIP: 88248CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4057374.69   | 0.07%             | 2041-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                | Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A                                                                    | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |  21550000 | PA      | $23078606.15  | 0.41%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2011C                                                                                                           | CUSIP: 882722Q53<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   2675000 | PA      | $2675000.00   | 0.05%             | 2042-06-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, College Student Loan, Series 2013B                                                                                               | CUSIP: 882723DK2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2351355.95   | 0.04%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2013A                                                                                                           | CUSIP: 882723H85<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   8815000 | PA      | $8815000.00   | 0.16%             | 2043-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2015A                                                                                                           | CUSIP: 882723J34<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |  14350000 | PA      | $14350000.00  | 0.26%             | 2045-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                             | CUSIP: 8827242B2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3682654.57   | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                             | CUSIP: 8827242C0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5140000 | PA      | $5488756.20   | 0.10%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund                                                                                          | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2050883.18   | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series A                                                                                               | CUSIP: 882724AJ6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35712.37     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series 2017A                                                                                           | CUSIP: 882724AK3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2162580.13   | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | Texas State Technical College, Series 2022A                                                                                                      | CUSIP: 88276REY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142855.95    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | Texas State University System, Series A                                                                                                          | CUSIP: 88278PUJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180539.44    | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission                                                  | Texas Transportation Commission, Series 2024                                                                                                     | CUSIP: 882830BL5<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90732.06     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, First Tier, Series 2016B                                                                  | CUSIP: 88283LKX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10135000 | PA      | $10022184.27  | 0.18%             | 2026-04-01      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund                                                                                              | CUSIP: 8828542Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88372.19     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2018                                                                                 | CUSIP: 882854D33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31151.48     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                     | CUSIP: 882854N24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $308142.99    | 0.01%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund                                                                                              | CUSIP: 882854T77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101585.69    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2019                                                                                 | CUSIP: 882854T93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79854.62     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2019A                                                                     | CUSIP: 882854W99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60528.00     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series A                                                                         | CUSIP: 882854WJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70128.73     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series A                                                                         | CUSIP: 882854WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $766422.21    | 0.01%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series A                                                                                                          | CUSIP: 882854WL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115214.97    | 0.00%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series A                                                                                                          | CUSIP: 882854WM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20037.57     | 0.00%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2016                                                                      | CUSIP: 882854YD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55484.00     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2023A                                                                     | CUSIP: 88285ACU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43612.91     | 0.00%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                          | Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Series 2021A, Class 1                   | CUSIP: 888794BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $432514.24    | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                 | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $489867.61    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                 | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $742541.47    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Travis TX                                                              | County of Travis, Series 2019A                                                                                                                   | CUSIP: 89453PG60<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70417.45     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax, Series 2017A                                                 | CUSIP: 89546RNY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $977338.18    | 0.02%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2017A                                                                          | CUSIP: 89546RPE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62415.73     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2018A                                                                          | CUSIP: 89546RPP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104751.38    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2023A                                                                                             | CUSIP: 89602HFE2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25600.92     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2024B                                                                                             | CUSIP: 89602HHD2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2011624.10   | 0.04%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2016A                                                                    | CUSIP: 89602N5D2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30311.28     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series B                                                                                                 | CUSIP: 89602N7V0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76802.76     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2023A                                                                    | CUSIP: 89602RHY4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25600.92     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2023B-2                                                                                           | CUSIP: 89602RKY0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25600.92     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2025A                                                                                             | CUSIP: 89602RPE9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  47320000 | PA      | $47844944.42  | 0.86%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                             | County of Trimble, Series 2023A                                                                                                                  | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1007636.40   | 0.02%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority Central Regional Wastewater System, Series 2017                                                                          | CUSIP: 89658HUZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078213.60   | 0.04%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority, Central Regional Wastewater System, Series 2017                                                                         | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $197404.47    | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority Central Regional Wastewater System, Series 2021                                                                          | CUSIP: 89658HXV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74381.81     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Troy NY                                                                  | City of Troy                                                                                                                                     | CUSIP: 897574D22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4402981 | PA      | $4414491.71   | 0.08%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | Truckee Meadows Water Authority, Series 2017                                                                                                     | CUSIP: 897825HB4<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152103.05    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | Truckee Meadows Water Authority                                                                                                                  | CUSIP: 897825HC2<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037487.30   | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                               | CUSIP: 899525WQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4437469.03   | 0.08%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                               | CUSIP: 899525WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5334248.54   | 0.10%             | 2029-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                               | CUSIP: 899525WS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5471540.58   | 0.10%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | Tulsa County Industrial Authority, Broken Arrow Public School Project, Series 2019A                                                              | CUSIP: 89952PFD2<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    170000 | PA      | $176424.30    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 4 Bixby                             | Tulsa County Independent School District No. 4 Bixby                                                                                             | CUSIP: 899576HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8560000 | PA      | $8837772.86   | 0.16%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                               | Tuscaloosa City Board of Education                                                                                                               | CUSIP: 90059RAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55845.72     | 0.00%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                               | Tuscaloosa City Board of Education                                                                                                               | CUSIP: 90059RAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507688.35    | 0.01%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                               | Tuscaloosa City Board of Education                                                                                                               | CUSIP: 90059RAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50768.84     | 0.00%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Nations Development Corp.                                                 | United Nations Development Corp., Series 2019A                                                                                                   | CUSIP: 911157LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146958.50    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Fee, Series 2020A                                                                                        | CUSIP: 914115R93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76406.79     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Series 2007A                                                                                                             | CUSIP: 91417KJX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111342.17    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2016B-1                                                                                        | CUSIP: 91417KT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $292116.62    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2021C-3B                                                                                       | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6170305.63   | 0.11%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2017A-2                                                                                        | CUSIP: 91417NJM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58334.73     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                        | University of Colorado, Hospital Authority, Series 2018C                                                                                         | CUSIP: 914183BL1<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.45%             | 2039-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                        | University of Connecticut, Series 2015A                                                                                                          | CUSIP: 914233A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25044.03     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                           | University of Delaware, Series 2025A                                                                                                             | CUSIP: 914245DW2<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3200160.83   | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                           | University of Delaware, Series 2025A                                                                                                             | CUSIP: 914245DY8<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |   6185000 | PA      | $6610369.05   | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2016A                                                                                                              | CUSIP: 9143016B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75080.06     | 0.00%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2017A                                                                                                              | CUSIP: 914302CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2125083.05   | 0.04%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2017C                                                                                                              | CUSIP: 914302ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25121.79     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2020A                                                                                                              | CUSIP: 914302FY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31494.51     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Maine System                                                       | University of Maine System, Series 2022                                                                                                          | CUSIP: 914399RK8<br>LEI: 254900T8BJAYXUKEVV62 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40222.86     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2015-1                                                                                    | CUSIP: 914440QD7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005628.30   | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                          | University of Minnesota, Series 2017B                                                                                                            | CUSIP: 914460QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                          | University of Minnesota, Series 2015A                                                                                                            | CUSIP: 914468EU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80145.67     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016D                                                                                 | CUSIP: 91514AEA9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40680.21     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2019A                                                                                 | CUSIP: 91514AJF3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69151.51     