# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016746
**Filing Date:** 2023-1
**Character Count:** 564274
**Document Hash:** e64a2ee94ca1f744f31f64bd007bedb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016746.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 23563255

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

## Series and Classes Contracts Data

### JPMorgan Municipal ETF (Series ID: S000063268)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000205215 | JPMorgan Municipal ETF | JMUB            |

## Nport-Ex

**JPMorgan Municipal ETF**

**Schedule of Portfolio Investments as of November 30, 2022**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> 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., 2022. |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — 90.0%** (a) | **Municipal Bonds — 90.0%** (a) | **Municipal Bonds — 90.0%** (a) |
| **Alabama — 2.1%** | **Alabama — 2.1%** | **Alabama — 2.1%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series E, Rev., 5.00%, 6/1/2028 (b) | 1750000 | 1824586 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | 970000 | 928483 |
| &nbsp;&nbsp;&nbsp; City of Pell City, Warrants Series 2015A, GO, 5.00%, 2/1/2025 | 100000 | 104665 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.38%, 6/16/2025 (b) | 100000 | 93103 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 25000 | 24970 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | 300000 | 288582 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (b) | 1000000 | 1062766 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-1, Rev., 5.00%, 8/1/2028 (b) | 1250000 | 1282979 |
| &nbsp;&nbsp;&nbsp; University of Alabama (The), Huntsville General Fee Series B-2, Rev., 5.00%, 9/1/2031 | 95000 | 105674 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 5715808 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 5.00%, <br> 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206085 |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241446 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468320 |
| **Arizona — 1.5%** | **Arizona — 1.5%** | **Arizona — 1.5%** |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484321 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academies of Math & Science Projects Rev., 5.00%, 7/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121103 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Cadence Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/15/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104382 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, <br> 1/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181825 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, KIPP Nashville Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246584 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2020A, Rev., 4.00%, <br> 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191786 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, <br> 7/15/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240427 |
| &nbsp;&nbsp;&nbsp; City of Mesa, Excise Tax Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85717 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171620 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The) Series 2022B-3, Rev., 5.13%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project of 2016 Series 2017A, GO, <br> 5.00%, 7/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32861 |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Rev., 5.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104148 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 4185710 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024 | 75000 | 77661 |
| **California — 8.6%** | **California — 8.6%** | **California — 8.6%** |
| &nbsp;&nbsp;&nbsp; Azusa Unified School District, Election of 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, GO, 5.00%, 8/1/2029 | 125000 | 142855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, GO, 5.00%, 8/1/2032 | 175000 | 204697 |
| &nbsp;&nbsp;&nbsp; Brentwood Infrastructure Financing Authority, Civic Center Project Rev., 5.00%, 10/1/2025 | 45000 | 47625 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | 1750000 | 1726533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Rev., <br> 4.00%, 6/1/2027 (c)<br>| 260000 | 248534 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Kaiser Permanente Series 2006C, Rev., 5.00%, 11/1/2029 (b) | 300000 | 340401 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, On Lok Senior Health Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2023 | 100000 | 99662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103926 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2022-A, Rev., AMT, 4.13%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493397 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health System Series 2021A, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873241 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147972 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project Series 2021B-1, Rev., 3.13%, 5/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174485 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp SoCal Public Schools Series A, Rev., 5.00%, 7/1/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 5.00%, <br> 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163268 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153961 |
| &nbsp;&nbsp;&nbsp; Chula Vista Municipal Financing Authority Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187080 |
| &nbsp;&nbsp;&nbsp; City of Aliso Viejo COP, 4.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186990 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Senior Series A, Rev., AMT, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate Series 2019E, Rev., AMT, 5.00%, <br> 5/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10771 |
| &nbsp;&nbsp;&nbsp; City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74063 |
| &nbsp;&nbsp;&nbsp; City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91963 |
| &nbsp;&nbsp;&nbsp; County of San Joaquin, County Administration Building Project COP, AGM, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, <br> 12/1/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193036 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Rev., 5.00%, 9/1/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92601 |
| &nbsp;&nbsp;&nbsp; El Monte City School District, Election of 2014 Series A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58119 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2018A-1, Rev., 5.00%, 6/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281367 |
| &nbsp;&nbsp;&nbsp; Hermosa Beach City School District, Election of 2016 Series 2016A, GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15155 |
| &nbsp;&nbsp;&nbsp; Indian Wells Financing Authority, Solar and Infrastructure Project Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169828 |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, City of Indio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224312 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System Series 2022A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System Series A, Subseries A-2, Rev., VRDO, LIQ: Barclays Bank plc, <br> 0.70%, 12/1/2022 (b)<br>| &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District Series 2021A, GO, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407259 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev., AGM, 5.00%, 11/1/2033 | 140000 | 164261 |
| &nbsp;&nbsp;&nbsp; Orange County Community Facilities District No. 2021-1, Rienda Series A, Rev., 5.00%, 8/15/2037 | 500000 | 522944 |
| &nbsp;&nbsp;&nbsp; Petaluma Public Financing Authority, Road Improvement Projects Rev., 5.00%, 5/1/2026 | 150000 | 160942 |
| &nbsp;&nbsp;&nbsp; Redding Joint Powers Financing Authority Series 2019A, Rev., 5.00%, 4/1/2026 | 150000 | 160253 |
| &nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Facilities District No. 2003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., AGM, 5.00%, 9/1/2029 | 210000 | 234544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., AGM, 5.00%, 9/1/2030 | 330000 | 372174 |
| &nbsp;&nbsp;&nbsp; Salinas Union High School District Series A, GO, 4.00%, 8/1/2047 | 1000000 | 990257 |
| &nbsp;&nbsp;&nbsp; San Diego Redevelopment Agency Successor Agency Series A, Rev., 5.00%, 9/1/2023 | 130000 | 132334 |
| &nbsp;&nbsp;&nbsp; San Dieguito Union High School District, Election of 2012 Series A-2, GO, 5.00%, 8/1/2024 | 150000 | 152554 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District Series C-1, GO, 4.00%, 8/1/2035 | 135000 | 140996 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Public Utilities Commission Wastewater System Series B, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Ramon Valley Fire Protection District, Public Safety Complex and Fire Training Facility Projects COP, 4.00%, <br> 8/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133945 |
| &nbsp;&nbsp;&nbsp; Sanger Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, AGM, 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, AGM, 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139711 |
| &nbsp;&nbsp;&nbsp; Santa Cruz County Capital Financing Authority Series 2020A, Rev., 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103190 |
| &nbsp;&nbsp;&nbsp; Sierra View Local Health Care District Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165879 |
| &nbsp;&nbsp;&nbsp; Solano Irrigation District, Water COP, 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Community Civic Campus and Multiple Series 2021A, Rev., <br> 4.00%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236328 |
| &nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Multiple Capital Project Series 2022A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306007 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose GO, 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389265 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Northern California Series 2021A, Class 1, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117657 |
| &nbsp;&nbsp;&nbsp; Tracy Public Financing Authority, Legacy Fields Series 2022A, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152543 |
| &nbsp;&nbsp;&nbsp; University of California Series 2018AZ, Rev., 4.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138774 |
| &nbsp;&nbsp;&nbsp; Vallecito Union School District Series A, GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680683 |
| &nbsp;&nbsp;&nbsp; West Hills Community College District GO, AGM, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128377 |
| &nbsp;&nbsp;&nbsp; Yucaipa Valley Water District Financing Authority, Water & Sewer Revenue Series A, Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577224 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp; 23832064 |
| **Colorado — 3.5%** | **Colorado — 3.5%** | **Colorado — 3.5%** |
| &nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver (The) Series B, Rev., 4.00%, 9/15/2034 | &nbsp;&nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2110838 |
| &nbsp;&nbsp;&nbsp; City and County of Denver |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., AMT, 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107994 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2042 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630631 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76847 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124089 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Tax Exempt Series 2021B-3, Rev., 2.13%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269499 |
| &nbsp;&nbsp;&nbsp; Colorado Higher Education, Capital Construction, Lease Purchase Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, COP, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344871 |
| &nbsp;&nbsp;&nbsp; County of Adams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156639 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District Rev., 5.00%, 12/1/2027 | 500000 | 494135 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2029 | 130000 | 138293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2030 | 170000 | 181381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2030 | 115000 | 123126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2031 | 250000 | 268487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2036 | 185000 | 174208 |
| &nbsp;&nbsp;&nbsp; Southlands Metropolitan District No. 1 Series A-1, GO, 5.00%, 12/1/2037 | 250000 | 241587 |
| &nbsp;&nbsp;&nbsp; State of Colorado Series S, COP, 4.00%, 3/15/2037 | 1000000 | 1015703 |
| &nbsp;&nbsp;&nbsp; STC Metropolitan District No. 2, Limited Tax Improvement Series 2019A, GO, 5.00%, 12/1/2038 | 300000 | 280435 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2026 | 40000 | 43052 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 9632808 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| &nbsp;&nbsp;&nbsp; Metropolitan District (The) Series 2021A, GO, 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230462 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority Rev., BAN, 11.00%, 12/1/2027 (c) (e) | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001385 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Series A, GO, 5.00%, 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145338 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes Series B, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76242 |
| &nbsp;&nbsp;&nbsp; University of Connecticut Series 2017-A, Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135150 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 1588577 |
| **Delaware — 0.4%** | **Delaware — 0.4%** | **Delaware — 0.4%** |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140543 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970254 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 1211265 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Income Tax Series 2019A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113558 |
| &nbsp;&nbsp;&nbsp; District of Columbia, International School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125743 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92733 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69211 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101198 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 3774506 |
| **Florida — 3.8%** | **Florida — 3.8%** | **Florida — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, <br> 10/1/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80295 |
| &nbsp;&nbsp;&nbsp; City of Cape Coral, Florida Special Obligation Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114342 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville Series 2022A, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291088 |
| &nbsp;&nbsp;&nbsp; City of Kissimmee Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175480 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Lakeland Regional Health Systems Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40759 |
| &nbsp;&nbsp;&nbsp; City of Miami Beach, Water & Sewer Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27199 |
| &nbsp;&nbsp;&nbsp; City of Orlando, Capital Improvement Series B, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62554 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project Rev., 3.50%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180316 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; City of Tampa, H. Lee Moffitt Cancer Center Project Series 2016B, Rev., 5.00%, 7/1/2024 | 35000 | 35984 |
| &nbsp;&nbsp;&nbsp; County of Broward, Port Facilities Series 2019A, Rev., 5.00%, 9/1/2030 | 50000 | 55874 |
| &nbsp;&nbsp;&nbsp; County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024 | 40000 | 41710 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | 400000 | 435749 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Series A, Rev., AMT, 5.00%, 10/1/2034 | 1000000 | 1011150 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Jackson Health System Series 2015A, Rev., 5.00%, 6/1/2025 | 140000 | 147203 |
| &nbsp;&nbsp;&nbsp; County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2024 | 30000 | 31261 |
| &nbsp;&nbsp;&nbsp; County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2023 | 10000 | 10103 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach, Palm Beach Atlantic University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2029 (c) | 100000 | 99404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2039 (c) | 100000 | 91720 |
| &nbsp;&nbsp;&nbsp; County of Seminole, Special Obligation Rev., 4.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92206 |
| &nbsp;&nbsp;&nbsp; Duval County Public Schools Series 2022-A, COP, 5.00%, 7/1/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557580 |
| &nbsp;&nbsp;&nbsp; East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31261 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Department of Children and Families, Evaluation Treatment Center Financing Corp. Project Series 2021B, COP, <br> 5.00%, 10/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234979 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215003 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145561 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113746 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Loan Council, Village of Palmetto Bay Series 2021A, Rev., 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78672 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project Series 2016A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors, University of Florida Mandatory Student Fee Series 2021A, Rev., AGM, 5.00%, <br> 11/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110494 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253459 |
| &nbsp;&nbsp;&nbsp; Monroe County School District Series 2018A, COP, 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, The Nemours Foundation Project Series 2009C-2, Rev., VRDO, LOC : TD Bank <br> NA, 1.75%, 12/8/2022 (b)<br>| &nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 |
| &nbsp;&nbsp;&nbsp; Orange County School Board Series 2015D, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Rev., 5.00%, <br> 11/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241618 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center Series A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, <br> Inc., Project Rev., 5.00%, 7/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126706 |
| &nbsp;&nbsp;&nbsp; Reedy Creek Improvement District, Ad Valorem Tax Series 2016-A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52890 |
| &nbsp;&nbsp;&nbsp; School District of Broward County Series A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2216935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, <br> 6/15/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132076 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82247 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation, Indirect Garvee Series 2021A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157105 |
| &nbsp;&nbsp;&nbsp; State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80845 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Regional Water Supply Authority, Utility System Series C, Rev., 5.00%, 10/1/2025 | 55000 | 58316 |
| &nbsp;&nbsp;&nbsp; Tampa-Hillsborough County Expressway Authority Series B, Rev., 5.00%, 7/1/2031 | 40000 | 43915 |
| &nbsp;&nbsp;&nbsp; Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025 | 10000 | 10651 |
| &nbsp;&nbsp;&nbsp; University of Florida Department of Housing & Residence Education Hsg Sys Rev Series 2021A, Rev., 5.00%, 7/1/2026 | 125000 | 134210 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp; 10587004 |
| **Georgia — 3.9%** | **Georgia — 3.9%** | **Georgia — 3.9%** |
| &nbsp;&nbsp;&nbsp; City of Atlanta Series 2019-B, Rev., AMT, 5.00%, 7/1/2031 | 1810000 | 1954234 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Airport Passenger Facility Charge, Sub Lien Series 2019D, Rev., AMT, 4.00%, 7/1/2037 | 2350000 | 2273488 |
| &nbsp;&nbsp;&nbsp; Clayton County Development Authority, Clayton State University Rev., 5.00%, 7/1/2034 | 225000 | 250196 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | 25000 | 27334 |
| &nbsp;&nbsp;&nbsp; Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 1425000 | 1397431 |
| &nbsp;&nbsp;&nbsp; Georgia Ports Authority Rev., 4.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283304 |
| &nbsp;&nbsp;&nbsp; Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235902 |
| &nbsp;&nbsp;&nbsp; Lee County School District Series 2022, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349297 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547344 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2017D, Rev., 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36822 |
| &nbsp;&nbsp;&nbsp; Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment Facility Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158009 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp; 10885531 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series D, GO, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49203 |
| &nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EP, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FK, GO, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32556 |
| &nbsp;&nbsp;&nbsp; State of Hawaii, Highway Fund Series B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26966 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149385 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **Idaho — 0.2%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Series 2021A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38537 |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Transportation Expansion & MIT Series 2022A, Rev., 5.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573386 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611923 |
| **Illinois — 6.6%** | **Illinois — 6.6%** | **Illinois — 6.6%** |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48072 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42085 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien Series 2020A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217957 |
| &nbsp;&nbsp;&nbsp; City of Decatur GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138850 |
| &nbsp;&nbsp;&nbsp; City of Hilliard GO, 4.00%, 12/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37192 |
| &nbsp;&nbsp;&nbsp; Cook and DuPage Counties, Village of Elk Grove GO, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26977 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 87 Berkeley GO, AGM, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37068 |
| &nbsp;&nbsp;&nbsp; County of Cook Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2118511 |
| &nbsp;&nbsp;&nbsp; County of Lake, Sales Tax GO, 4.00%, 11/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104362 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clark-Lindsey Village Series A, Rev., 5.13%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177674 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032 | 35000 | 37713 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Forest College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2029 | 320000 | 328365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2030 | 205000 | 210061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2031 | 235000 | 239547 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Play Mouth Place, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-3, Rev., 4.75%, 11/15/2027 | 200000 | 200752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-2, Rev., 5.25%, 11/15/2027 | 200000 | 200746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 6.00%, 11/15/2027 | 100000 | 100368 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Smith Crossing Rev., 4.00%, 10/15/2028 | 350000 | 330155 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2024 | 135000 | 135082 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Unitypoint Health Series 2016D, Rev., 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118138 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269711 |
| &nbsp;&nbsp;&nbsp; Kane McHenry Cook and De Kalb Counties Unit School District No. 300 GO, 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35911 |
| &nbsp;&nbsp;&nbsp; Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27092 |
| &nbsp;&nbsp;&nbsp; Lake County Community Consolidated School District No. 3 Beach Park GO, AGM, 4.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184170 |
| &nbsp;&nbsp;&nbsp; Lake County Forest Preserve District GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183258 |
| &nbsp;&nbsp;&nbsp; McLean and Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80869 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Limited Tax Series 2021C, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20444 |
| &nbsp;&nbsp;&nbsp; Northern Illinois University, Auxiliary Facilities System Series 2020B, Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213354 |
| &nbsp;&nbsp;&nbsp; Northern Illinois University, Board of Trustees, Auxiliary Facilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354410 |
| &nbsp;&nbsp;&nbsp; Peoria Tazewell Etc Counties Community College District No. 514 GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35498 |
| &nbsp;&nbsp;&nbsp; Southern Illinois University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553963 |
| &nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705521 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2631279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/1/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2098268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, GO, 5.00%, 10/1/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039902 |
| &nbsp;&nbsp;&nbsp; University of Illinois Series 2021A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498983 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137745 |
| &nbsp;&nbsp;&nbsp; Village of Wilmette Series 2020B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151880 |
| &nbsp;&nbsp;&nbsp; Will & Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp; 18420866 |
| **Indiana — 1.1%** | **Indiana — 1.1%** | **Indiana — 1.1%** |
| &nbsp;&nbsp;&nbsp; Adams Central Elementary School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21559 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024 | 35000 | 36236 |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | 250000 | 193563 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Rev., 5.38%, 12/1/2041 (c) | 200000 | 157664 |
| &nbsp;&nbsp;&nbsp; Decatur County, Jail Building Corp. Rev., 5.00%, 7/15/2028 | 250000 | 273779 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority Series C, Rev., 5.00%, 12/1/2025 | 35000 | 37393 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University Series 2022-A, Rev., 5.00%, 7/1/2031 | 730000 | 798791 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Educational Facilities, Valparaiso University Project Rev., 4.00%, 10/1/2035 | 215000 | 206529 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Franciscan Alliance, Inc. Series 2017C, Rev., 4.00%, 11/1/2034 | 115000 | 115786 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Parkview Health System, Inc. Series 2017A, Rev., 5.00%, 11/1/2023 | 50000 | 51025 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Rose-Hulman Institute of Technology Project Rev., 5.00%, 6/1/2030 | 200000 | 221209 |
| &nbsp;&nbsp;&nbsp; Indiana State University, Housing and Dining System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80963 |
| &nbsp;&nbsp;&nbsp; Indiana University, Student Fee Series Y, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27465 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54995 |
| &nbsp;&nbsp;&nbsp; Monroe County Community School Corp. GO, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272060 |
| &nbsp;&nbsp;&nbsp; Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36918 |
| &nbsp;&nbsp;&nbsp; Wheeler-Union Township School Building Corp. Rev., 4.00%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413716 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3131528 |
| **Iowa — 0.1%** | **Iowa — 0.1%** | **Iowa — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36243 |
| &nbsp;&nbsp;&nbsp; Des Moines Independent Community School District, Sales Services and Use Tax Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193643 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33032 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262918 |
| **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Manhattan, Meadowlark Hills Series 2022B-2, Rev., 2.38%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179837 |
| &nbsp;&nbsp;&nbsp; City of Topeka |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., 5.13%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.75%, 12/1/2033 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250560 |
| &nbsp;&nbsp;&nbsp; Johnson County Community College Foundation, Inc. COP, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109489 |
| &nbsp;&nbsp;&nbsp; Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52268 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221683 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 1063891 |
| **Kentucky — 1.0%** | **Kentucky — 1.0%** | **Kentucky — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Hermiston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 3.70%, 1/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 4.45%, 1/1/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149760 |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, <br> 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175876 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2022A-1, Rev., 4.00%, 8/1/2030 (b) | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1764029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016-A, Rev., 4.00%, <br> 10/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64647 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 5/15/2024 | 25000 | 25873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 5/15/2027 | 40000 | 43423 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 2841224 |
| **Louisiana — 0.3%** | **Louisiana — 0.3%** | **Louisiana — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer, Junior Lien Series 2019B, Rev., AGM, 5.00%, 12/1/2032 | 200000 | 219676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects <br> Rev., 5.00%, 12/1/2030<br>| 250000 | 278689 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2031 (c) | 245000 | 224696 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University Project Series 2020A, Rev., 5.00%, 4/1/2029 | 145000 | 158602 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026 | 30000 | 31249 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912912 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55010 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78330 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205011 |
| **Maryland — 2.2%** | **Maryland — 2.2%** | **Maryland — 2.2%** |
| &nbsp;&nbsp;&nbsp; County of Howard, Consolidated Public Improvement Series 2022B, GO, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185934 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Consolidated Public Improvement Series A, GO, 5.00%, 8/1/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2354681 |
| &nbsp;&nbsp;&nbsp; County of St. Mary's, Public Improvement GO, 4.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Annapolis Mobility and Resilience Project Series 2022-A, Rev., 5.00%, <br> 12/31/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522720 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Bowie State University Project Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179598 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Morgan State University Project Series 2022-A, Rev., 5.25%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632353 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Stevenson University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215421 |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81395 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2017 Series 2017A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47802 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2021 Series A, GO, 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468806 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2022 Series A, GO, 5.00%, 6/1/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1185114 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 6157861 |
| **Massachusetts — 0.4%** | **Massachusetts — 0.4%** | **Massachusetts — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Boston Series 2017A, GO, 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10551 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series C, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27146 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Milford Regional Medical Center Series G, Rev., 5.00%, 7/15/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244919 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Salem Community Corp. Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., <br> 5.00%, 7/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213550 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195251 |
| &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority Series D, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48951 |
| &nbsp;&nbsp;&nbsp; Town of Hopkinton, Municipal Purpose Loan GO, 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31393 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999267 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — 0.5%** | **Michigan — 0.5%** | **Michigan — 0.5%** |
| &nbsp;&nbsp;&nbsp; Berrien Springs Public Schools, School Building & Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2030 | 250000 | 283089 |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2021-A, GO, 5.00%, 4/1/2035 | 400000 | 411263 |
| &nbsp;&nbsp;&nbsp; Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Rev., 5.00%, 7/1/2026 | 175000 | 186297 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Lawrence Technological University Rev., 4.00%, 2/1/2032 | 95000 | 88328 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group Series C, Rev., 5.00%, 12/1/2025 | 25000 | 26561 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Series 2021-A, Rev., 4.00%, 11/15/2036 | 395000 | 406817 |
| &nbsp;&nbsp;&nbsp; Western Michigan University, Tax Exempt Series 2021A, Rev., AGM, 5.00%, 11/15/2031 | 25000 | 28301 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 1430656 |
| **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** |
| &nbsp;&nbsp;&nbsp; City of Mankato |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 2/1/2027 | 250000 | 271719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846567 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191585 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project Series 2021A, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160492 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Benedictine Health System Series 2021A, Rev., 3.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97749 |
| &nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 6/1/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006226 |
| &nbsp;&nbsp;&nbsp; State of Minnesota Series A, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405694 |
| &nbsp;&nbsp;&nbsp; University of Minnesota Series B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16017 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2996049 |
| **Mississippi — 1.9%** | **Mississippi — 1.9%** | **Mississippi — 1.9%** |
| &nbsp;&nbsp;&nbsp; County of Jackson, Pollution Control, Chevron USA, Inc., Project Series 1993, Rev., VRDO, 1.15%, 12/1/2022 (b) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Ranking County Project Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219615 |
| &nbsp;&nbsp;&nbsp; Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36911 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015F, GO, 5.00%, 11/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 11/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65205 |
| &nbsp;&nbsp;&nbsp; University of Mississippi Educational Building Corp., Facilities Refinancing Project Series 2016A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42785 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 5423192 |
| **Missouri — 1.1%** | **Missouri — 1.1%** | **Missouri — 1.1%** |
| &nbsp;&nbsp;&nbsp; Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, <br> 5.25%, 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41535 |
| &nbsp;&nbsp;&nbsp; City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121813 |
| &nbsp;&nbsp;&nbsp; City of Kansas City, Sanitary Sewer System Series B, Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27524 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540628 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216580 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Episcopal-Presbyterian Hospitals Series <br> 2015B, Rev., 5.00%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171615 |