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2020C                                                                                 | CUSIP: 91514AKA2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     80000 | PA      | $85131.16     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | University of Washington, Series 2020C                                                                                                           | CUSIP: 91523NZL3<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5038.96      | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | University of Washington, Series 2020C                                                                                                           | CUSIP: 91523NZN9<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20156.03     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                          | Utah Associated Municipal Power Systems, Horse Butte Wind Project, Series 2017A                                                                  | CUSIP: 917328RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $838057.19    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                | County of Utah, IHC Health Services, Inc., Series 2020B-2                                                                                        | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2398674.53   | 0.04%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Board of Higher Education                                                   | Utah Board of Higher Education, University of Utah Auxiliary and Campus Facilities, Series 1998A                                                 | CUSIP: 91754RBW6<br>LEI: 549300SAYC054T80UK17 | Long             | DBT              | MUN               | US        |  10550000 | PA      | $11054228.81  | 0.20%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                | Utah Telecommunication Open Infrastructure Agency, Series 2022                                                                                   | CUSIP: 91756SAD5<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20201.04     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Utica NY                                                                 | City of Utica                                                                                                                                    | CUSIP: 917747CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19578012 | PA      | $19618646.16  | 0.35%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                                                    | CUSIP: 924397EJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25157.49     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Via Metropolitan Transit                                                         | Via Metropolitan Transit                                                                                                                         | CUSIP: 92555RAJ5<br>LEI: 549300JAPHDC9HLZQY91 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45653.46     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia Beach VA                                                        | City of Virginia Beach, Series 2017A                                                                                                             | CUSIP: 927734G72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25203.27     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                 | Virginia Commonwealth University, Series 2020A                                                                                                   | CUSIP: 92778RFJ1<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56122.06     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Highway Transportation                                                                       | CUSIP: 92778UAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71229.24     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Highway Transportation                                                                       | CUSIP: 92778UAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2152140.67   | 0.04%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                               | CUSIP: 92778UBY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30217.15     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                               | CUSIP: 92778UCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1402464.32   | 0.03%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $331314.42    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46277.64     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $299621.81    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1906151.48   | 0.03%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2019B                            | CUSIP: 92778VGY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45179.24     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2019C                            | CUSIP: 92778VHU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30119.49     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2020A                            | CUSIP: 92778VJG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21030.92     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2023A                            | CUSIP: 92778VMJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60238.99     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2023A                            | CUSIP: 92778VMK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $200536.42    | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                          | Virginia Port Authority, Series 2016B                                                                                                            | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6070000 | PA      | $6135743.56   | 0.11%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                          | Virginia Port Authority, Series 2016B                                                                                                            | CUSIP: 928077JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2714080.97   | 0.05%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2017A                                                                                                 | CUSIP: 928172X75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52050.31     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                 | Virginia Public School Authority, Prince William County                                                                                          | CUSIP: 92817TGJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3236795.74   | 0.06%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | County of Wake, Series 2020A                                                                                                                     | CUSIP: 930864CW1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70576.21     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | County of Wake, Hospital System                                                                                                                  | CUSIP: 930866CG1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30608.27     | 0.00%             | 2026-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | County of Wake, Series 2021                                                                                                                      | CUSIP: 930876EY9<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80485.79     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                       | CUSIP: 938782EN5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    280000 | PA      | $283850.53    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                       | CUSIP: 938782EP0<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103739.25    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                       | CUSIP: 938782EQ8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25900.02     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                     | CUSIP: 938782FH7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31080.03     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2018                                                                                      | CUSIP: 938782GA1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20275.04     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | Washington Metropolitan Area Transit Authority Dedicated, Series 2021A                                                                           | CUSIP: 93878YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30440.12     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | Washington Metropolitan Area Transit Authority Dedicated, Series 2021A                                                                           | CUSIP: 93878YBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $88395.34     | 0.00%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2019D                                                                                                                | CUSIP: 939720T99<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    205000 | PA      | $207926.83    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2023C                                                                                                                | CUSIP: 93972ACY0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.97     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2024A                                                                                                                | CUSIP: 93972ADK9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205317.22    | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2019C                                                                                               | CUSIP: 93974D6F0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150609.92    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2016B                                                                                               | CUSIP: 93974DUH9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5920000 | PA      | $5931116.58   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2016C                                                                                               | CUSIP: 93974DUY2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    845000 | PA      | $848189.71    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series R-2025B                                                                                                              | CUSIP: 93974E5B8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10144524.00  | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2025C                                                                                               | CUSIP: 93974E6H4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2124569.67   | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020A                                                                                               | CUSIP: 93974EAD8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.12     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2024A                                                                                               | CUSIP: 93974EF84<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1075240.95   | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2022C                                                                                             | CUSIP: 93974EVW3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  15025000 | PA      | $15381125.56  | 0.28%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington Motor Vehicle Fuel Tax, Series R-2026B                                                                                       | CUSIP: 93974FEF6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   9375000 | PA      | $9741876.56   | 0.18%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Providence Health and Services, Series 2012A                                                        | CUSIP: 93978HFP5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1030758.49   | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Washington NJ/Bergen County                                          | Township of Washington                                                                                                                           | CUSIP: 940399JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7420189 | PA      | $7481484.96   | 0.13%             | 2026-07-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | Wayne County Airport Authority, Series C                                                                                                         | CUSIP: 944514XZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $214741.74    | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wayne OH                                                               | County of Wayne, Limited Tax                                                                                                                     | CUSIP: 945880EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17004384.30  | 0.31%             | 2025-12-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Township of Wayne NJ                                                             | Township of Wayne                                                                                                                                | CUSIP: 9464224C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9280000 | PA      | $9406757.38   | 0.17%             | 2026-10-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Webb Union Free School District                                                  | Webb Union Free School District                                                                                                                  | CUSIP: 947508BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5950000 | PA      | $5982820.80   | 0.11%             | 2026-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Township of West Deptford NJ                                                     | Township of West Deptford                                                                                                                        | CUSIP: 952496WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100015.35    | 0.00%             | 2026-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Fargo Public School District No. 6                                          | West Fargo Public School District No. 6, Series 2017                                                                                             | CUSIP: 952734PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2429904.54   | 0.04%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Seneca Central School District                                              | West Seneca Central School District                                                                                                              | CUSIP: 955776LS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17230000 | PA      | $17356833.48  | 0.31%             | 2026-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project, Series 2010A                  | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |    100000 | PA      | $99907.03     | 0.00%             | 2038-12-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Nucor Steel Project, Series 2025B-1                               | CUSIP: 95648VCA5<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |  20900000 | PA      | $20900000.00  | 0.38%             | 2065-11-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                             | CUSIP: 95649ACM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145561.35    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                             | CUSIP: 95649ACN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187023.28    | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of West Windsor NJ                                                      | Township of West Windsor                                                                                                                         | CUSIP: 956887NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25670000 | PA      | $26021815.05  | 0.47%             | 2026-10-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Westford MA                                                              | Town of Westford                                                                                                                                 | CUSIP: 960266P99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17720270 | PA      | $17834688.01  | 0.32%             | 2026-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wheatland Chili Central School District                                          | Wheatland Chili Central School District, Series 2025A                                                                                            | CUSIP: 962625HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3643051.32   | 0.07%             | 2026-07-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Wildwood NJ                                                              | City of Wildwood, Series 2025A                                                                                                                   | CUSIP: 968206WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11200000 | PA      | $11322242.40  | 0.20%             | 2026-10-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                          | County of Williamson, Series 2015A                                                                                                               | CUSIP: 9698872M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001758.40   | 0.04%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                          | County of Williamson, Limited Tax                                                                                                                | CUSIP: 969888CS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $229704.24    | 0.00%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamson Jackson Etc Counties Community College Dist No. 530 John A Logan Clg  | Williamson Jackson Etc Counties Community College Dist No. 530 John A Logan Clg                                                                  | CUSIP: 970013GF9<br>LEI: 549300TDWLHIG2ZSTT52 | Long             | DBT              | MUN               | US        |    660000 | PA      | $672527.39    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilson Central School District                                                   | Wilson Central School