| &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; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317001 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205437 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277622 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp; Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2027 | 45000 | 49382 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Fulton State Hospital Project Rev., 5.00%, 10/1/2025 | 25000 | 26069 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 3080715 |
| **Montana — 0.0% ^** | **Montana — 0.0% ^** | **Montana — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; County of Missoula GO, 4.00%, 7/1/2025 | 50000 | 51640 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030 | 320000 | 340047 |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | 85000 | 91742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | 50000 | 54365 |
| &nbsp;&nbsp;&nbsp; City of Omaha, Sanitary Sewerage System Rev., 5.00%, 4/1/2027 | 50000 | 53632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated <br> Group Series 2019A, Rev., 4.00%, 1/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253626 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32117 |
| &nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit 2 Series 2015A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158600 |
| &nbsp;&nbsp;&nbsp; University of Nebraska Facilities Corp., UNMC Global Center Project Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37442 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 1085184 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38673 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91946 |
| &nbsp;&nbsp;&nbsp; County of Clark Department of Aviation Series 2022-A, Rev., AMT, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526031 |
| &nbsp;&nbsp;&nbsp; County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27361 |
| &nbsp;&nbsp;&nbsp; County of Clark, Limited Tax Series 2018B, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132692 |
| &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%, 7/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172155 |
| &nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54520 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 1147106 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287482 |
| **New Jersey — 1.4%** | **New Jersey — 1.4%** | **New Jersey — 1.4%** |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), New Bridge Medical Center Series 2022, Rev., GTD, 5.00%, 8/1/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146539 |
| &nbsp;&nbsp;&nbsp; City of New Brunswick GO, 4.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10180 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275573 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Series 2018A, Rev., 4.00%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253920 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648312 |
| &nbsp;&nbsp;&nbsp; Passaic County Improvement Authority (The), City of Paterson Project Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10554 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275694 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 3835285 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Albuquerque Series 2016A, GO, 5.00%, 7/1/2023 | 75000 | 76097 |
| &nbsp;&nbsp;&nbsp; City of Albuquerque, Gross Receipts Tax Series 2015A, Rev., 5.00%, 7/1/2026 | 240000 | 253770 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2016E, Rev., 5.00%, 6/1/2024 | 25000 | 25895 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2108A, Rev., 5.00%, 6/15/2027 | 100000 | 109451 |
| &nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, 8/1/2025 | 25000 | 26365 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Capital Projects GO, 5.00%, 3/1/2024 | 305000 | 314000 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805578 |
| **New York — 14.5%** | **New York — 14.5%** | **New York — 14.5%** |
| &nbsp;&nbsp;&nbsp; Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. Rev., 3.50%, 7/1/2026 | 210000 | 199453 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022-A, Rev., 5.00%, 7/1/2032 | 100000 | 105220 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., New World Preparatory Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111713 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013J, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25409 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series 2014E, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35494 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 Series 2018F-1, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114792 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110396 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 Series 2020C-1, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181389 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Subseries F-1, GO, 5.00%, 3/1/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100378 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2022 Series 2022B-1, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911266 |
| &nbsp;&nbsp;&nbsp; County of Erie, Public Improvement Series 2019A, GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26617 |
| &nbsp;&nbsp;&nbsp; County of Onondaga GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20613 |
| &nbsp;&nbsp;&nbsp; Dutchess County Local Development Corp., The Culinary Institute of America Project Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103136 |
| &nbsp;&nbsp;&nbsp; Erie County Water Authority Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32664 |
| &nbsp;&nbsp;&nbsp; Falconer Central School District GO, 4.00%, 12/15/2034 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1304219 |
| &nbsp;&nbsp;&nbsp; Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185366 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Rochester Schools Modernization Project Rev., 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83890 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Subseries AA-3, Rev., 5.00%, 6/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water And Sewer System Subseries 2012A-2, Rev., VRDO, LIQ: Mizuho <br> Bank Ltd., 1.10%, 12/1/2022 (b)<br>| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-1, Subseries S-1A, Rev., 5.00%, 7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S, Subseries S1B, Rev., 4.00%, 7/15/2042 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1460265 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series 2018S-4A, Rev., 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114598 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Subseries A-2, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286979 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Subseries E-1, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017F-1, Rev., 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600959 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013 Series 2013G, Rev., <br> 5.00%, 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30287 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **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; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2022 Series 2022F, Rev., <br> 5.00%, 2/1/2036<br>| 525000 | 591271 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2038 | 25000 | 27201 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2033 | 135000 | 160863 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 4.00%, 9/1/2050 | 100000 | 78446 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2017A, Rev., 5.00%, 7/1/2023 | 180000 | 182633 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group Series 2019A, Rev., 5.00%, 5/1/2029 | 70000 | 75053 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 2/15/2034 | 2000000 | 2241047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 3/15/2037 | 990000 | 1000217 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Series 2021E, Rev., 5.00%, 3/15/2033 | 1610000 | 1877002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2018A, Rev., 5.00%, <br> 3/15/2031<br>| 25000 | 27926 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Supported Debt University Facilities Series 2019A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water <br> Finance Authority Projects - Second Resolution Series 2019B, Rev., 5.00%, 6/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113212 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A-1, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475188 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Sales Tax Series 2021-A, Rev., 4.00%, 3/15/2046 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2398061 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Le Moyne College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263715 |
| &nbsp;&nbsp;&nbsp; Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200083 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 205, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., AMT, 4.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502612 |
| &nbsp;&nbsp;&nbsp; Port Washington Union Free School District GO, 4.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402921 |
| &nbsp;&nbsp;&nbsp; Smithtown Central School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2577957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2212898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073947 |
| &nbsp;&nbsp;&nbsp; Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 5.13%, 11/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276759 |
| &nbsp;&nbsp;&nbsp; Syracuse Industrial Development Agency Series 2020A, Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293014 |
| &nbsp;&nbsp;&nbsp; Town of Stony Point GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81807 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Series 2022D-1A, Rev., 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121320 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Kendal on Hudson Project Series 2022B, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244227 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 2.88%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 3.20%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236538 |
| &nbsp;&nbsp;&nbsp; Yonkers Industrial Development Agency Rev., 5.00%, 5/1/2042 (e) | &nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576288 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp; 40282515 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — 1.9%** | **North Carolina — 1.9%** | **North Carolina — 1.9%** |
| &nbsp;&nbsp;&nbsp; County of Davidson GO, 5.00%, 6/1/2027 | 35000 | 38360 |
| &nbsp;&nbsp;&nbsp; County of Duplin Rev., 5.00%, 6/1/2028 | 65000 | 71301 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, Limited Obligation Series 2022, Rev., 5.00%, 6/1/2027 | 480000 | 526077 |
| &nbsp;&nbsp;&nbsp; County of Wayne, Limited Obligation Rev., 5.00%, 6/1/2024 | 25000 | 25865 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024 | 400000 | 409419 |
| &nbsp;&nbsp;&nbsp; State of North Carolina Series 2020B, Rev., 5.00%, 5/1/2029 | 100000 | 112870 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Build NC Programs, Limited Obligation Series C, Rev., 5.00%, 5/1/2024 | 25000 | 25850 |
| &nbsp;&nbsp;&nbsp; University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ: TD Bank NA, 1.18%, 12/1/2022 (b) | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., 5.00%, <br> 4/1/2031<br>| 945000 | 1053396 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 5263138 |
| **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; North Dakota Building Authority, Facilities Improvement Series 2020A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117680 |
| **Ohio — 3.9%** | **Ohio — 3.9%** | **Ohio — 3.9%** |
| &nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352721 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Greenup Hydroelectric Projects Series 2016A, Rev., 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26484 |
| &nbsp;&nbsp;&nbsp; Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25805 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217495 |
| &nbsp;&nbsp;&nbsp; City of Cleveland Series A, GO, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522071 |
| &nbsp;&nbsp;&nbsp; City of Reynoldsburg, Limited Tax, Capital Facilities GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16261 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361282 |
| &nbsp;&nbsp;&nbsp; County of Summit, Various Purpose Improvement Series 2022, GO, 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116475 |
| &nbsp;&nbsp;&nbsp; County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2019A, Rev., 4.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206462 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079444 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 4.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1492243 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Capital University 2022 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521755 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Denison University Project Series 2017A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79366 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Tiffin University 2019 Project Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121763 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Findlay 2019 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161506 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594101 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Series 2022-A, Rev., 5.00%, 12/1/2041 (e) | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128641 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Fresh Water Series 2016B, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32362 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2017A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48997 |
| &nbsp;&nbsp;&nbsp; State of Ohio Series 2021B, GO, 5.00%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects Series 2018-A, Rev., 5.00%, <br> 10/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects Series 2018A, <br> Rev., 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26397 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27533 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement Series 2018A, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28063 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; State of Ohio, Natural Resources Series V, GO, 5.00%, 10/1/2027 | 35000 | 38671 |
| &nbsp;&nbsp;&nbsp; Youngstown State University, General Receipts Rev., AGM, 4.00%, 12/15/2030 | 490000 | 522899 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp; 10852076 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025 | 150000 | 157643 |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Capitol Repair Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2030 | 10000 | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 1/1/2036 | 45000 | 48522 |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement Rev., 5.00%, 7/1/2024 | 100000 | 103783 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320788 |
| **Oregon — 1.0%** | **Oregon — 1.0%** | **Oregon — 1.0%** |
| &nbsp;&nbsp;&nbsp; Hillsboro School District No. 1J GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27419 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project Rev., 4.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308712 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Multi Model, Salem Health Project Series 2019A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80696 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216833 |
| &nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421013 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021B-1, Rev., 2.50%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309241 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 2725689 |
| **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** |
| &nbsp;&nbsp;&nbsp; Aliquippa School District, Limited Tax GO, 3.88%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198027 |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Chatham University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257644 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, The Highlands at Wyomissing Series 2017A, Rev., 5.00%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246705 |
| &nbsp;&nbsp;&nbsp; Bucks County Community College Authority Series 2019A, Rev., GTD, 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38653 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Series 2017-B, Rev., AMT, 5.00%, 7/1/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073847 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241388 |
| &nbsp;&nbsp;&nbsp; County of Chester GO, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33279 |
| &nbsp;&nbsp;&nbsp; County of Lehigh, Lehigh Valley Health Network Hospital Series 2016A, Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175188 |
| &nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, Local Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 3/1/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 2.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22365 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264285 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, St. Anne's Retirement Community, Inc., Project Rev., 5.00%, 3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219191 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Arcadia University Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260706 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130090 |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series 2017AU-1, Rev., 5.00%, <br> 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75003 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2029 | 105000 | 115232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2031 | 60000 | 65688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 6/1/2033 | 575000 | 584958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2033 | 280000 | 317533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 12/1/2033 | 1000000 | 1156215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., 5.25%, 12/1/2041 (e) | 1000000 | 1108033 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University Rev., 5.00%, 9/1/2027 (e) | 610000 | 640761 |
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, Delaware County Community College Project Rev., 5.00%, 10/1/2027 | 25000 | 26637 |
| &nbsp;&nbsp;&nbsp; Township of Hampton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2035 | 150000 | 167241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657586 |
| &nbsp;&nbsp;&nbsp; Township of Palmer Series 2020C, GO, 4.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185148 |
| &nbsp;&nbsp;&nbsp; Township of Upper St. Clair Series 2016A, GO, 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20618 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp; 12423961 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2018A, GO, 5.00%, <br> 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82636 |
| **South Carolina — 0.3%** | **South Carolina — 0.3%** | **South Carolina — 0.3%** |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes Series 2018A, Rev., 5.00%, <br> 4/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117300 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Wofford College Project Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10867 |
| &nbsp;&nbsp;&nbsp; University of South Carolina, Athletic Facilities Series 2022A, Rev., 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472018 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873329 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25583 |
| &nbsp;&nbsp;&nbsp; South Dakota Board of Regents Housing and Auxiliary Facilities System Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37607 |
| &nbsp;&nbsp;&nbsp; South Dakota Conservancy District, State Revolving Fund Program Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37170 |
| &nbsp;&nbsp;&nbsp; South Dakota Health and Educational Facilities Authority, Sanford Obligated Group Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148039 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248399 |
| **Tennessee — 3.6%** | **Tennessee — 3.6%** | **Tennessee — 3.6%** |
| &nbsp;&nbsp;&nbsp; City of Johnson City Series 2016A, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15182 |
| &nbsp;&nbsp;&nbsp; City of Lenoir City, Electric System Series 2022, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188870 |
| &nbsp;&nbsp;&nbsp; City of Murfreesboro GO, 4.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25416 |
| &nbsp;&nbsp;&nbsp; County of Coffee, Rural High School Series 2021A, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138719 |
| &nbsp;&nbsp;&nbsp; County of Maury GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43741 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Public Improvement GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27263 |
| &nbsp;&nbsp;&nbsp; County of Robertson GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26398 |
| &nbsp;&nbsp;&nbsp; County of Shelby, Public Improvement Series 2019A, GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114909 |
| &nbsp;&nbsp;&nbsp; County of Sullivan GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32280 |
| &nbsp;&nbsp;&nbsp; County of Washington Series 2016A, GO, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52125 |
| &nbsp;&nbsp;&nbsp; County of Williamson GO, 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital Rev., 5.00%, <br> 11/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50972 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Belmon University Rev., <br> 5.00%, 5/1/2026<br>| 450000 | 474701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene <br> University Project Series 2021B, Rev., 4.00%, 10/1/2041<br>| 355000 | 304117 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 7/1/2025 | 10000 | 10594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2031 | 2000000 | 2223921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 1/1/2032 | 1500000 | 1595208 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County, Electric System Series 2017A, Rev., 5.00%, 5/15/2024 | 10000 | 10349 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County, Water and Sewer Series A, Rev., 4.00%, 7/1/2035 | 1805000 | 1870451 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2036 (e) | 600000 | 663508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.25%, 7/1/2047 (e) | 630000 | 658987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.00%, 7/1/2052 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510449 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214642 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.50%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142117 |
| &nbsp;&nbsp;&nbsp; State of Tennessee Series A, GO, 5.00%, 9/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26005 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412300 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp; 10158150 |
| **Texas — 3.6%** | **Texas — 3.6%** | **Texas — 3.6%** |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Limited Tax GO, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77074 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, Financing System Series 2016D, Rev., 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project Rev., <br> 5.00%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90933 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005385 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi, Certificates of Obligation Series 2016A, GO, 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103710 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi, Utility System Series B, Rev., 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372224 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien Series 2021A, Rev., AMT, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269398 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50155 |
| &nbsp;&nbsp;&nbsp; City of Hutto, Waterworks and Sewer System GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85872 |
| &nbsp;&nbsp;&nbsp; City of League City, Combination Tax GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21383 |
| &nbsp;&nbsp;&nbsp; City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26961 |
| &nbsp;&nbsp;&nbsp; City of San Angelo GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21612 |
| &nbsp;&nbsp;&nbsp; City of San Marcos, Combination Tax, Certificates of Obligation GO, 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184857 |
| &nbsp;&nbsp;&nbsp; City of Temple, Utility System Series 2021, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276641 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools Series 2022A, Rev., 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274120 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183753 |
| &nbsp;&nbsp;&nbsp; Clint Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25703 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; County of Harris, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026 | 25000 | 27070 |
| &nbsp;&nbsp;&nbsp; County of Hays, Limited Tax GO, 5.00%, 2/15/2026 | 20000 | 21376 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025 | 25000 | 26259 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax GO, 5.00%, 2/15/2026 | 40000 | 42790 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 | 20000 | 21006 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2029 | 285000 | 320789 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Baylor Medical Project Rev., 5.00%, 11/15/2023 | 25000 | 25486 |
| &nbsp;&nbsp;&nbsp; Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024 | 25000 | 25993 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp. Project Rev., 5.00%, 5/15/2035 | 155000 | 166866 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County, Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2023 | 150000 | 153322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations Series B, Rev., 5.00%, <br> 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living Series 2022B-3, Rev., <br> 4.25%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786645 |
| &nbsp;&nbsp;&nbsp; North East Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21198 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21938 |
| &nbsp;&nbsp;&nbsp; Northside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67639 |
| &nbsp;&nbsp;&nbsp; Old Spanish Trail-Alemda Corridors Redevelopment Authority Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136486 |
| &nbsp;&nbsp;&nbsp; Pearland Independent School District, Unlimited Tax Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25128 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2016A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88229 |
| &nbsp;&nbsp;&nbsp; Prosper Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26975 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86169 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien Series 2017A, Rev., 5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26423 |
| &nbsp;&nbsp;&nbsp; Sherman Independent School District, Unlimited Tax Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27717 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund Series 2015-A, GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52174 |
| &nbsp;&nbsp;&nbsp; Stephen F Austin State University, Financing System Series 2019A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp, Baylor Scott & White Health Project Series 2022F, Rev., 5.00%, <br> 11/15/2030 (b)<br>| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2209756 |
| &nbsp;&nbsp;&nbsp; Tarrant Regional, Water Control and Improvement District, Water System Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26281 |
| &nbsp;&nbsp;&nbsp; Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168395 |
| &nbsp;&nbsp;&nbsp; Texas Tech University System Series 2017A, Rev., 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35976 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Water Project Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64046 |
| &nbsp;&nbsp;&nbsp; Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382354 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 9998746 |
| **Utah — 2.2%** | **Utah — 2.2%** | **Utah — 2.2%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Series 2021-A, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2528898 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake, International Airport Series 2022A, Rev., 4.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166753 |
| &nbsp;&nbsp;&nbsp; City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51164 |
| &nbsp;&nbsp;&nbsp; County of Summit, Sales Tax Rev., 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71765 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Salt Lake & Sandy Series A, Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394534 |
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99558 |
| &nbsp;&nbsp;&nbsp; Snyderville Basin Special Recreation District GO, 4.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103928 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) Series B, Rev., 5.00%, 8/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Summit Academy Incorporated Series A, Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, <br> Rev., 5.00%, 6/15/2041 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136950 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency Rev., 5.00%, 10/15/2027 | 130000 | 133317 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications Rev., 5.00%, 10/15/2032 | 310000 | 318025 |
| &nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2033 | 250000 | 287712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2034 | 325000 | 370064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2035 | 580000 | 653390 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax Series A, Rev., BHAC - CR, MBIA, 5.00%, 6/15/2035 | 295000 | 339414 |
| &nbsp;&nbsp;&nbsp; Wasatch County Municipal Building Authority Rev., 4.00%, 12/1/2027 | 270000 | 283443 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 6083103 |
| **Virgin Islands — 0.1%** | **Virgin Islands — 0.1%** | **Virgin Islands — 0.1%** |
| &nbsp;&nbsp;&nbsp; Matching Fund Special Purpose Securitization Corp. Series 2022A, Rev., 5.00%, 10/1/2025 | 150000 | 153082 |
| **Virginia — 2.1%** | **Virginia — 2.1%** | **Virginia — 2.1%** |
| &nbsp;&nbsp;&nbsp; City of Richmond, Public Improvement Series B, GO, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192454 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Virginia Series 2018A, GO, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27978 |
| &nbsp;&nbsp;&nbsp; County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series E, Rev., VRDO, 1.91%, <br> 12/9/2022 (b)<br>| &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp; Northern Virginia Transportation Commission Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715343 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Public Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399640 |
| &nbsp;&nbsp;&nbsp; Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2013-C, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35769 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247081 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 5881514 |
| **Washington — 3.0%** | **Washington — 3.0%** | **Washington — 3.0%** |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King and Pierce Counties GO, 4.00%, 12/1/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021448 |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2015S-1, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31332 |
| &nbsp;&nbsp;&nbsp; City of Bonney Lake, Water & Sewer System Rev., 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10394 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20859 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Water System Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36384 |
| &nbsp;&nbsp;&nbsp; City of Tacoma, Solid Waste Utility Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809326 |
| &nbsp;&nbsp;&nbsp; City of University Place, Limited Tax GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91545 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55564 |
| &nbsp;&nbsp;&nbsp; County of King, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20480 |
| &nbsp;&nbsp;&nbsp; County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10572 |
| &nbsp;&nbsp;&nbsp; County of Spokane Series 2022-A, GO, 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996300 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26869 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60319 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Unlimited Tax GO, 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38530 |
| &nbsp;&nbsp;&nbsp; King County Public Hospital District No. 2, Evergreen Healthcare, Limited Tax GO, 5.00%, 12/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109898 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162243 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Unlimited Tax GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21760 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36584 |
| &nbsp;&nbsp;&nbsp; Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49140 |
| &nbsp;&nbsp;&nbsp; North Thurston Public Schools GO, 4.00%, 12/1/2036 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2134027 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 403 Bethel, Unlimited Tax GO, 4.00%, 12/1/2023 | 20000 | 20290 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 416 White River, Unlimited Tax GO, 5.00%, 12/1/2025 | 50000 | 53374 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien Series 2022B, Rev., AMT, 4.00%, 8/1/2047 | 400000 | 349490 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2025 | 25000 | 26694 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 4 Lake Stevens, Unlimited Tax GO, 5.00%, 12/1/2024 | 25000 | 26156 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 6 Mukilteo, Unlimited Tax GO, 5.00%, 12/1/2023 | 105000 | 107552 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 354 Mead, Unlimited Tax GO, 5.00%, 12/1/2024 | 20000 | 20905 |
| &nbsp;&nbsp;&nbsp; State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 6/1/2033 | 1000000 | 1142048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, GO, 5.00%, 2/1/2043 | 700000 | 761694 |
| &nbsp;&nbsp;&nbsp; State of Washington, State and Local Agency Real and Personal Property Series 2015-C, COP, 5.00%, 1/1/2029 | 55000 | 58486 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32992 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 8395645 |
| **Wisconsin — 3.5%** | **Wisconsin — 3.5%** | **Wisconsin — 3.5%** |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674589 |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Water |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196637 |
| &nbsp;&nbsp;&nbsp; Hamilton School District, School Building and Improvement GO, 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63238 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority Series 2022A-1, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 4.00%, <br> 11/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project Series 2021B2, Rev., 2.25%, <br> 6/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223362 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Lenoir-Rhyne University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1321833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685012 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201966 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203673 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Scotland Healthcare System Series 2021A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530292 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148368 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53952 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 6/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67114 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Environmental Improvement Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21589 |
| &nbsp;&nbsp;&nbsp; Village of Pleasant Prairie GO, 4.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10179 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197418 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 5.00%, 7/1/2032 | 50000 | 54768 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2026 | 175000 | 170492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2027 | 175000 | 168544 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019A, Rev., 5.00%, 11/1/2029 | 150000 | 144808 |
| &nbsp;&nbsp;&nbsp; WPPI Energy Series 2016A, Rev., 5.00%, 7/1/2024 | 170000 | 175522 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 9613355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $254,567,099)<br>|  | 250332733 |
|  | **SHARES** |  |
| **Short-Term Investments — 11.3%** | **Short-Term Investments — 11.3%** | **Short-Term Investments — 11.3%** |
| **Investment Companies — 11.3%** | **Investment Companies — 11.3%** | **Investment Companies — 11.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (f) (g) <br>(Cost $31,403,805)<br>| 31392338 | &nbsp;&nbsp; 31408034 |
| **Total Investments — 101.3%** <br>**(Cost $285,970,904)**<br>|  | **281740767** |
| **Liabilities in Excess of Other Assets — (1.3)%** |  | **(3519868)** |
| **NET ASSETS — 100.0%** |  | **278220899** |

---

&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** |  |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| CCRC | Congregate Care Retirement Center |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MBIA | Insured by Municipal Bond Insurance Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| Rev. | Revenue |
| 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) | 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, 2022. <br>|
| (c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (f) | 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>|
| (g) | The rate shown is the current yield as of November 30, 2022. |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

**Futures contracts outstanding as of November 30, 2022:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | (7) | 03/22/2023 | USD | (841422) | (8546) |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of November 30, 2022:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.79 | USD 9,350,000 | 351148 | (620042) | (268894) |

---

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

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (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 SEC 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 NAVs per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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 ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 | $— | $250332733 | $— | $250332733 |

---

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $31408034 | $— | $— | $31408034 |
| **Total Investments in Securities** | $31408034 | $250332733 | $— | $281740767 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $(8546) | $— | $— | $(8546) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620042) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620042) |
| **Total Depreciation in Other Financial Instruments** | $(8546) | $(620042) | $— | $(628588) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free <br> Money Market Fund Class IM <br> Shares, 1.77% (a) (b)<br>| $10795128 | $197303162 | $176695146 | $661 | $4229 | $31408034 | 31392338 | $213677 | $— |

---

&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, 2022.

**C. Derivatives** — The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund.

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

**(1). Futures Contracts** — The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(2). Swaps —** The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

<u>Credit Default Swaps</u>

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

------

**JPMorgan Municipal ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

------

## 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:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Municipal ETF

- **b. EDGAR series identifier (if any):** S000063268

- **c. LEI of Series:** 549300Q4RKBDH0NJBG14

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**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:** $280960430.10

**Total Liabilities:** $10193355.14

**Net Assets:** $270767074.96

**Cash Not Reported:** $14039.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14.27361000 | **1-Year:** 3233.74739000 | **5-Year:** 48539.91385000 | **10-Year:** 85733.84073000 | **30-Year:** 7862.95347000

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

- **3-Month:** -3692.26638000 | **1-Year:** 626.44710000 | **5-Year:** 3528.29105000 | **10-Year:** 4536.84521000 | **30-Year:** 634.61258000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205215 | -3.11%               | -0.68%               | 3.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-136909.84              | $-7898409.76                               |
| Month 2  | $-968534.96              | $-886626.46                                |
| Month 3  | $-53632.91               | $9467257.27                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UXZ6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99662.27     | 0.04%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors                                                          | Florida State Board of Governors, University of Florida Mandatory Student Fee                                                                          | CUSIP: 34157SBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110493.83    | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2018                                                                                                                     | CUSIP: 64966MZN2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    105000 | PA      | $114792.26    | 0.04%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 2                                                | King County Public Hospital District No. 2, Evergreen Healthcare, Limited Tax                                                                          | CUSIP: 494791RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109897.75    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redding Joint Powers Financing Authority                                                  | Redding Joint Powers Financing Authority                                                                                                               | CUSIP: 757288GR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $160252.89    | 0.06%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                                  | CUSIP: 69651ABQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106579.99    | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                    | State Public School Building Authority, Delaware County Community College Project                                                                      | CUSIP: 85732MT23<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26636.49     | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                                                                      | City of Roseville, 316 Vernon Street Project                                                                                                           | CUSIP: 777790EL6<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74062.53     | 0.03%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Redevelopment Agency Successor Agency                                           | San Diego Redevelopment Agency Successor Agency                                                                                                        | CUSIP: 79730WAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132334.44    | 0.05%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                   | County of Palm Beach, Palm Beach Atlantic University                                                                                                   | CUSIP: 696547GH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99404.34     | 0.04%             | 2029-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                                  | Auburn School District No. 408 of King and Pierce Counties                                                                                             | CUSIP: 494619FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021447.80   | 0.38%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                              | New Mexico Finance Authority, Senior Lien Public Project Revolving Fund, Series 2016E                                                                  | CUSIP: 64711NL37<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25894.97     | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No. 3 Tempe Elementary                                    | Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project of 2016, Series 2017A                                             | CUSIP: 566880WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32860.68     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229919.85    | 0.08%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sanger Unified School District                                                            | Sanger Unified School District                                                                                                                         | CUSIP: 800860EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $139711.30    | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                        | Selma Industrial Development Board, International Paper Co. Project                                                                                    | CUSIP: 81647PAF0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $93103.25     | 0.03%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Sewer Revenue                                                          | City of Oshkosh, Sewer                                                                                                                                 | CUSIP: 68825VKK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $597344.06    | 0.22%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Smithtown Central School District                                                         | Smithtown Central School District                                                                                                                      | CUSIP: 832492ZC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2212897.65   | 0.82%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                  | University of Utah (The)                                                                                                                               | CUSIP: 915183A31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.69     | 0.01%             | 2026-08-01      | 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 2017                                                                     | CUSIP: 64971W4N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163167.42    | 0.06%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                                         | South Dakota Conservancy District, State Revolving Fund Program                                                                                        | CUSIP: 837545MQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37170.39     | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax                                                                               | CUSIP: 181000PU8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27361.36     | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Des Moines Independent Community School District Sales Services & Use Tax Rev             | Des Moines Independent Community School District, Sales Services and Use Tax                                                                           | CUSIP: 250111DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193643.17    | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hamilton School District/WI                                                               | Hamilton School District, School Building and Improvement                                                                                              | CUSIP: 408172GL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63238.31     | 0.02%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                 | Ohio Turnpike and Infrastructure Commission, Junior Lien                                                                                               | CUSIP: 67760HLJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $147277.60    | 0.05%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                     | Utah Charter School Finance Authority, Summit Academy Incorporated                                                                                     | CUSIP: 91754TXV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $118787.33    | 0.04%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225FH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156215.20   | 0.43%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, State and Local Facilities Loan of 2021                                                                                             | CUSIP: 574193UA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $468806.48    | 0.17%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, International School                                                                                                             | CUSIP: 25483VVL5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119059.32    | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                    | Permanent University Fund - University of Texas System, Series 2016A                                                                                   | CUSIP: 9151156S3<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88229.37     | 0.03%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                     | Walton County Water and Sewer Authority, Walton - Hard Labor Creek Reservoir Water Treatment Facility Project                                          | CUSIP: 93342PFA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $117984.99    | 0.04%             | 2034-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects, Series 2018A                                 | CUSIP: 677587DE4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26397.59     | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138292.90    | 0.05%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Findlay 2019 Project                                                                        | CUSIP: 67756DTF3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    160000 | PA      | $161505.79    | 0.06%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039901.70   | 0.38%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TN                                                                   | County of Williamson                                                                                                                                   | CUSIP: 969872BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20641.41     | 0.01%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                                                       | CUSIP: 732203BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $180315.72    | 0.07%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Summit OH                                                                       | County of Summit                                                                                                                                       | CUSIP: 86606WBN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $116474.90    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aliso Viejo CA                                                                    | City of Aliso Viejo                                                                                                                                    | CUSIP: 01639PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186989.86    | 0.07%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reedy Creek Improvement District                                                          | Reedy Creek Improvement District, Ad Valorem Tax                                                                                                       | CUSIP: 758449QL9<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52889.71     | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $98444.03     | 0.04%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MS                                                                      | County of Jackson, Pollution Control, Chevron USA, Inc. Project                                                                                        | CUSIP: 467222CJ2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.85%             | 2023-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook, Series 2018A                                                                                                                   | CUSIP: 097552TM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $137745.04    | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152WR8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30592.79     | 0.01%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                              | Clark County School District, Limited Tax, Series 2018A                                                                                                | CUSIP: 181059ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91945.77     | 0.03%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FKX2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135082.31    | 0.05%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Florida Department of Housing & Residence Education Hsg Sys Rev             | University of Florida Department of Housing & Residence Education Hsg Sys Rev                                                                          | CUSIP: 34157TCZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134210.44    | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Smithtown Central School District                                                         | Smithtown Central School District                                                                                                                      | CUSIP: 832492ZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073947.40   | 0.77%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.                                                                                  | CUSIP: 187145LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $207691.93    | 0.08%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp., Morgan State University Project                                                                                   | CUSIP: 57420NDL2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522720.10    | 0.19%             | 2037-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio                                                                                                                                          | CUSIP: 6775227Y4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    210000 | PA      | $244925.02    | 0.09%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare                                                         | CUSIP: 821697R43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $159594.48    | 0.06%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                              | CUSIP: 57584YB65<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    175000 | PA      | $195250.51    | 0.07%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Solid Waste Utility Revenue                                             | City of Tacoma, Solid Waste Utility                                                                                                                    | CUSIP: 87354VBG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $809325.72    | 0.30%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                                           | CUSIP: 95737TEX0<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236537.78    | 0.09%             | 2028-07-01      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153CQ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526337.65    | 0.19%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                                               | Western Michigan University, Tax Exempt                                                                                                                | CUSIP: 958638XP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28301.30     | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                          | CUSIP: 114731BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $199452.94    | 0.07%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority Building Aid, Subordinate                                                                                 | CUSIP: 64972H7M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47583.97     | 0.02%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Funding Corp.                                                               | Orange County Funding Corp., Mount Saint Mary College Project, Series 2012B                                                                            | CUSIP: 684594BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200083.46    | 0.07%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie County Water Authority                                                               | Erie County Water Authority                                                                                                                            | CUSIP: 295101QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32664.43     | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maury TN                                                                        | County of Maury                                                                                                                                        | CUSIP: 577625B54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43740.64     | 0.02%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports, International Airport Senior                                                                               | CUSIP: 5444354H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102979.74    | 0.04%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                               | University of North Carolina at Chapel Hill                                                                                                            | CUSIP: 91471FAW5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.11%             | 2031-02-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| City of Excelsior Springs MO                                                              | City of Excelsior Springs                                                                                                                              | CUSIP: 300788CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121812.96    | 0.04%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                       | Prosper Independent School District, Unlimited Tax School Building                                                                                     | CUSIP: 743600B72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26974.81     | 0.01%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, The Highlands at Wyomissing, Series 2017A                                                               | CUSIP: 08452RAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246704.68    | 0.09%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $527943.06    | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Eastern Michigan University Student Housing Project                                                                          | CUSIP: 74444UAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548692.45    | 0.20%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The)                                                                                           | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750748.65    | 0.28%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District                | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project                                         | CUSIP: 088621DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41534.60     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Rapid City SD Sales Tax Revenue                                                   | City of Rapid City, Sales Tax                                                                                                                          | CUSIP: 753385LH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25582.60     | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                                   | City of Philadelphia                                                                                                                                   | CUSIP: 717817UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073847.00   | 0.77%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien, Series 2021A                                                                                        | CUSIP: 442349FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269397.63    | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Rochester Schools Modernization Project                                                                    | CUSIP: 610730BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83889.62     | 0.03%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project                                                                | CUSIP: 19645UEW0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $124089.08    | 0.05%             | 2051-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                       | CUSIP: 12008ESX5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105220.28    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments                                                                 | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92601.22     | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Lake IL                                                                         | County of Lake, Sales Tax                                                                                                                              | CUSIP: 508336FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104361.50    | 0.04%             | 2027-11-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Rosa CA                                                                     | City of Santa Rosa, Courthouse Square Project and Lease                                                                                                | CUSIP: 802595DM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91962.51     | 0.03%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                          | Alamo Community College District, Limited Tax                                                                                                          | CUSIP: 011415QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77073.76     | 0.03%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Findlay 2019 Project                                                                        | CUSIP: 67756DTC0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56228.00     | 0.02%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                     | County of Cuyahoga, Eliza Jennings Senior Care Network                                                                                                 | CUSIP: 23226MAH4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    370000 | PA      | $361282.58    | 0.13%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson, Series 2022B                                                                                                                        | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    130000 | PA      | $123525.45    | 0.05%             | 2032-01-01      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp., Morgan State University Project                                                                                   | CUSIP: 57420VSH7<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    585000 | PA      | $632353.06    | 0.23%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Kissimmee FL                                                                      | City of Kissimmee                                                                                                                                      | CUSIP: 497813AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $175480.09    | 0.06%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                                  | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.                                                                                  | CUSIP: 906420BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421012.92    | 0.16%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No. 4 Lake Stevens                                       | Snohomish County School District No. 4 Lake Stevens, Unlimited Tax                                                                                     | CUSIP: 833124QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26156.18     | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                                | Salt Verde Financial Corp.                                                                                                                             | CUSIP: 79575EAM0<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104148.03    | 0.04%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority                                                                                                                       | CUSIP: 67765QMJ2<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128641.50   | 0.42%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority     | Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects                                     | CUSIP: 54628CGP1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278688.85    | 0.10%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                            | Minnesota Municipal Gas Agency                                                                                                                         | CUSIP: 60406UAK3<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006225.50   | 0.37%             | 2027-06-01      | 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, Wright Memorial Hospital                                                         | CUSIP: 60637AQV7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205437.06    | 0.08%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Valparaiso University Project                                                                       | CUSIP: 45470EAQ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    215000 | PA      | $206528.70    | 0.08%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2017B                                                                       | CUSIP: 167593A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42084.58     | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM Gross Receipts Tax Revenue                                         | City of Albuquerque, Gross Receipts Tax, Series 2015A                                                                                                  | CUSIP: 01354PFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $253769.98    | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                              | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2108A                                                                     | CUSIP: 64711RMB9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109451.35    | 0.04%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                    | County of Clark Department of Aviation                                                                                                                 | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526030.65    | 0.19%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project                                                                            | CUSIP: 979134AS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $160491.85    | 0.06%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Public Facilities Financing Authority                                 | South San Francisco Public Facilities Financing Authority, Multiple Capital Project                                                                    | CUSIP: 840035BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $306006.55    | 0.11%             | 2029-06-01      | 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                                                                     | CUSIP: 64971W7N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27187.97     | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Rose-Hulman Institute of Technology Project                                                                                 | CUSIP: 45506EBF9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $221209.56    | 0.08%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UGQ5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    325000 | PA      | $297857.89    | 0.11%             | 2035-07-01      | Fixed         | 4.00%                 | 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        |     20000 | PA      | $21588.65     | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wayne NC                                                                        | County of Wayne, Limited Obligation                                                                                                                    | CUSIP: 945863PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25865.09     | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500353R7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    150000 | PA      | $162877.02    | 0.06%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Community College Foundation, Inc.                                         | Johnson County Community College Foundation, Inc.                                                                                                      | CUSIP: 478453CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109488.86    | 0.04%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                                              | CUSIP: 599772AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $99558.26     | 0.04%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Ranking  County Project                                                                                                  | CUSIP: 60534WJD1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    205000 | PA      | $219615.29    | 0.08%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358W3F9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2071987.12   | 0.77%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                                 | CUSIP: 56042RT69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     54310 | PA      | $55009.96     | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2022                                                                                                                     | CUSIP: 64966QYR5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1911265.95   | 0.71%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DJG1<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $113212.41    | 0.04%             | 2031-06-15      | 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: 41422EGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153322.04    | 0.06%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, State and Local Facilities Loan of 2017, Series 2017A                                                                               | CUSIP: 574193PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47802.45     | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County School District No. 1 Pasco                                               | Franklin County School District No. 1 Pasco, Unlimited Tax                                                                                             | CUSIP: 353442B96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38530.04     | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project                                                                       | CUSIP: 19645UGE8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     85000 | PA      | $76847.12     | 0.03%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                                   | Indio Finance Authority                                                                                                                                | CUSIP: 45571LDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $299145.99    | 0.11%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                   | State of North Carolina, Build NC Programs, Limited Obligation                                                                                         | CUSIP: 65829QEA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112870.24    | 0.04%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                              | King County School District No. 411 Issaquah, Unlimited Tax                                                                                            | CUSIP: 4952243J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36583.84     | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Children & Families                                                 | Florida Department of Children and Families, Evaluation Treatment Center Financing Corp. Project                                                       | CUSIP: 34160ECG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $234979.16    | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                  | University of California                                                                                                                               | CUSIP: 91412HAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138774.44    | 0.05%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund                                                                  | CUSIP: 04052FBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191785.76    | 0.07%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                                      | State of Michigan Trunk Line, Rebuilding Michigan Program                                                                                              | CUSIP: 5946952T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $406817.33    | 0.15%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                          | State of Florida Board of Education, Public Education Capital Outlay                                                                                   | CUSIP: 34153P7K8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31087.42     | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $130089.51    | 0.05%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Personal Income Tax                                                                                                | CUSIP: 64990FZS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1000217.00   | 0.37%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, St. Andrews School Project                                                                              | CUSIP: 246387ST2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970254.40    | 0.36%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Infrastructure Improvement, Series 2018A                                                                                                | CUSIP: 677522ZP2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28063.39     | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                    | University of Colorado, Enterprise System                                                                                                              | CUSIP: 91417KW98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43052.37     | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Laredo Independent School District                                                        | Laredo Independent School District, Unlimited Tax                                                                                                      | CUSIP: 516840XS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25992.96     | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Lawrence Technological University                                                                                          | CUSIP: 594479HN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     95000 | PA      | $88328.06     | 0.03%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Washington Union Free School District                                                | Port Washington Union Free School District                                                                                                             | CUSIP: 735581NZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1402920.69   | 0.52%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp., Bowie State University Project                                                                                    | CUSIP: 57420VRG0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    200000 | PA      | $179598.12    | 0.07%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                 | Bergen County Improvement Authority (The), New Bridge Medical Center                                                                                   | CUSIP: 083778PF1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1146538.60   | 0.42%             | 2037-08-01      | 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, Contractual Obligations                                                            | CUSIP: 41422EHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27339.13     | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                        | State of Minnesota, Various Purpose                                                                                                                    | CUSIP: 60412ATH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $405694.24    | 0.15%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYH5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103926.09    | 0.04%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                              | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098YT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21760.44     | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Tulane University Project                                                                                       | CUSIP: 546399JH0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    145000 | PA      | $158602.07    | 0.06%             | 2029-04-01      | Fixed         | 5.00%                 | 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, Belmon University                                       | CUSIP: 592029AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $474701.36    | 0.18%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                                   | Indio Finance Authority                                                                                                                                | CUSIP: 45571LDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $302607.55    | 0.11%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM                                                                    | City of Albuquerque, Series 2016A                                                                                                                      | CUSIP: 0135184V4<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76097.27     | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B      | CUSIP: 592029AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $304116.50    | 0.11%             | 2041-10-01      | Fixed         | 4.00%                 | 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 2017                                                                     | CUSIP: 64971W6T2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $600958.71    | 0.22%             | 2030-05-01      | 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, Financing System, Series 2016D                                                                     | CUSIP: 91514ADY8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52029.79     | 0.02%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                   | City of Jacksonville, Series 2022A                                                                                                                     | CUSIP: 469487TG7<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    250000 | PA      | $291087.60    | 0.11%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                        | Matching Fund Special Purpose Securitization Corp.                                                                                                     | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    150000 | PA      | $153082.25    | 0.06%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DJ64<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521754.60    | 0.19%             | 2037-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                        | State of Wisconsin                                                                                                                                     | CUSIP: 97705MDP7<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40260.53     | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                                   | University of Minnesota                                                                                                                                | CUSIP: 914460QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16016.65     | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Kendal on Hudson Project                                                                                   | CUSIP: 95737TFB7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244227.12    | 0.09%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                          | Onondaga Civic Development Corp., Le Moyne College Project                                                                                             | CUSIP: 682832JB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104875.90    | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                       | CUSIP: 45204FSS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200746.36    | 0.07%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board, Fulton State Hospital Project                                                                                      | CUSIP: 606033CF3<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26068.78     | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, San Antonio Gardens Project                                                                                    | CUSIP: 13049RBF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $147972.41    | 0.05%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)                   | Industrial Development Authority of the City of St Louis Missouri (The), Innovation District                                                           | CUSIP: 85233LAH6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    285000 | PA      | $277621.95    | 0.10%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Municipal Financing Authority                                                 | Chula Vista Municipal Financing Authority                                                                                                              | CUSIP: 17132EAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187079.71    | 0.07%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi                                                                                                                                   | CUSIP: 605581GV3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37320.18     | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                             | CUSIP: 917467CG5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    310000 | PA      | $318024.97    | 0.12%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                                | City and County of Denver                                                                                                                              | CUSIP: 249164QV9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    220000 | PA      | $250991.77    | 0.09%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kendall & Kane Counties Community Unit School District No. 115                            | Kendall and Kane Counties Community Unit School District No. 115, Series 2017B                                                                         | CUSIP: 488575KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27091.69     | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                              | Virginia Resources Authority, Infrastructure Pooled Financing Program                                                                                  | CUSIP: 92818GFQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35768.74     | 0.01%             | 2023-11-01      | 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        |     50000 | PA      | $54365.10     | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio                              | State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio                                                                                          | CUSIP: 977092XH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67113.58     | 0.02%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                              | Southern Illinois University                                                                                                                           | CUSIP: 8431465N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $727533.77    | 0.27%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                                                         | CUSIP: 052398HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073448.80   | 0.40%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                           | State of Hawaii                                                                                                                                        | CUSIP: 419792RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32556.50     | 0.01%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sherman Independent School District/TX                                                    | Sherman Independent School District, Unlimited Tax, Series 2018A                                                                                       | CUSIP: 824178YE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27716.63     | 0.01%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Materra Campus Project, Series 2021C                                                                            | CUSIP: 546399NK8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    245000 | PA      | $224695.80    | 0.08%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                     | Walton County Water and Sewer Authority, Walton - Hard Labor Creek Reservoir Water Treatment Facility Project                                          | CUSIP: 93342PFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $158008.66    | 0.06%             | 2035-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                                | Metropolitan Water Reclamation District of Greater Chicago, Limited Tax                                                                                | CUSIP: 167560VL2<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20444.20     | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                  | County of Miami-Dade                                                                                                                                   | CUSIP: 59333PL71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011149.80   | 0.37%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Phoenix Children's Hospital                                                                                  | CUSIP: 04052EAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $168701.85    | 0.06%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport, Senior Lien                                                                                                      | CUSIP: 167593N81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217956.74    | 0.08%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 416 White River                                         | Pierce County School District No. 416 White River, Unlimited Tax                                                                                       | CUSIP: 720628KL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53373.93     | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-1                                                                              | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $174485.46    | 0.06%             | 2029-05-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Youngstown State University                                                               | Youngstown State University, General Receipts                                                                                                          | CUSIP: 987720FB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $522898.70    | 0.19%             | 2030-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                                   | Indio Finance Authority                                                                                                                                | CUSIP: 45571LDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $450855.00    | 0.17%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tohopekaliga Water Authority                                                              | Tohopekaliga Water Authority, Utility System                                                                                                           | CUSIP: 88906REH9<br>LEI: 549300IZ325ZGEHGR946 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10650.73     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA                                                                      | County of Spokane                                                                                                                                      | CUSIP: 8486446E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $996299.73    | 0.37%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project                                                 | CUSIP: 13080SH80<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62718.10     | 0.02%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                      | CUSIP: 19668QNS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015702.90   | 0.38%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pell City AL                                                                      | City of Pell City, Warrants, Series 2015A                                                                                                              | CUSIP: 705880NZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104664.56    | 0.04%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School District/GA                                                             | Lee County School District                                                                                                                             | CUSIP: 523552DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $349297.42    | 0.13%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                                | Passaic County Improvement Authority (The), City of Paterson Project                                                                                   | CUSIP: 702755BU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10554.49     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System, Series 2016A                                                                                             | CUSIP: 682001EY4<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32117.01     | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Limited Tax                                                                                                                           | CUSIP: 180848XT5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    120000 | PA      | $132692.30    | 0.05%             | 2027-12-01      | 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, Tax-Exempt, Fiscal Year 2013                                                         | CUSIP: 64971Q2C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30286.93     | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No. 2                                                           | STC Metropolitan District No. 2, Limited Tax Improvement                                                                                               | CUSIP: 85780TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $280434.99    | 0.10%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri                                                                                     | CUSIP: 60637AUR1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    390000 | PA      | $367282.66    | 0.14%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series 2022A                                                   | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240426.70    | 0.09%             | 2029-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Pearland Independent School District                                                      | Pearland Independent School District, Unlimited Tax, Series 2016A                                                                                      | CUSIP: 7048797S8<br>LEI: 549300UU8ZB6DL6OXQ09 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25128.32     | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                           | Champaign County Community Unit School District No. 4 Champaign, School Building                                                                       | CUSIP: 158249LE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48071.81     | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 3                                                                                       | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062765.90   | 0.39%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                                   | Tobacco Securitization Authority of Northern California                                                                                                | CUSIP: 888794BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $117657.20    | 0.04%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Higher Education                                                                 | Colorado Higher Education, Capital Construction, Lease Purchase Financing Program, Series 2014A                                                        | CUSIP: 196734CC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10660.01     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development                                                                                                                        | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253459.23    | 0.09%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224YV5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     60000 | PA      | $65688.17     | 0.02%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                               | WPPI Energy                                                                                                                                            | CUSIP: 92937NBS2<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    170000 | PA      | $175522.25    | 0.06%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Lenoir-Rhyne University                                                                                                      | CUSIP: 74443DHN4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1197203.47   | 0.44%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Natural Resources                                                                                                                       | CUSIP: 677522VH4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38670.76     | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group                                                             | CUSIP: 49126KKP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $175875.78    | 0.06%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                                      | North Texas Municipal Water District, Wastewater System                                                                                                | CUSIP: 662835YX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21937.65     | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                              | Metropolitan Atlanta Rapid Transit Authority, Sales Tax                                                                                                | CUSIP: 5917453X0<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36821.72     | 0.01%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581KX4<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     60000 | PA      | $65204.53     | 0.02%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                            | Massachusetts State College Building Authority                                                                                                         | CUSIP: 575831DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48951.44     | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.                                                                                  | CUSIP: 187145NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274119.83    | 0.10%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300/IL                      | Kane McHenry Cook and De Kalb Counties Unit School District No. 300                                                                                    | CUSIP: 484080SG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35911.03     | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                                    | Fort Worth Independent School District, Unlimited Tax                                                                                                  | CUSIP: 3494607H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $320788.88    | 0.12%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630630.50   | 0.60%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                         | North Carolina Turnpike Authority, Triangle Expressway System                                                                                          | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409418.44    | 0.15%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260706.00    | 0.10%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                        | County of Adams                                                                                                                                        | CUSIP: 005596DV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156638.87    | 0.06%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                        | County of Adams                                                                                                                                        | CUSIP: 005596DU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61398.23     | 0.02%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                                     | State of Rhode Island and Providence Plantations Consolidated Capital Development Loan, Series 2018A                                                   | CUSIP: 76222RWG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82635.59     | 0.03%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                   | County of Palm Beach, Palm Beach Atlantic University                                                                                                   | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91719.83     | 0.03%             | 2039-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965226.00    | 0.36%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                                 | City of Corpus Christi, Certificates of Obligation                                                                                                     | CUSIP: 220113AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103710.40    | 0.04%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    300000 | PA      | $288582.36    | 0.11%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2021                                                                                                                     | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100377.60   | 0.41%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare                                                         | CUSIP: 821697R76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214642.22    | 0.08%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 101 La Center                                            | Clark County School District No. 101 La Center, Unlimited Tax                                                                                          | CUSIP: 181211EV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55564.18     | 0.02%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project                                                                    | CUSIP: 74442PTT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $223361.50    | 0.08%             | 2027-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Snyderville Basin Special Recreation District                                             | Snyderville Basin Special Recreation District                                                                                                          | CUSIP: 833558HE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103928.39    | 0.04%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                    | Township of Hampton                                                                                                                                    | CUSIP: 409468LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $657585.67    | 0.24%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority                                                                                                                             | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001385.30   | 0.37%             | 2027-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Pinellas County Industrial Development Authority                                          | Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project                   | CUSIP: 72316VAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126705.93    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252KD0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25637.24     | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project                                                      | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2209756.20   | 0.82%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                      | City of Atlanta Airport Passenger Facility Charge, Sub Lien                                                                                            | CUSIP: 04780TDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2273488.23   | 0.84%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                                       | State of New Mexico, Capital Projects                                                                                                                  | CUSIP: 647293QC6<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    305000 | PA      | $313999.48    | 0.12%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112NN2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10594.29     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                   | Trinity River Authority, Water Project                                                                                                                 | CUSIP: 89657PGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64045.79     | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                        | City of Decatur                                                                                                                                        | CUSIP: 243127VN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138850.21    | 0.05%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                                  | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.                                                                                  | CUSIP: 906420BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312025.44    | 0.12%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                                        | Indiana University, Student Fee                                                                                                                        | CUSIP: 455168EQ3<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27465.23     | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District/CA                                                 | Sierra View Local Health Care District                                                                                                                 | CUSIP: 82650PDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165879.48    | 0.06%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161BW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35983.68     | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                          | State of Florida Board of Education, Public Education Capital Outlay, Series B                                                                         | CUSIP: 34153QKS4<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     75000 | PA      | $82247.00     | 0.03%             | 2031-06-01      | 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: 6461364C2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253920.00    | 0.09%             | 2031-12-15      | 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. Luke's Episcopal-Presbyterian Hospitals, Series 2015B                        | CUSIP: 60637AJZ6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    165000 | PA      | $171614.90    | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Board of Trustees, Auxiliary Facilities System                                                                           | CUSIP: 665245YZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $354409.58    | 0.13%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                   | County of Montgomery, Consolidated Public Improvement                                                                                                  | CUSIP: 61334PDW0<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2354680.80   | 0.87%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Nebraska Facilities Corp.                                                   | University of Nebraska Facilities Corp., UNMC Global Center Project                                                                                    | CUSIP: 914639HU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37442.38     | 0.01%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                          | State of Florida Board of Education, Public Education Capital Outlay                                                                                   | CUSIP: 34153QCV6<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21574.75     | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana State University                                                                  | Indiana State University, Housing and Dining System                                                                                                    | CUSIP: 455114QH4<br>LEI: 5493004D3AY6L1VGGU46 | Long             | DBT              | MUN               | US        |    120000 | PA      | $131877.37    | 0.05%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Board of Trustees, Auxiliary Facilities System                                                                           | CUSIP: 665245YY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $325229.79    | 0.12%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                     | City of Valparaiso                                                                                                                                     | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $157664.04    | 0.06%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Southern Illinois University                                                              | Southern Illinois University                                                                                                                           | CUSIP: 8431465P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $866476.16    | 0.32%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.                                   | Mississippi State University Educational Building Corp., New Facilities and Refinancing Project                                                        | CUSIP: 605699QD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36911.21     | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Falconer Central School District                                                          | Falconer Central School District                                                                                                                       | CUSIP: 306117EA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1304218.63   | 0.48%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Petaluma Public Financing Authority                                                       | Petaluma Public Financing Authority, Road Improvement Projects                                                                                         | CUSIP: 71600NAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $160941.90    | 0.06%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $215421.13    | 0.08%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                                           | CUSIP: 95737TEY8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240903.00    | 0.09%             | 2026-07-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Waste Management                                                                                               | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1493397.00   | 0.55%             | 2041-10-01      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                            | Florida Municipal Power Agency, All-Requirements Power Supply Project                                                                                  | CUSIP: 342816H73<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    130000 | PA      | $135225.66    | 0.05%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana State University                                                                  | Indiana State University, Housing and Dining System                                                                                                    | CUSIP: 455114NB0<br>LEI: 5493004D3AY6L1VGGU46 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80963.05     | 0.03%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, Emanate Health, Tax-Exempt                                                                     | CUSIP: 13080SYL2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163268.01    | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Tax Exempt, Series 2021B-3                                                                                       | CUSIP: 19648FTM6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    295000 | PA      | $269499.40    | 0.10%             | 2028-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                                                                                         | CUSIP: 890585BR2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250560.25    | 0.09%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                             | Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2015A                                                                             | CUSIP: 232769BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21005.60     | 0.01%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE Sewer Revenue                                                            | City of Omaha, Sanitary Sewerage System                                                                                                                | CUSIP: 681810LF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53631.72     | 0.02%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247080.95    | 0.09%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mason County School District No. 309 Shelton                                              | Mason County School District No. 309 Shelton, Unlimited Tax                                                                                            | CUSIP: 575141KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49140.35     | 0.02%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Multi Model, Salem Health Project                                                                                   | CUSIP: 794458FH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80695.90     | 0.03%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                 | Orange County Health Facilities Authority                                                                                                              | CUSIP: 6845036X8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.41%             | 2037-01-01      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206084.70    | 0.08%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan District (The)                                                               | Metropolitan District (The)                                                                                                                            | CUSIP: 416489XY3<br>LEI: 549300CEZQKAR15IFS62 | Long             | DBT              | MUN               | US        |    200000 | PA      | $230461.80    | 0.09%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $174208.01    | 0.06%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Brunswick NJ                                                                  | City of New Brunswick                                                                                                                                  | CUSIP: 642815L36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10179.57     | 0.00%             | 2024-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Franciscan Alliance, Inc.                                                                                                   | CUSIP: 45470YEN7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115786.28    | 0.04%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                                | King County School District No. 403 Renton, Unlimited Tax                                                                                              | CUSIP: 495080UG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162242.86    | 0.06%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Project 1, Series 2017A                                                                                                              | CUSIP: 29270CU52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60319.04     | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue                | San Francisco City and County Public Utilities Commission Wastewater                                                                                   | CUSIP: 79768HGU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2340839.20   | 0.86%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                        | State of Wisconsin                                                                                                                                     | CUSIP: 97705MBK0<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41822.15     | 0.02%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                                                                                         | CUSIP: 890585BV3<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250053.68    | 0.09%             | 2026-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Summit UT Sales Tax Revenue                                                     | County of Summit, Sales Tax                                                                                                                            | CUSIP: 86606HBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71764.57     | 0.03%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Personal Income Tax                                                                                                | CUSIP: 64990FPM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2241046.60   | 0.83%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 3                                                                                                       | CUSIP: 154871CF2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    320000 | PA      | $340047.04    | 0.13%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                                        | State of Tennessee, Series A                                                                                                                           | CUSIP: 880541UL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26005.13     | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210169.74    | 0.08%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPP4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    350000 | PA      | $330155.28    | 0.12%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority Building Aid, Subordinate                                                                                 | CUSIP: 64972H7P1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5297.39      | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                        | Virginia Public Building Authority                                                                                                                     | CUSIP: 9281727W9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $167964.52    | 0.06%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Dieguito Union High School District                                                   | San Dieguito Union High School District, Election of 2012                                                                                              | CUSIP: 797508FC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152553.81    | 0.06%             | 2024-08-01      | 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                                                              | CUSIP: 088632BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $285218.25    | 0.11%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien                                                                                                                     | CUSIP: 735389W20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    400000 | PA      | $349490.28    | 0.13%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No. 6 Mukilteo                                           | Snohomish County School District No. 6 Mukilteo, Unlimited Tax                                                                                         | CUSIP: 833136QL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107551.47    | 0.04%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2021                                                                                                                     | CUSIP: 64966QMF4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    185000 | PA      | $211777.81    | 0.08%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2631278.96   | 0.97%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hermosa Beach City School District                                                        | Hermosa Beach City School District, Election of 2016, Series 2016A                                                                                     | CUSIP: 427632CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15155.28     | 0.01%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Cadence Campus Project                                                                                       | CUSIP: 04052BLQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $113634.80    | 0.04%             | 2030-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Temple TX Utility System Revenue                                                  | City of Temple, Utility System                                                                                                                         | CUSIP: 880162GL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $276641.53    | 0.10%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Excise Tax Revenue                                                        | City of Mesa, Excise Tax                                                                                                                               | CUSIP: 590494BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $85716.75     | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority, Series 3                                                                                                         | CUSIP: 01179RFB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20789.39     | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                    | City of Minneapolis, Health Care System, Fairview Health Services                                                                                      | CUSIP: 60374VDY6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    180000 | PA      | $191585.29    | 0.07%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                         | City of Boston, Series 2017A                                                                                                                           | CUSIP: 100853WU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10551.34     | 0.00%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                              | Southern Illinois University                                                                                                                           | CUSIP: 8431465Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $625722.19    | 0.23%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lehigh PA                                                                       | County of Lehigh, Lehigh Valley Health Network Hospital, Series 2016A                                                                                  | CUSIP: 52480GCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175188.32    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                     | CUSIP: 82170KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144690.59    | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                              | Northampton County General Purpose Authority, Moravian College Project                                                                                 | CUSIP: 66353LCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $192029.22    | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Health System, Series 2021A                                                                          | CUSIP: 13048VYY8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $873241.12    | 0.32%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                               | Duval County Public Schools                                                                                                                            | CUSIP: 267169HH6<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |    500000 | PA      | $557580.00    | 0.21%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., Hallmark University Project, Series 2021A                                                                      | CUSIP: 796247DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $86168.83     | 0.03%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                                                                                   | CUSIP: 01179RSZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $241446.40    | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485XJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $219676.42    | 0.08%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri                                                                                     | CUSIP: 60637AUS9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    580000 | PA      | $540627.57    | 0.20%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aliquippa School District                                                                 | Aliquippa School District, Limited Tax                                                                                                                 | CUSIP: 016364CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198026.98    | 0.07%             | 2037-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Mankato MN                                                                        | City of Mankato                                                                                                                                        | CUSIP: 563657VN2<br>LEI: 5493003B18DJ507ZEG20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271719.43    | 0.10%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts                                                                                                                          | CUSIP: 57582RNM4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27145.76     | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will & Kendall Counties Community Consolidated School District 202 Plainfield             | Will & Kendall Counties Community Consolidated School District 202 Plainfield                                                                          | CUSIP: 968648C78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10011.29     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Community College Authority                                                  | Bucks County Community College Authority                                                                                                               | CUSIP: 118601KJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38653.28     | 0.01%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                          | Hillsboro School District No. 1J                                                                                                                       | CUSIP: 939307HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27418.73     | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clayton County Development Authority                                                      | Clayton County Development Authority, Clayton State University                                                                                         | CUSIP: 184150GH7<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |    225000 | PA      | $250195.84    | 0.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax                                                                                          | CUSIP: 64990FK37<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1877001.60   | 0.69%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mankato MN                                                                        | City of Mankato                                                                                                                                        | CUSIP: 563657VQ5<br>LEI: 5493003B18DJ507ZEG20 | Long             | DBT              | MUN               | US        |    755000 | PA      | $846567.00    | 0.31%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107993.70   | 0.41%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                           | State of Hawaii                                                                                                                                        | CUSIP: 4197916T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40659.72     | 0.02%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Economic Development Corp.                                                 | Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project                                                                  | CUSIP: 86476RDM3<br>LEI: 5493003FN78GO4R0BJ89 | Long             | DBT              | MUN               | US        |    340000 | PA      | $276759.35    | 0.10%             | 2041-11-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Geisinger Authority                                                                       | Geisinger Authority, Health System                                                                                                                     | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264284.55    | 0.10%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Vallecito Union School District                                                           | Vallecito Union School District                                                                                                                        | CUSIP: 919173DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $680683.21    | 0.25%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                        | State of Wisconsin, Series 2                                                                                                                           | CUSIP: 97705MEH4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53952.31     | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Mississippi Educational Building Corp.                                      | University of Mississippi Educational Building Corp., Facilities Refinancing Project                                                                   | CUSIP: 914476SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42784.80     | 0.02%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2020                                                                                                                     | CUSIP: 64966QGZ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    160000 | PA      | $181388.70    | 0.07%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772J6T4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    135000 | PA      | $145338.00    | 0.05%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 4521523B5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2098267.80   | 0.77%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                   | Dutchess County Local Development Corp., The Culinary Institute of America                                                                             | CUSIP: 267045PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103136.22    | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit                                                                                                                                        | CUSIP: 2510934W7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    400000 | PA      | $411263.16    | 0.15%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                        | State of Louisiana, Series B                                                                                                                           | CUSIP: 5464152B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31248.93     | 0.01%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Building Authority                                                           | North Dakota Building Authority, Facilities Improvement                                                                                                | CUSIP: 658905EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117679.94    | 0.04%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                             | San Francisco Bay Area Rapid Transit District, Election of 2016                                                                                        | CUSIP: 797661ZM0<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140995.80    | 0.05%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                                   | County of Montgomery, Unlimited Tax                                                                                                                    | CUSIP: 6136815N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26258.69     | 0.01%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson                                                                                                                                      | CUSIP: 425099AA6<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    165000 | PA      | $149759.79    | 0.06%             | 2042-01-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                             | CUSIP: 917467CF7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133316.64    | 0.05%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                                  | Arizona Board of Regents                                                                                                                               | CUSIP: 040664AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $484321.60    | 0.18%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of San Joaquin CA                                                                  | County of San Joaquin, Administration Building Project                                                                                                 | CUSIP: 798085JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $165880.50    | 0.06%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Cornell University                                                                                                 | CUSIP: 64990GSH6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    135000 | PA      | $160862.91    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Upper St. Clair PA                                                            | Township of Upper St. Clair, Series 2016A                                                                                                              | CUSIP: 916456HU3<br>LEI: 5493001WQTGQ5DJ52Y69 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20618.45     | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                    | Township of Hampton                                                                                                                                    | CUSIP: 409468LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $167240.81    | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DJ49<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410175.20    | 0.15%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                            | Buckeye Tobacco Settlement Financing Authority, Class 1                                                                                                | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217494.88    | 0.08%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJM1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215003.53    | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Piedmont Community Charter School                                                                                            | CUSIP: 74445GAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201966.42    | 0.07%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Holy Family University Project                                                                      | CUSIP: 71780TBE2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    610000 | PA      | $640760.53    | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, KIPP Nashville Project                                                                                       | CUSIP: 04052BSN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $246584.07    | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority, Springpoint Senior Living Project                                                                            | CUSIP: 63608SAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $287482.02    | 0.11%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Monte City School District/CA                                                          | El Monte City School District, Election of 2014, Series A                                                                                              | CUSIP: 283309LF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58119.33     | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., IDEA Florida, Inc.                                                                                                  | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145560.87    | 0.05%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                             | State of Florida Department of Transportation, Indirect Garvee                                                                                         | CUSIP: 34160DAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157105.58    | 0.06%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Loan Council                                                            | Florida Municipal Loan Council, Village of Palmetto Bay                                                                                                | CUSIP: 34282CSM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78672.42     | 0.03%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720SM1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58486.05     | 0.02%             | 2029-01-01      | 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                                                | CUSIP: 181006HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $172155.20    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Sewer Revenue                                                          | City of Oshkosh, Sewer                                                                                                                                 | CUSIP: 68825VKM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $674588.67    | 0.25%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spotsylvania VA                                                                 | County of Spotsylvania, Public Improvement                                                                                                             | CUSIP: 849254WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $95284.62     | 0.04%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bonney Lake WA Water & Sewer Revenue                                              | City of Bonney Lake, Water and Sewer System                                                                                                            | CUSIP: 09845NCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10394.34     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                               | University of Alabama (The), Huntsville General Fee                                                                                                    | CUSIP: 914025FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $105674.46    | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, State System of Higher Education                                                                 | CUSIP: 70917SH55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75003.33     | 0.03%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa-Hillsborough County Expressway Authority                                            | Tampa-Hillsborough County Expressway Authority                                                                                                         | CUSIP: 875301GD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43914.88     | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System                                                                                                           | CUSIP: 682001DM1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20777.75     | 0.01%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Azusa Unified School District                                                             | Azusa Unified School District, Election of 2014                                                                                                        | CUSIP: 055033SB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $204696.66    | 0.08%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                                      | Texas A&M University, Financing System                                                                                                                 | CUSIP: 88213AKZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $168394.81    | 0.06%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                                      | CUSIP: 74446CAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $266627.43    | 0.10%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                              | Southern Illinois University                                                                                                                           | CUSIP: 8431465R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $553962.87    | 0.20%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YF46<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    245000 | PA      | $244919.03    | 0.09%             | 2037-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Unitypoint Health                                                                                                          | CUSIP: 45204ECL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    115000 | PA      | $118138.34    | 0.04%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio, Series 2021A-1                                                           | CUSIP: 126292AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $193036.02    | 0.07%             | 2046-12-01      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Tracy Public Financing Authority                                                          | Tracy Public Financing Authority, Legacy Fields                                                                                                        | CUSIP: 89239PAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1152542.67   | 0.43%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500354E5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    125000 | PA      | $133968.28    | 0.05%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Scotland Healthcare System, Series 2021A                                                                                     | CUSIP: 74444KCE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530291.80    | 0.20%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects                                                           | CUSIP: 67759HKN3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    220000 | PA      | $242053.64    | 0.09%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Angelo TX                                                                     | City of San Angelo                                                                                                                                     | CUSIP: 796099YR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21612.20     | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Academies of Math and Science Projects                                                                       | CUSIP: 04052BSJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121103.11    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Yonkers Industrial Development Agency                                                     | Yonkers Industrial Development Agency                                                                                                                  | CUSIP: 986094BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1576287.50   | 0.58%             | 2042-05-01      | 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, City Art Institute                                                               | CUSIP: 60636AQD8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216580.22    | 0.08%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                            | State of Maryland, Department of Transportation                                                                                                        | CUSIP: 574204H55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81394.53     | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                             | Santa Cruz County Capital Financing Authority                                                                                                          | CUSIP: 80181PDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103190.09    | 0.04%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Smithtown Central School District                                                         | Smithtown Central School District                                                                                                                      | CUSIP: 832492ZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2577956.65   | 0.95%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                                     | Northside Independent School District, Unlimited Tax                                                                                                   | CUSIP: 66702RSV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67638.73     | 0.02%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                            | Lower Colorado River Authority, LCRA Transmission Services Corp. Project                                                                               | CUSIP: 54811BRV5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    155000 | PA      | $166866.30    | 0.06%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                | Delaware Valley Regional Finance Authority                                                                                                             | CUSIP: 246579LR5<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028789.10   | 0.38%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                        | Charleston County Airport District                                                                                                                     | CUSIP: 160070DX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273144.48    | 0.10%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Davidson NC                                                                     | County of Davidson                                                                                                                                     | CUSIP: 238595MR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38359.79     | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                            | State of Texas, Transportation Commission Mobility Fund                                                                                                | CUSIP: 882723ZB8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52174.11     | 0.02%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Lenoir-Rhyne University                                                                                                      | CUSIP: 74443DHQ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1321832.54   | 0.49%             | 2031-04-01      | 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                                                                                              | CUSIP: 64972H7C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $900077.04    | 0.33%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Higher Education                                                                 | Colorado Higher Education, Capital Construction, Lease Purchase Financing Program                                                                      | CUSIP: 196737AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $344871.11    | 0.13%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, Senior Lien                                                                                                    | CUSIP: 89602HEF0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121319.70   | 0.41%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                            | Central Puget Sound Regional Transit Authority, Sales and Use Tax, Series 2015S-1                                                                      | CUSIP: 15504RFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31332.23     | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Columbia University                                                                                                | CUSIP: 64990C6Q9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27200.55     | 0.01%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                    | University of Illinois                                                                                                                                 | CUSIP: 9143535P8<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |    450000 | PA      | $498983.36    | 0.18%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                   | Georgia Ports Authority                                                                                                                                | CUSIP: 373586HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $283303.92    | 0.10%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                          | State of Florida, State Board of Education, Lottery, Series 2016A                                                                                      | CUSIP: 341507P62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80844.72     | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                                   | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $111713.13    | 0.04%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Lake Forest College                                                                                                        | CUSIP: 45204FQX6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    205000 | PA      | $210061.22    | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of League City TX                                                                    | City of League City, Combination Tax                                                                                                                   | CUSIP: 5217687H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21382.56     | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                                      | Charlotte County Industrial Development Authority, Town and Country Utilities Project, Series 2021A                                                    | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $80295.28     | 0.03%             | 2041-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                           | Truckee Meadows Water Authority                                                                                                                        | CUSIP: 897825HE8<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54520.43     | 0.02%             | 2029-07-01      | 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                                                                                       | CUSIP: 64971XLG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $286979.34    | 0.11%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                         | Cleveland County Educational Facilities Authority, Norman Public Schools Project                                                                       | CUSIP: 18604TDV7<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157643.04    | 0.06%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92733.25     | 0.03%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                 | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241617.74    | 0.09%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL                                                                        | City of Orlando, Capital Improvement                                                                                                                   | CUSIP: 68641HJJ4<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62554.10     | 0.02%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Parkview Health System, Inc.                                                                                                | CUSIP: 45471APU0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51025.18     | 0.02%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593Q39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $215398.13    | 0.08%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Independent School District/TX                                                 | North East Independent School District, Unlimited Tax                                                                                                  | CUSIP: 659155GV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21197.78     | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Roseman University of Health Sciences Project                                                                                | CUSIP: 74442PVT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    225000 | PA      | $203673.15    | 0.08%             | 2032-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wheeler-Union Township School Building Corp.                                              | Wheeler-Union Township School Building Corp.                                                                                                           | CUSIP: 963040ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413715.60    | 0.15%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ball State University                                                                     | Ball State University, Student Fee, Series R                                                                                                           | CUSIP: 058508GM8<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36235.92     | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592647KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101198.00   | 0.41%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                          | City of Hutto, Waterworks and Sewer System                                                                                                             | CUSIP: 448474PA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85872.14     | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $477242.17    | 0.18%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2013                                                                                                                     | CUSIP: 64966KYL1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25409.00     | 0.01%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Coffee TN                                                                       | County of Coffee, Rural High School, Series 2021A                                                                                                      | CUSIP: 192162XW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $138718.99    | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268486.58    | 0.10%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TH9<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2223921.20   | 0.82%             | 2031-07-01      | 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        |     45000 | PA      | $50155.48     | 0.02%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TN                                                                   | County of Montgomery, Public Improvement                                                                                                               | CUSIP: 61366ABN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27263.08     | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                                       | Los Angeles Unified School District                                                                                                                    | CUSIP: 544647DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $407259.44    | 0.15%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123126.15    | 0.05%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035T99<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32182.94     | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                                  | Arizona Board of Regents                                                                                                                               | CUSIP: 040664AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $119467.92    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                 | Maine Municipal Bond Bank                                                                                                                              | CUSIP: 5604595V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78330.58     | 0.03%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                  | County of New Hanover, Limited Obligation                                                                                                              | CUSIP: 64480PES4<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |    480000 | PA      | $526077.17    | 0.19%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority                                | Old Spanish Trail-Alemda Corridors Redevelopment Authority                                                                                             | CUSIP: 68029NBW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $136485.75    | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Cleveland Clinic Health System Obligated Group, Series 2017A                                                                            | CUSIP: 677561KE1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27533.43     | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Kaiser Permanente                                                                                    | CUSIP: 13032UUW6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    300000 | PA      | $340400.73    | 0.13%             | 2041-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225GF7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108032.90   | 0.41%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 354 Mead                                               | Spokane County School District No. 354 Mead, Unlimited Tax                                                                                             | CUSIP: 848780SM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20905.05     | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                                   | Indio Finance Authority                                                                                                                                | CUSIP: 45571LDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $224312.04    | 0.08%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McLean & Woodford Counties Community Unit School District No. 5 Normal                    | McLean and Woodford Counties Community Unit School District No. 5 Normal, Series 2017A                                                                 | CUSIP: 581850QB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80868.91     | 0.03%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                               | Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System                                                                 | CUSIP: 546589E99<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43422.54     | 0.02%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Solano Irrigation District                                                                | Solano Irrigation District, Water                                                                                                                      | CUSIP: 834130AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $296823.97    | 0.11%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $128376.59    | 0.05%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                             | Loudoun County Economic Development Authority, Howard Hughes Medical Institute                                                                         | CUSIP: 545910AJ0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4000000.00   | 1.48%             | 2038-02-15      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                             | New Jersey Turnpike Authority                                                                                                                          | CUSIP: 646140DH3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214513.52    | 0.08%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Baylor College of Medicine Project                                                          | CUSIP: 414008BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25486.18     | 0.01%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECM5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    730000 | PA      | $798790.67    | 0.30%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Water Revenue                                                          | City of Oshkosh, Water                                                                                                                                 | CUSIP: 688259QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $196636.97    | 0.07%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                 | University of Connecticut                                                                                                                              | CUSIP: 914233K67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135150.38    | 0.05%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL                                                                       | City of Lakeland, Lakeland Regional Health Systems                                                                                                     | CUSIP: 511665JW2<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40758.95     | 0.02%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                                          | City of Seattle, Drainage and Wastewater System Improvement                                                                                            | CUSIP: 812631MN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20858.87     | 0.01%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Clean Energy Project                                                                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1726533.20   | 0.64%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDY6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $168543.73    | 0.06%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clean Water Initiative Revolving Fund                                                                                      | CUSIP: 45204EYB8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37712.65     | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                    | Lancaster County Hospital Authority, St. Anne's Retirement Community, Inc., Project                                                                    | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219190.95    | 0.08%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Tazewell Etc Counties Community College District No. 514                           | Peoria Tazewell Etc Counties Community College District No. 514                                                                                        | CUSIP: 713244ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35497.55     | 0.01%             | 2023-12-01      | 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. Luke's Health System, Inc.                                                   | CUSIP: 60637AKT8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317000.85    | 0.12%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, KIPP Nashville Project                                                                                       | CUSIP: 04052BSM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $235099.76    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $181825.28    | 0.07%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miami Beach FL Water & Sewer Revenue                                              | City of Miami Beach, Water & Sewer                                                                                                                     | CUSIP: 593241BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27198.94     | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                               | Tarrant Regional, Water Control and Improvement District, Water System                                                                                 | CUSIP: 876443LG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26281.06     | 0.01%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    630000 | PA      | $658987.18    | 0.24%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                                            | Public Power Generation Agency, Whelan Energy Center Unit 2, Series 2015A                                                                              | CUSIP: 744434DG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158600.06    | 0.06%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                         | Utah Telecommunication Open Infrastructure Agency                                                                                                      | CUSIP: 91756SAM5<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    325000 | PA      | $370063.82    | 0.14%             | 2034-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                    | Wisconsin Department of Transportation                                                                                                                 | CUSIP: 977123U71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54767.74     | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL                                                                 | County of Hillsborough, Communications Services Tax                                                                                                    | CUSIP: 432299AH8<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41710.04     | 0.02%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021A                                                                                                | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2254185.45   | 0.83%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                       | County of Howard, Consolidated Public Improvement                                                                                                      | CUSIP: 44256PK85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $185933.86    | 0.07%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                    | Oklahoma Capitol Improvement Authority, Capitol Repair Project                                                                                         | CUSIP: 679088GL2<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48521.57     | 0.02%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Jackson Health System                                                                                                            | CUSIP: 59333TDU1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    140000 | PA      | $147202.62    | 0.05%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJL3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    175000 | PA      | $169703.75    | 0.06%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Robertson TN                                                                    | County of Robertson                                                                                                                                    | CUSIP: 770570Y86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26397.59     | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDX8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $170492.44    | 0.06%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clint Independent School District                                                         | Clint Independent School District, Unlimited Tax, Series 2015A                                                                                         | CUSIP: 187270C84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25703.27     | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                    | Township of Hampton                                                                                                                                    | CUSIP: 409468LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $943301.82    | 0.35%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Northwell Health Obligated Group                                                                                   | CUSIP: 64990GSW3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75052.84     | 0.03%             | 2029-05-01      | 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                                                                           | CUSIP: 64972HG48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $114598.47    | 0.04%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of University Place WA                                                               | City of University Place, Limited Tax                                                                                                                  | CUSIP: 91480QFB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $91545.21     | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                    | South Dakota Health and Educational Facilities Authority, Sanford Obligated Group                                                                      | CUSIP: 83755VZL1<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148039.14    | 0.05%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                                 | Tri-County Metropolitan Transportation District of Oregon, Senior Lien                                                                                 | CUSIP: 89546RSJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1216832.72   | 0.45%             | 2035-09-01      | 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        |     85000 | PA      | $91741.96     | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Thurston Public Schools                                                             | North Thurston Public Schools                                                                                                                          | CUSIP: 66285THK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2134026.51   | 0.79%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225AN6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    280000 | PA      | $317533.41    | 0.12%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Commissioners City & County of Denver (The)                                | Board of Water Commissioners City and County of Denver (The)                                                                                           | CUSIP: 24916PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2110838.44   | 0.78%             | 2034-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                         | Idaho Health Facilities Authority, St. Luke's Health System                                                                                            | CUSIP: 451295B65<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38536.63     | 0.01%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Lake Forest College                                                                                                        | CUSIP: 45204FQW8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    320000 | PA      | $328364.48    | 0.12%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hopkinton MA                                                                      | Town of Hopkinton, Municipal Purpose Loan                                                                                                              | CUSIP: 440182WK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31392.99     | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Johnson City TN                                                                   | City of Johnson City, Series 2016A                                                                                                                     | CUSIP: 478251NQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15182.36     | 0.01%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                    | Township of Hampton                                                                                                                                    | CUSIP: 409468LC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $191378.99    | 0.07%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project No. 8, Series 2022A                                                                                        | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |    970000 | PA      | $928482.74    | 0.34%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Ultimate Medical Academy Project                                                                                             | CUSIP: 74442PMS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148367.66    | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington                                                                                                                                    | CUSIP: 93974EER3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    700000 | PA      | $761694.43    | 0.28%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                         | Northeast Ohio Medical University                                                                                                                      | CUSIP: 66433RCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079443.60   | 0.40%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358XAS1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    510000 | PA      | $502611.99    | 0.19%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sullivan TN                                                                     | County of Sullivan                                                                                                                                     | CUSIP: 865287TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32279.73     | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                              | County of Broward, Port Facilities                                                                                                                     | CUSIP: 11506KED9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55874.28     | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                                 | State of Wisconsin, Environmental Improvement Fund, Series 2018A                                                                                       | CUSIP: 97709TBR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37034.92     | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills                                                                                                                    | CUSIP: 563017EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $179837.00    | 0.07%             | 2027-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University                                                                   | CUSIP: 613603ZW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $285600.33    | 0.11%             | 2027-09-01      | 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, Tax-Exempt, Fiscal Year 2022, Series 2022F                                           | CUSIP: 64971XT65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $591270.70    | 0.22%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project                                                 | CUSIP: 13080SJ21<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    145000 | PA      | $153960.91    | 0.06%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                        | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2017A                                                                      | CUSIP: 67766WXP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48996.64     | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                    | Utah Transit Authority, Sales Tax                                                                                                                      | CUSIP: 917565KD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $339413.78    | 0.13%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington TN                                                                   | County of Washington                                                                                                                                   | CUSIP: 938650PQ5<br>LEI: 549300JIK0HTR7E37995 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52124.88     | 0.02%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.                                                                                  | CUSIP: 187145LA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110763.94    | 0.04%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 87 Berkeley                                               | Cook County School District No. 87 Berkeley                                                                                                            | CUSIP: 214165LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37067.73     | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Providence St. Joseph Health                                                                              | CUSIP: 93978HUT0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32991.62     | 0.01%             | 2028-10-01      | 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        |    265000 | PA      | $275693.89    | 0.10%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority, Duke Energy Corp.                                                                                              | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1492243.05   | 0.55%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WM68<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33093.98     | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $181380.70    | 0.07%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority, Fresh Water, Series 2016B                                                                                            | CUSIP: 67765QCK0<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32362.13     | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76241.98     | 0.03%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Community School Corp.                                                      | Monroe County Community School Corp.                                                                                                                   | CUSIP: 610597GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272059.98    | 0.10%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Missoula MT                                                                     | County of Missoula                                                                                                                                     | CUSIP: 605792QQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51640.22     | 0.02%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Water Revenue                                                          | City of Oshkosh, Water                                                                                                                                 | CUSIP: 688259QT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $285898.03    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                               | Southeast Alabama Gas Supply District (The), Project No. 1, Series 2018A                                                                               | CUSIP: 84131TAF9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24969.90     | 0.01%             | 2049-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                                      | City of Cleveland                                                                                                                                      | CUSIP: 1863433L1<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |    460000 | PA      | $522070.74    | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Board of Regents Housing & Auxiliary Facilities System                       | South Dakota Board of Regents Housing and Auxiliary Facilities System                                                                                  | CUSIP: 837542GU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37607.16     | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uptown Development Authority                                                              | Uptown Development Authority, Tax Increment Contract                                                                                                   | CUSIP: 916856HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $382354.00    | 0.14%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                   | CUSIP: 13063DZE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $389265.24    | 0.14%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of West Des Moines IA                                                                | City of West Des Moines, Urban Renewal, Series 2016B                                                                                                   | CUSIP: 952530Y80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36242.49     | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lenoir City TN Electric System Revenue                                            | City of Lenoir City, Electric System                                                                                                                   | CUSIP: 526138MN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $188869.81    | 0.07%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | U.S. Treasury 10 Year Ultra Note                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -7 | NC      | $-8545.95     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                         | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                            | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  31392338 | NS      | $31408033.96  | 11.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Lenoir-Rhyne University                                                                                                      | CUSIP: 74443DHP9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1259810.29   | 0.47%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue                                                               | CUSIP: 57584YG45<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213550.18    | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, St. Camillus Health System                                                                      | CUSIP: 97712D3Z7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $144808.19    | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 403 Bethel                                              | Pierce County School District No. 403 Bethel, Unlimited Tax                                                                                            | CUSIP: 720611YW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20290.25     | 0.01%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                               | Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System                                                                 | CUSIP: 546589J52<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25872.85     | 0.01%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                                               | CUSIP: 794458GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $308711.96    | 0.11%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2013, Series 2013J                                                                                                       | CUSIP: 64966KYW7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40654.40     | 0.02%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                       | County of Harris, Unlimited Tax, Series 2017A                                                                                                          | CUSIP: 414005YB8<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27069.82     | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                                | Orange County School Board                                                                                                                             | CUSIP: 684517QP3<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26444.29     | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of South Jordan UT Sales Tax Revenue                                                 | City of South Jordan, Sales Tax                                                                                                                        | CUSIP: 83854RDN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $51164.20     | 0.02%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2022B                                                                                                | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547344.50   | 0.57%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                                    | County of Snohomish, Limited Tax                                                                                                                       | CUSIP: 8330854A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10571.46     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                    | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412299.72    | 0.15%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                         | Utah Telecommunication Open Infrastructure Agency                                                                                                      | CUSIP: 91756SAL7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    250000 | PA      | $287711.60    | 0.11%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                         | County of Hays, Limited Tax                                                                                                                            | CUSIP: 421020A99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21376.21     | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Seminole FL                                                                     | County of Seminole, Special Obligation                                                                                                                 | CUSIP: 816699AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92205.80     | 0.03%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2014                                                                                                                     | CUSIP: 64966K5C3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35493.60     | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                                   | CUSIP: 12008ERR9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $81490.65     | 0.03%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No. 1                                                    | Southlands Metropolitan District No. 1                                                                                                                 | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241587.05    | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stony Point NY                                                                    | Town of Stony Point                                                                                                                                    | CUSIP: 862089NC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81806.99     | 0.03%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Longwood Central School District Suffolk County                                           | Longwood Central School District, Suffolk County                                                                                                       | CUSIP: 543364GM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $185365.90    | 0.07%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri                                                                                     | CUSIP: 60637AUH3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    225000 | PA      | $236226.08    | 0.09%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Elk Grove Village IL                                                           | Village of Elk Grove                                                                                                                                   | CUSIP: 287299LK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26976.70     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FHX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27926.15     | 0.01%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224YT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    105000 | PA      | $115232.03    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clark-Lindsey Village                                                                                                      | CUSIP: 45204FQL2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    185000 | PA      | $177673.67    | 0.07%             | 2032-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Adams Central Elementary School Building Corp.                                            | Adams Central Elementary School Building Corp., Ad Valorem Property Tax First Mortgage                                                                 | CUSIP: 00624QBK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21558.70     | 0.01%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa FL Sales Tax Revenue                                                   | County of Okaloosa, Sales Tax                                                                                                                          | CUSIP: 67823RBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31260.62     | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No. 15 Edmonds                                           | Snohomish County School District No. 15 Edmonds, Unlimited Tax                                                                                         | CUSIP: 833153UU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26694.41     | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                    | Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.                                                                                  | CUSIP: 187145LC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183752.87    | 0.07%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                       | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444ES1<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184170.05    | 0.07%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Cadence Campus Project                                                                                       | CUSIP: 04052BLR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $104382.16    | 0.04%             | 2040-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021B-1                                                                             | CUSIP: 98464UAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $309241.17    | 0.11%             | 2028-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                                     | City of San Marcos, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 798765ET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $184857.47    | 0.07%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp., Student Housing Project                                                                                     | CUSIP: 31200CCW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276059.48    | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Ramon Valley Fire Protection District                                                 | San Ramon Valley Fire Protection District, Public Safety Complex and Fire Training Facility Projects                                                   | CUSIP: 799400DT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133945.06    | 0.05%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX Utility System Revenue                                          | City of Corpus Christi, Utility System                                                                                                                 | CUSIP: 220245U51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $372223.83    | 0.14%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp SoCal Public Schools                                                                                         | CUSIP: 13059TFT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510871.10    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority, AdventHealth                                                                                                     | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    200000 | PA      | $221682.84    | 0.08%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group                                                                       | CUSIP: 009730PL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $352720.83    | 0.13%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply, Series 2022A-1                                                                                           | CUSIP: 74440DDS0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1815000 | PA      | $1764029.36   | 0.65%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                                       | City of Richmond, Public Improvement                                                                                                                   | CUSIP: 76541VRV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $192454.17    | 0.07%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                         | County of King, Limited Tax, Series A                                                                                                                  | CUSIP: 49474FJX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52390.15     | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257596.55    | 0.10%             | 2044-11-01      | 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                                                                     | CUSIP: 60637ANA6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    180000 | PA      | $196782.39    | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Public Facilities Financing Authority                                 | South San Francisco Public Facilities Financing Authority, Community Civic Campus and Multiple Capital Projects                                        | CUSIP: 840035BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $236328.33    | 0.09%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Palmer PA                                                                     | Township of Palmer                                                                                                                                     | CUSIP: 696897EM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $185148.32    | 0.07%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213354.36    | 0.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                 | Michigan State Hospital Finance Authority, Trinity Health Credit Group                                                                                 | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26560.73     | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yucaipa Valley Water District Financing Authority                                         | Yucaipa Valley Water District Financing Authority, Water & Sewer Revenue                                                                               | CUSIP: 98840BAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $577224.05    | 0.21%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                                   | Indio Finance Authority                                                                                                                                | CUSIP: 45571LDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $362287.38    | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257644.05    | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                      | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494135.30    | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                              | Clark County School District, Limited Tax, Series 2018A                                                                                                | CUSIP: 181059ZR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $103727.58    | 0.04%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                     | CUSIP: 82170KAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142116.59    | 0.05%             | 2034-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Duplin NC                                                                       | County of Duplin                                                                                                                                       | CUSIP: 266122BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71301.08     | 0.03%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                     | Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project                                                       | CUSIP: 91754TH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $136949.99    | 0.05%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sanger Unified School District                                                            | Sanger Unified School District                                                                                                                         | CUSIP: 800860EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $450891.64    | 0.17%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue                | Metropolitan Government of Nashville and Davidson County, Electric System, Series 2017A                                                                | CUSIP: 592030A26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10349.14     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132015.09    | 0.05%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                                                         | CUSIP: 052398FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005385.10   | 0.37%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                                  | Commonwealth of Virginia, Series 2018A                                                                                                                 | CUSIP: 928109X93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27978.27     | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                        | Ontario Public Financing Authority, Civic Center Improvements                                                                                          | CUSIP: 68304RCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $164260.95    | 0.06%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                                                 | CUSIP: 76827QGF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $372173.51    | 0.14%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Bonneville Power Administrator                                                                                                       | CUSIP: 29270CQ73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26868.58     | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544532DP6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    235000 | PA      | $272219.77    | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Water District No. 1                                                       | Johnson County Water District No. 1, Series 2017A                                                                                                      | CUSIP: 47875PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52268.47     | 0.02%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                                                         | CUSIP: 052398GM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $260945.71    | 0.10%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 4                                                                                       | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282978.88   | 0.47%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onondaga NY                                                                     | County of Onondaga                                                                                                                                     | CUSIP: 6827455E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20612.98     | 0.01%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                               | Orange County Community Facilities District                                                                                                            | CUSIP: 68423PZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522943.50    | 0.19%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                              | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                     | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27333.86     | 0.01%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake City                                                                                                                                 | CUSIP: 795576JM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2528897.75   | 0.93%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                  | San Antonio Water System, Junior Lien, Series 2017A                                                                                                    | CUSIP: 79642B7E7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26422.68     | 0.01%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                   | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System                                                                                   | CUSIP: 71883MMK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $171620.03    | 0.06%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Sanitary Sewer System Revenue                                      | City of Kansas City, Sanitary Sewer System                                                                                                             | CUSIP: 48507TGN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27524.14     | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Biomedical Research Facilities                                                                              | CUSIP: 64577BSG0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $275572.57    | 0.10%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, International School                                                                                                             | CUSIP: 25483VVN1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125743.40    | 0.05%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, State and Local Facilities Loan of 2022                                                                                             | CUSIP: 574193VK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1185114.40   | 0.44%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington                                                                                                                                    | CUSIP: 93974EKA3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142048.10   | 0.42%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salinas Union High School District                                                        | Salinas Union High School District, Election of 2020                                                                                                   | CUSIP: 794896FV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990257.50    | 0.37%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Commission                                               | Northern Virginia Transportation Commission                                                                                                            | CUSIP: 66604PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $715343.23    | 0.26%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                          | Onondaga Civic Development Corp., Le Moyne College                                                                                                     | CUSIP: 682832FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263715.23    | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                             | New Jersey Turnpike Authority                                                                                                                          | CUSIP: 646140EQ2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648312.35   | 0.61%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                                   | County of Williamson, Limited Tax                                                                                                                      | CUSIP: 9698874J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42790.51     | 0.02%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital                                                          | CUSIP: 499527CL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50972.37     | 0.02%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                         | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $193562.90    | 0.07%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUW4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $121762.65    | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224PF0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    575000 | PA      | $584957.62    | 0.22%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | CDI                                                                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   9350000 | PA      | $-620041.80   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| City of Highland Park IL                                                                  | City of Highland Park                                                                                                                                  | CUSIP: 430434ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37192.02     | 0.01%             | 2028-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Tech University System                                                              | Texas Tech University System, Series 2017A                                                                                                             | CUSIP: 882806GM8<br>LEI: 549300SPM8LGJKCQO195 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35976.16     | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                         | CUSIP: 26444VAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97748.61     | 0.04%             | 2024-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2018A-1                                                                 | CUSIP: 38122NZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $281367.08    | 0.10%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Montefiore Obligated Group                                                                                         | CUSIP: 64990GZR6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $78446.46     | 0.03%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $241388.48    | 0.09%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brushy Creek Regional Utility Authority, Inc.                                             | Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project                                          | CUSIP: 117467DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $90933.42     | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2019                                                                                                                     | CUSIP: 64966MR43<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110395.85    | 0.04%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living                                                             | CUSIP: 64542UGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $786644.80    | 0.29%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                               | Southwestern Illinois Development Authority, Flood Prevention District Council Project                                                                 | CUSIP: 84552YQZ7<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    625000 | PA      | $705521.25    | 0.26%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indian Wells Financing Authority                                                          | Indian Wells Financing Authority, Solar and Infrastructure Project                                                                                     | CUSIP: 45455AAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $169828.08    | 0.06%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement, Series 2017A                                                                     | CUSIP: 592481JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49382.14     | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephen F Austin State University                                                         | Stephen F Austin State University, Financing System                                                                                                    | CUSIP: 8586202M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64328.06     | 0.02%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bowling Green State University                                                            | Bowling Green State University, General Receipts, Series 2016A                                                                                         | CUSIP: 102885HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25805.47     | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                | Delaware Valley Regional Finance Authority, Local Government                                                                                           | CUSIP: 246579LK0<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22364.80     | 0.01%             | 2029-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                                   | City of Pflugerville, Limited Tax                                                                                                                      | CUSIP: 717087N22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26961.54     | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue           | Metropolitan Government of Nashville and Davidson County, Water and Sewer                                                                              | CUSIP: 5920982J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1870450.56   | 0.69%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                                 | Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax, Series 2018A                                                       | CUSIP: 89546RQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49750.08     | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                    | Wisconsin Department of Transportation                                                                                                                 | CUSIP: 977123U63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $197417.48    | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592647JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153003.40   | 0.80%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., The Glenridge on Palmer Ranch Project                                                                               | CUSIP: 34061WAS3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    115000 | PA      | $113745.93    | 0.04%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority                  | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group                            | CUSIP: 63967UAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253626.15    | 0.09%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                          | Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning, Series 2021A                                                    | CUSIP: 816686AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $132076.54    | 0.05%             | 2036-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035U22<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79918.28     | 0.03%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Lenoir-Rhyne University                                                                                                      | CUSIP: 74443DHR5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    665000 | PA      | $685012.18    | 0.25%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports, International Airport Subordinate                                                                          | CUSIP: 544445MH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10771.28     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System, Series 2016A                                                                                             | CUSIP: 682001EX6<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42835.26     | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Salt Lake & Sandy                                          | Metropolitan Water District of Salt Lake and Sandy                                                                                                     | CUSIP: 795560DG3<br>LEI: 549300WSGSDWQU727366 | Long             | DBT              | MUN               | US        |    365000 | PA      | $394534.27    | 0.15%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                       | CUSIP: 45204FSR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100368.41    | 0.04%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                   | State of North Carolina, Build NC Programs, Limited Obligation                                                                                         | CUSIP: 65829QCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25850.25     | 0.01%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GNZ4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $113557.46    | 0.04%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chester PA                                                                      | County of Chester                                                                                                                                      | CUSIP: 165573L95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33278.90     | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Pleasant Prairie WI                                                            | Village of Pleasant Prairie                                                                                                                            | CUSIP: 728534VF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10179.20     | 0.00%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cape Coral FL                                                                     | City of Cape Coral,  Florida Special Obligation                                                                                                        | CUSIP: 13937KGJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114341.62    | 0.04%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority, Series 2019A                                                                                                    | CUSIP: 452252NH8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269711.00    | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Murfreesboro TN                                                                   | City of Murfreesboro                                                                                                                                   | CUSIP: 626524J45<br>LEI: 5493004HW7N2IUAQK610 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25415.70     | 0.01%             | 2025-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Supported Debt University Facilities                                                                         | CUSIP: 64990GVP4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25859.20     | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Denison University Project, Series 2017A                                                                  | CUSIP: 67756BC99<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79365.78     | 0.03%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                 | Ohio Turnpike and Infrastructure Commission, Junior Lien, Series 2022A                                                                                 | CUSIP: 67760HNV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $594101.35    | 0.22%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                                      | School District of Broward County                                                                                                                      | CUSIP: 115065D43<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2216935.00   | 0.82%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Forest Preserve District                                                      | Lake County Forest Preserve District                                                                                                                   | CUSIP: 508354WK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $183258.19    | 0.07%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority, Duke Energy Corp.                                                                                              | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2002618.60   | 0.74%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CA43<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182633.45    | 0.07%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                                   | City of Seattle, Water System                                                                                                                          | CUSIP: 812728VJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36384.32     | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650036AN6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475188.45    | 0.18%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County School District/FL                                                          | Monroe County School District                                                                                                                          | CUSIP: 61051PBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46423.87     | 0.02%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Central Regional Wastewater Treatment Facilities Operation Board                     | East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project                                                               | CUSIP: 27149TAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31260.62     | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                          | County of Lee, Florida Airport, Series 2021A                                                                                                           | CUSIP: 523470GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $435749.56    | 0.16%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brentwood Infrastructure Financing Authority                                              | Brentwood Infrastructure Financing Authority, Civic Center Project                                                                                     | CUSIP: 10727YBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47624.95     | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                         | Utah Telecommunication Open Infrastructure Agency                                                                                                      | CUSIP: 91756SAN3<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    580000 | PA      | $653390.24    | 0.24%             | 2035-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                 | City of Atlanta                                                                                                                                        | CUSIP: 04780MVM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1954233.65   | 0.72%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berrien Springs Public Schools                                                            | Berrien Springs Public Schools, School Building and Site, Unlimited Tax                                                                                | CUSIP: 085743KQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $283088.65    | 0.10%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien                                                                           | CUSIP: 254845NG1<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69211.39     | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                                | New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services                                                                           | CUSIP: 647370GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26365.15     | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510449.15    | 0.19%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Fiscal Year 2012                                                                                                 | CUSIP: 64972F4W3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.11%             | 2044-06-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                        | County of Boone, Duke Energy Kentucky, Inc.                                                                                                            | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494090.45    | 0.18%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Greenup Hydroelectric Projects, Series 2016A                                                                           | CUSIP: 02765UKC7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26483.63     | 0.01%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                                                 | CUSIP: 76827QGE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $234544.15    | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Wilmette IL                                                                    | Village of Wilmette                                                                                                                                    | CUSIP: 971481UJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $151880.27    | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                       | County of Cook, Sales Tax Revenue                                                                                                                      | CUSIP: 213248BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118511.40   | 0.78%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                               | City of Fort Smith, Water and Sewer Construction                                                                                                       | CUSIP: 348815MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77660.74     | 0.03%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Erie NY                                                                         | County of Erie, Public Improvement                                                                                                                     | CUSIP: 295084RE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26616.68     | 0.01%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Sales and Excise Tax Revenue                                    | City of Salt Lake, International Airport                                                                                                               | CUSIP: 79560TFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $166753.25    | 0.06%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                    | Oklahoma Capitol Improvement Authority, Capitol Repair Project                                                                                         | CUSIP: 679088GC2<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10839.78     | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2019A                                                                 | CUSIP: 93515PDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206462.43    | 0.08%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2                                         | CUSIP: 13069AAR9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    260000 | PA      | $248533.77    | 0.09%             | 2027-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2018A                                                                                                                        | CUSIP: 4521522G5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30767.90     | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, State Revolving Fund                                                                                                           | CUSIP: 46246K4B5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33032.35     | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                        | Virginia Public Building Authority, Public Facilities                                                                                                  | CUSIP: 928173AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $399639.72    | 0.15%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1397430.67   | 0.52%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                                    | Syracuse Industrial Development Agency                                                                                                                 | CUSIP: 871683FH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1293014.35   | 0.48%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                              | Los Angeles Department of Water and Power, Water System                                                                                                | CUSIP: 544525YL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.11%             | 2045-07-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Decatur County Jail Building Corp.                                                        | Decatur County, Jail Building Corp.                                                                                                                    | CUSIP: 24308AAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273779.05    | 0.10%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Sales Tax Revenue                                                    | County of Osceola, Sales Tax, Series 2016A                                                                                                             | CUSIP: 687909EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10103.21     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                              | City and County of Honolulu, Series D                                                                                                                  | CUSIP: 438687BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49202.97     | 0.02%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035ZA9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25163.11     | 0.01%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                           | Tampa Bay Water, Regional Water Supply Authority, Utility System                                                                                       | CUSIP: 875124GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58316.10     | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                                           | IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage                                                             | CUSIP: 46263RNW1<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54994.96     | 0.02%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development                                                                                                                        | CUSIP: 596681AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253381.28    | 0.09%             | 2032-05-01      | Fixed         | 5.45%                 | 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 2017A                                                                       | CUSIP: 41422EGZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47930.94     | 0.02%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2021                                                                                                                     | CUSIP: 64966QWD8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    235000 | PA      | $268139.47    | 0.10%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                         | County of King, Limited Tax, Series B                                                                                                                  | CUSIP: 49474FGL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20480.02     | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                                 | CUSIP: 56042RS45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70690 | PA      | $71670.80     | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                                       | County of Shelby, Public Improvement                                                                                                                   | CUSIP: 821686U67<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |    105000 | PA      | $114909.13    | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                                                                              | CUSIP: 45470RCT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37393.04     | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100467.88    | 0.04%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wasatch County Municipal Building Authority                                               | Wasatch County Municipal Building Authority                                                                                                            | CUSIP: 936778CL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $283443.38    | 0.10%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sparks NV                                                                         | City of Sparks, Senior Sales Tax                                                                                                                       | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $38672.70     | 0.01%             | 2024-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                       | CUSIP: 45204FST3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200752.38    | 0.07%             | 2027-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Winston-Salem State University Foundation LLC                                             | Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina                                              | CUSIP: 975706HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $1053396.04   | 0.39%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Multi School Building Corp.                                                | Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage                                                                     | CUSIP: 715036AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36917.95     | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112WN2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1595207.70   | 0.59%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                       | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc.                                                                       | CUSIP: 54659LBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $64647.31     | 0.02%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QR6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    600000 | PA      | $663508.08    | 0.25%             | 2036-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of St Mary's MD                                                                    | County of St. Mary's, Public Improvement                                                                                                               | CUSIP: 792554YC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73866.73     | 0.03%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority                                          | Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group                                                                    | CUSIP: 386523HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186296.62    | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes, Series 2018A                                                        | CUSIP: 83704CAW8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    125000 | PA      | $117299.80    | 0.04%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                        | CUSIP: 57584Y2U2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    235000 | PA      | $227505.92    | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project                                                                                                            | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1824585.53   | 0.67%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                    | Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement                                                                             | CUSIP: 678514BJ8<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103783.46    | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii State Highway Fund                                                        | State of Hawaii, State Highway Fund                                                                                                                    | CUSIP: 41981CNR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26965.98     | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Wofford College Project                                                                            | CUSIP: 837031YC1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10866.71     | 0.00%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                              | University of South Carolina, Athletic Facilities, Series 2022A                                                                                        | CUSIP: 914849LK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $472017.85    | 0.17%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140543.09    | 0.05%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Lake Forest College                                                                                                        | CUSIP: 45204FQY4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    235000 | PA      | $239547.37    | 0.09%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Reynoldsburg OH                                                                   | City of Reynoldsburg, Limited Tax, Capital Facilities                                                                                                  | CUSIP: 761848SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16261.05     | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi                                                                                                                                   | CUSIP: 605581HN0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21355.53     | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing and Finance Association, Transportation Expansion and Congestion Mitigation Fund                                                         | CUSIP: 45130AAN5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    500000 | PA      | $573386.10    | 0.21%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio                              | State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio, Series 1                                                                                | CUSIP: 977092WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25306.41     | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                          | Onondaga Civic Development Corp., Le Moyne College Project                                                                                             | CUSIP: 682832JF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $383834.05    | 0.14%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                               | Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project                                                                   | CUSIP: 380037HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $235901.65    | 0.09%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Azusa Unified School District                                                             | Azusa Unified School District, Election of 2014                                                                                                        | CUSIP: 055033RY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $142854.91    | 0.05%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138905.86    | 0.05%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**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