District                                                                                                                   | CUSIP: 972265ES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6723684 | PA      | $6771904.92   | 0.12%             | 2026-06-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                        | Winchester Economic Development Authority, Valley Health System Obligated Group, Series 2024B-1                                                  | CUSIP: 973122AV6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  20965000 | PA      | $20965000.00  | 0.38%             | 2054-01-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                        | Winchester Economic Development Authority, Valley Health System Obligated Group, Series 2024B-2                                                  | CUSIP: 973122AW4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.27%             | 2054-01-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                          | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project, Series 2020A                                                | CUSIP: 97401DAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110137.13    | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                          | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project, Series 2020B                                                | CUSIP: 97401DBG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40049.86     | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Unity Point Health, Series 2014A                                                          | CUSIP: 97670FBA8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    825000 | PA      | $825000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2024-1                                                                                                                | CUSIP: 97705MH81<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30303.67     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2024-1                                                                                                                | CUSIP: 97705MH99<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    495000 | PA      | $512127.69    | 0.01%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025-2                                                                                                                | CUSIP: 97705MM51<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4138405.60   | 0.07%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025-2                                                                                                                | CUSIP: 97705MM77<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1623769.05   | 0.03%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025A                                                                                                                 | CUSIP: 97705MS71<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1559544.04   | 0.03%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2021A                                                                                                                 | CUSIP: 97705MUW3<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   5115000 | PA      | $5411138.04   | 0.10%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin, Environmental Improvement Fund, Series 2018A                                                                                 | CUSIP: 97709TBS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25311.16     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Annual Appropriation, Series 2017B                                                                                           | CUSIP: 977100EW2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202064.62    | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Annual Appropriation, Series 2017B                                                                                           | CUSIP: 977100EX0<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101032.31    | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2017B                                                                                                                 | CUSIP: 977100FA9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20206.46     | 0.00%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc.                                                                      | CUSIP: 97710BW40<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160290.34    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2025-1                                                                                            | CUSIP: 9771235A2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3257055.90   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-1                                                                                            | CUSIP: 977123Q50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67543.68     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health, Inc., Series B-2                                                | CUSIP: 97712D6X9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   5530000 | PA      | $5625408.54   | 0.10%             | 2051-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3271502.98   | 0.06%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018C1                                        | CUSIP: 97712D7Z3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1419386.92   | 0.03%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group, Series 2021B                                     | CUSIP: 97712D8W9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.36%             | 2048-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712DQF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2068015.20   | 0.04%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group, Series 2016A                                               | CUSIP: 97712DQG4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50422.16     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712DQH2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151401.02    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group, Series 2016A                                               | CUSIP: 97712DQJ8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403637.48    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712DQK5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3843371.41   | 0.07%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Services, Inc., Series 2018                     | CUSIP: 97712DS80<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68136.81     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018B-2                                       | CUSIP: 97712JGW7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1699461.12   | 0.03%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018B-3                                       | CUSIP: 97712JHD8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4808677.05   | 0.09%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018C-4                                       | CUSIP: 97712JHE6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6401109.60   | 0.12%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712JMC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   5910000 | PA      | $5949102.33   | 0.11%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Woodbridge NJ                                                        | Township of Woodbridge                                                                                                                           | CUSIP: 9788624C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  44917000 | PA      | $45466218.13  | 0.82%             | 2026-10-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Worcester Regional Transit Authority                                             | Worcester Regional Transit Authority                                                                                                             | CUSIP: 981325CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8055874.40   | 0.14%             | 2026-06-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Xenia Rural Water District                                                       | Xenia Rural Water District, Capital Loan Notes                                                                                                   | CUSIP: 98410ADE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $189467.10    | 0.00%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District No. 4                                                  | Fort Mill School District No. 4, Series 2025A                                                                                                    | CUSIP: 986525E25<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   9865000 | PA      | $9898823.14   | 0.18%             | 2026-03-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Yuma Municipal Property Corp.                                            | City of Yuma Municipal Property Corp., Senior Lien, Series 2015                                                                                  | CUSIP: 98851CAL1<br>LEI: 549300FYH11KOMXWJA47 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2018297.55   | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** J.P. Morgan Exchange-Traded Fund Trust

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer