# EDGAR Filing Document

**Accession Number:** 0001418144
**File Stem:** 0001418144-26-000130
**Filing Date:** 2026-4
**Character Count:** 166740
**Document Hash:** 94ea53b97ac82e074bf0571e50fa0107
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001418144-26-000130.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001418144-26-000130

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001418144

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22148
- **FILM NUMBER:** 26825657

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 800-983-0903

**MAIL ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Powershares Actively Managed Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20071109

## Series and Classes Contracts Data

### Invesco Intermediate Municipal ETF (Series ID: S000093682)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000262118 | Invesco Intermediate Municipal ETF |  |

## Nport-Ex

Schedule of Investments

**Invesco Intermediate Municipal ETF (INTM)**

January 31, 2026

*(Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-103.76%** |  |  |  |  |
| **Alabama-3.79%** |  |  |  |  |
| Baldwin (County of), AL Industrial Development Authority, Series 2025, RB<sup>(a)(b)(c)</sup> | 4.63% | 06/01/2032 | $250 | &nbsp;&nbsp; $252071 |
| Black Belt Energy Gas District, Series 2025 G, RB | 5.00% | 10/01/2035 | 1500 | &nbsp;&nbsp; 1613500 |
| Southeast Energy Authority, A Cooperative District (No. 1), Series 2021 A, RB<sup>(c)</sup> | 4.00% | 10/01/2028 | 230 | &nbsp;&nbsp; 234430 |
| Southeast Energy Authority, A Cooperative District (No. 2), Series 2024 A, RB | 5.00% | 11/01/2035 | 1500 | &nbsp;&nbsp; 1598125 |
| Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB<sup>(c)</sup> | 5.50% | 12/01/2029 | 120 | &nbsp;&nbsp; 128350 |
|  |  |  |  | &nbsp;&nbsp; 3826476 |
| **Alaska-0.72%** |  |  |  |  |
| Alaska Housing Finance Corp. (Veterans Mortgage), First Series 2025, RB, (CEP - GNMA) | 4.65% | 12/01/2042 | 700 | &nbsp;&nbsp; 722419 |
| **Arizona-1.54%** |  |  |  |  |
| Glendale (City of), AZ Industrial Development Authority (Midwestern University), Series 2025, RB | 5.00% | 05/15/2043 | 500 | &nbsp;&nbsp; 535133 |
| &nbsp;&nbsp;&nbsp; La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public <br> Schools), Series 2018 A, RB<br>| 5.00% | 02/15/2038 | 600 | &nbsp;&nbsp; 610277 |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2038 | 210 | &nbsp;&nbsp; 213620 |
| &nbsp;&nbsp;&nbsp; Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies), Series 2016, <br> Ref. RB<br>| 5.00% | 07/01/2036 | 40 | &nbsp;&nbsp; 40012 |
| Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB | 5.00% | 07/01/2040 | 150 | &nbsp;&nbsp; 160684 |
|  |  |  |  | &nbsp;&nbsp; 1559726 |
| **California-6.12%** |  |  |  |  |
| California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB<sup>(c)</sup> | 5.25% | 10/01/2031 | 1250 | &nbsp;&nbsp; 1330552 |
| &nbsp;&nbsp;&nbsp; California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), <br> Series 2020 A, Ref. RB<br>| 4.00% | 06/01/2049 | 200 | &nbsp;&nbsp; 176015 |
| &nbsp;&nbsp;&nbsp; California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), <br> Series 2020 B-1, Ref. RB<br>| 5.00% | 06/01/2049 | 35 | &nbsp;&nbsp; 34802 |
| California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB<sup>(a)(b)</sup> | 5.00% | 07/01/2037 | 250 | &nbsp;&nbsp; 251011 |
| &nbsp;&nbsp;&nbsp; California (State of) Pollution Control Financing Authority (San Diego County Water Authority), <br> Series 2019, Ref. RB<sup>(a)</sup><br>| 5.00% | 11/21/2045 | 985 | &nbsp;&nbsp; 1000050 |
| &nbsp;&nbsp;&nbsp; California (State of) School Finance Authority (Alliance for College-Ready Public Schools), Series 2016, <br> Ref. RB<sup>(a)</sup><br>| 5.00% | 07/01/2036 | 250 | &nbsp;&nbsp; 250193 |
| California (State of) School Finance Authority (KIPP LA), Series 2017 A, RB<sup>(a)</sup> | 5.00% | 07/01/2037 | 150 | &nbsp;&nbsp; 152190 |
| California Municipal Finance Authority, Series 2025 A-1, RB | 4.33% | 11/20/2040 | 998 | &nbsp;&nbsp; 998456 |
| M-S-R Energy Authority, Series 2009 C, RB | 7.00% | 11/01/2034 | 1500 | &nbsp;&nbsp; 1844605 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara), Series 2007 A, RB<sup>(d)</sup> | 0.00% | 06/01/2036 | 250 | &nbsp;&nbsp; 140951 |
|  |  |  |  | &nbsp;&nbsp; 6178825 |
| **Colorado-3.50%** |  |  |  |  |
| Broomfield (City & County of), CO, Series 2026, COP | 5.00% | 02/01/2045 | 750 | &nbsp;&nbsp; 805470 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB | 4.00% | 08/01/2039 | 1500 | &nbsp;&nbsp; 1500803 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2038 | 160 | &nbsp;&nbsp; 162666 |
| Park Creek Metropolitan District, Series 2025, Ref. RB, (INS - AGI)<sup>(e)</sup> | 5.00% | 12/01/2041 | 750 | &nbsp;&nbsp; 810224 |
| Raindance Metropolitan District No. 2, Series 2024, Ref. GO Bonds, (INS - BAM)<sup>(e)</sup> | 5.00% | 12/01/2039 | 230 | &nbsp;&nbsp; 249080 |
|  |  |  |  | &nbsp;&nbsp; 3528243 |
| **Connecticut-1.10%** |  |  |  |  |
| Connecticut (State of), Series 2025, Ref. RB | 5.00% | 07/01/2043 | 1000 | &nbsp;&nbsp; 1108574 |
| **Delaware-1.01%** |  |  |  |  |
| Delaware State Economic Development Authority (NRG Energy), Series 2020 B, Ref. RB<sup>(c)</sup> | 4.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1019316 |
| **District of Columbia-1.02%** |  |  |  |  |
| District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB | 6.75% | 05/15/2040 | 1000 | &nbsp;&nbsp; 1033110 |
| **Florida-9.03%** |  |  |  |  |
| Bellalago Educational Facilities Benefit District, Series 2014, Ref. RB | 4.50% | 05/01/2033 | 125 | &nbsp;&nbsp; 125105 |
| Canaveral Port Authority, Series 2018 A, RB<sup>(b)</sup> | 5.00% | 06/01/2045 | 1500 | &nbsp;&nbsp; 1513560 |
| Cape Coral (City of), FL, Series 2017, Ref. RB, (INS - BAM)<sup>(e)</sup> | 4.00% | 10/01/2042 | 1500 | &nbsp;&nbsp; 1469803 |
| &nbsp;&nbsp;&nbsp; Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities), Series 2025, <br> RB<sup>(b)</sup><br>| 5.13% | 10/01/2035 | 150 | &nbsp;&nbsp; 156109 |
| Delray Beach (City of), FL, Series 2025, RB | 5.00% | 10/01/2039 | 200 | &nbsp;&nbsp; 229445 |
| East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB | 5.00% | 10/01/2036 | 100 | &nbsp;&nbsp; 103375 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply), Series 2025, Ref. RB | 5.00% | 10/01/2035 | 150 | &nbsp;&nbsp; 171658 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Florida Development Finance Corp. (Waste Project USA, Inc.), Series 2025, RB<sup>(a)(b)(c)</sup> | 4.45% | 07/01/2030 | $1000 | &nbsp;&nbsp; $1012472 |
| Greater Orlando Aviation Authority, Series 2025, RB<sup>(b)</sup> | 5.25% | 11/01/2034 | 1675 | &nbsp;&nbsp; 1805277 |
| Greater Orlando Aviation Authority, Series 2025, RB<sup>(b)</sup> | 5.50% | 11/01/2036 | 1000 | &nbsp;&nbsp; 1085921 |
| Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB | 5.00% | 07/01/2040 | 120 | &nbsp;&nbsp; 120591 |
| Okaloosa (County of), FL (Air Force Enlisted Village), Series 2025, RB<sup>(a)</sup> | 4.38% | 05/15/2035 | 500 | &nbsp;&nbsp; 509809 |
| &nbsp;&nbsp;&nbsp; Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2032 | 200 | &nbsp;&nbsp; 202924 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB | 5.00% | 10/01/2035 | 150 | &nbsp;&nbsp; 177219 |
| Port Orange (City of), FL, Series 2025, Ref. RB | 5.00% | 10/01/2038 | 225 | &nbsp;&nbsp; 255246 |
| South Miami (City of), FL, Series 2025, RB | 5.00% | 08/15/2035 | 150 | &nbsp;&nbsp; 174148 |
|  |  |  |  | &nbsp;&nbsp; 9112662 |
| **Georgia-3.07%** |  |  |  |  |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2040 | 250 | &nbsp;&nbsp; 250717 |
| Columbus Medical Center Hospital Authority, Series 2019, RB<sup>(c)</sup> | 5.00% | 07/01/2026 | 1500 | &nbsp;&nbsp; 1503096 |
| Gwinnett (County of), GA Development Authority, Series 2009, VRD RB<sup>(f)</sup> | 2.47% | 10/01/2033 | 700 | &nbsp;&nbsp; 700000 |
| Private Colleges & Universities Authority (Mercer University), Series 2015, RB | 5.00% | 10/01/2045 | 395 | &nbsp;&nbsp; 392242 |
| Savannah Georgia Convention Center Authority, Series 2025, RB, (INS - AGI)<sup>(e)</sup> | 5.00% | 06/01/2037 | 225 | &nbsp;&nbsp; 255302 |
|  |  |  |  | &nbsp;&nbsp; 3101357 |
| **Guam-0.34%** |  |  |  |  |
| Guam (Territory of) Waterworks Authority, Series 2025 A, RB | 5.00% | 07/01/2035 | 300 | &nbsp;&nbsp; 342544 |
| **Hawaii-0.23%** |  |  |  |  |
| Hawaii (State of), Series 2015, Ref. RB<sup>(a)</sup> | 5.00% | 01/01/2035 | 230 | &nbsp;&nbsp; 228993 |
| **Idaho-1.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018 C, VRD Ref. RB, <br> (LOC - U.S. Bank N.A.)<sup>(f)(g)</sup><br>| 2.05% | 03/01/2048 | 1000 | &nbsp;&nbsp; 1000000 |
| Idaho (State of) Housing & Finance Association, Series 2015, RB<sup>(a)</sup> | 5.00% | 12/01/2036 | 240 | &nbsp;&nbsp; 240093 |
| Idaho (State of) Housing & Finance Association, Series 2022 A, RB<sup>(a)</sup> | 4.00% | 05/01/2032 | 135 | &nbsp;&nbsp; 129281 |
| Idaho (State of) Housing & Finance Association, Series 2025 C, RB, (CEP - GNMA) | 6.25% | 01/01/2056 | 300 | &nbsp;&nbsp; 343759 |
|  |  |  |  | &nbsp;&nbsp; 1713133 |
| **Illinois-5.60%** |  |  |  |  |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2042 | 1000 | &nbsp;&nbsp; 1015402 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB | 5.00% | 01/01/2041 | 750 | &nbsp;&nbsp; 835412 |
| Cook (County of), IL School District No. 102 (La Grange), Series 2025, GO Bonds, (INS - BAM)<sup>(e)</sup> | 5.00% | 12/15/2041 | 365 | &nbsp;&nbsp; 398650 |
| Illinois (County of), IL School District No. 102 (La Grange), Series 2025, GO Bonds, (INS - BAM)<sup>(e)</sup> | 5.00% | 12/15/2040 | 385 | &nbsp;&nbsp; 425761 |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2035 | 300 | &nbsp;&nbsp; 300333 |
| Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2039 | 150 | &nbsp;&nbsp; 161305 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds | 4.00% | 11/01/2037 | 1000 | &nbsp;&nbsp; 1002720 |
| Illinois (State of) Toll Highway Authority, Series 2014 C, RB | 5.00% | 01/01/2038 | 200 | &nbsp;&nbsp; 200288 |
| Illinois (State of) Toll Highway Authority, Series 2016 B, RB | 5.00% | 01/01/2041 | 230 | &nbsp;&nbsp; 231308 |
| Joliet (City of), IL, Series 2025, RB, (INS - BAM)<sup>(e)</sup> | 5.00% | 01/01/2042 | 1000 | &nbsp;&nbsp; 1080912 |
|  |  |  |  | &nbsp;&nbsp; 5652091 |
| **Indiana-0.39%** |  |  |  |  |
| Kokomo (City of), IN (Silver Birch at KOKOMO), Series 2017, RB | 5.75% | 01/01/2034 | 150 | &nbsp;&nbsp; 146524 |
| Kokomo (City of), IN (Silver Birch at KOKOMO), Series 2017, RB | 5.88% | 01/01/2037 | 250 | &nbsp;&nbsp; 247337 |
|  |  |  |  | &nbsp;&nbsp; 393861 |
| **Iowa-0.92%** |  |  |  |  |
| Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB | 4.75% | 08/01/2042 | 925 | &nbsp;&nbsp; 925154 |
| **Kentucky-2.33%** |  |  |  |  |
| Kentucky (Commonwealth of) Public Energy Authority, Series 2025 B, RB | 5.00% | 12/01/2033 | 1000 | &nbsp;&nbsp; 1048806 |
| &nbsp;&nbsp;&nbsp; Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Louisville Gas and Electric <br> Co.), Series 2007, Ref. VRD RB<sup>(f)</sup><br>| 2.30% | 06/01/2033 | 1300 | &nbsp;&nbsp; 1300000 |
|  |  |  |  | &nbsp;&nbsp; 2348806 |
| **Louisiana-2.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, <br> Series 2015 A, Ref. RB<br>| 6.00% | 11/15/2030 | 200 | &nbsp;&nbsp; 200204 |
| New Orleans Aviation Board, Series 2024 B, Ref. RB<sup>(b)</sup> | 5.25% | 01/01/2041 | 1500 | &nbsp;&nbsp; 1635498 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana-(continued)** |  |  |  |  |
| St. James (Parish of), LA (Nustar Logistics, L.P.), Series 2010 2, RB<sup>(a)</sup> | 6.35% | 07/01/2040 | $500 | &nbsp;&nbsp; $550148 |
| St. James (Parish of), LA (Nustar Logistics, L.P.), Series 2011, RB<sup>(c)</sup> | 3.70% | 06/01/2030 | 300 | &nbsp;&nbsp; 306370 |
|  |  |  |  | &nbsp;&nbsp; 2692220 |
| **Maine-1.06%** |  |  |  |  |
| Maine (State of) Finance Authority (Casella Waste Systems, Inc.), Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 08/01/2035 | 1000 | &nbsp;&nbsp; 1071688 |
| **Maryland-0.99%** |  |  |  |  |
| Tender Option Bond Trust Receipts/Certificates, Series 2024, VRD RB<sup>(a)(f)</sup> | 2.22% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1000000 |
| **Massachusetts-0.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Seven Hills Foundation), <br> Series 2025, Ref. RB<br>| 6.00% | 09/01/2045 | 500 | &nbsp;&nbsp; 549440 |
| **Michigan-2.16%** |  |  |  |  |
| Great Lakes Water Authority, Series 2016, Ref .RB, (INS - BAM)<sup>(e)</sup> | 5.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 100868 |
| Lansing Board of Water & Light, Series 2026 A, Ref. RB<sup>(c)(h)</sup> | 5.00% | 07/01/2031 | 1000 | &nbsp;&nbsp; 1102733 |
| Lansing School District, Series 2016 I, GO Bonds | 5.00% | 05/01/2037 | 75 | &nbsp;&nbsp; 75221 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2025, Ref. RB | 5.00% | 12/01/2043 | 825 | &nbsp;&nbsp; 900411 |
|  |  |  |  | &nbsp;&nbsp; 2179233 |
| **Minnesota-1.25%** |  |  |  |  |
| Hennepin (County of), MN, Series 2017 C, GO Bonds | 5.00% | 12/01/2037 | 125 | &nbsp;&nbsp; 126948 |
| Rochester (City of), MN, Series 2019, VRD RB, (LOC - United Fidelity Bank)<sup>(f)(g)</sup> | 2.31% | 05/01/2061 | 500 | &nbsp;&nbsp; 500000 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB | 5.00% | 05/01/2046 | 630 | &nbsp;&nbsp; 630328 |
|  |  |  |  | &nbsp;&nbsp; 1257276 |
| **Mississippi-0.50%** |  |  |  |  |
| Mississippi Business Finance Corp., Series 2009, VRD RB<sup>(f)</sup> | 1.90% | 12/01/2030 | 500 | &nbsp;&nbsp; 500000 |
| **Missouri-1.77%** |  |  |  |  |
| Health & Educational Facilities Authority of the State of Missouri, Series 2018 F, VRD RB<sup>(f)</sup> | 2.10% | 06/01/2036 | 500 | &nbsp;&nbsp; 500000 |
| Kansas City Industrial Development Authority, Series 2019, RB<sup>(b)</sup> | 5.00% | 03/01/2034 | 250 | &nbsp;&nbsp; 262741 |
| &nbsp;&nbsp;&nbsp; Lee's Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group), <br> Series 2024 A, Ref. RB<br>| 5.25% | 08/15/2044 | 540 | &nbsp;&nbsp; 549008 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB | 5.00% | 10/01/2038 | 470 | &nbsp;&nbsp; 470454 |
|  |  |  |  | &nbsp;&nbsp; 1782203 |
| **Nevada-0.77%** |  |  |  |  |
| Sparks Tourism Improvement District No. 1, Series 2025, RB | 3.88% | 06/15/2028 | 775 | &nbsp;&nbsp; 779280 |
| **New Hampshire-0.89%** |  |  |  |  |
| New Hampshire (State of) Business Finance Authority, Series 2025-2A, RB | 4.22% | 11/20/2042 | 149 | &nbsp;&nbsp; 146972 |
| &nbsp;&nbsp;&nbsp; New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. <br> RB<br>| 5.00% | 10/01/2038 | 750 | &nbsp;&nbsp; 755468 |
|  |  |  |  | &nbsp;&nbsp; 902440 |
| **New Jersey-5.75%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), <br> Series 2013, RB<sup>(b)</sup><br>| 5.38% | 01/01/2043 | 1175 | &nbsp;&nbsp; 1176352 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds), Series 2024 K, RB | 6.00% | 10/01/2055 | 1000 | &nbsp;&nbsp; 1090298 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2039 | 315 | &nbsp;&nbsp; 349364 |
| New Jersey Economic Development Authority, Series 2025, RB | 5.00% | 11/01/2035 | 500 | &nbsp;&nbsp; 541863 |
| New Jersey Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2039 | 1000 | &nbsp;&nbsp; 1139823 |
| Newark (City of), NJ, Series 2016, GO Bonds | 4.50% | 03/15/2036 | 1275 | &nbsp;&nbsp; 1276314 |
| South Jersey Port Corp., Series 2017 B, RB<sup>(b)</sup> | 5.00% | 01/01/2037 | 225 | &nbsp;&nbsp; 231161 |
|  |  |  |  | &nbsp;&nbsp; 5805175 |
| **New York-10.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds), <br> Series 2022, RB<sup>(a)</sup><br>| 5.00% | 06/01/2032 | 250 | &nbsp;&nbsp; 260340 |
| Build NYC Resource Corp. (Urban Resource Insititute), Series 2025 A, RB | 4.13% | 12/01/2035 | 715 | &nbsp;&nbsp; 750452 |
| Hempstead Town Local Development Corp. (Molloy College), Series 2017, Ref. RB | 5.00% | 07/01/2038 | 150 | &nbsp;&nbsp; 152168 |
| Metropolitan Transportation Authority, Series 2020 B, VRD RB, (LOC - Royal Bank of Canada)<sup>(f)(g)</sup> | 2.08% | 11/15/2046 | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp. (Rochester General Hospital (The)), Series 2013 A, Ref. <br> RB<br>| 5.00% | 12/01/2037 | 1000 | &nbsp;&nbsp; 1001627 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2021-3, VRD GO Bonds<sup>(f)</sup> | 2.10% | 04/01/2042 | $1000 | &nbsp;&nbsp; $1000000 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2040 | 250 | &nbsp;&nbsp; 280761 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB<sup>(f)</sup> | 2.05% | 06/15/2050 | 1075 | &nbsp;&nbsp; 1075000 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2041 | 245 | &nbsp;&nbsp; 270556 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (Rosewell Park Cancer Insititute Obligated Group), <br> Series 2025 A, RB, (INS - AGI)<sup>(e)</sup><br>| 5.00% | 07/01/2036 | 225 | &nbsp;&nbsp; 261046 |
| &nbsp;&nbsp;&nbsp; New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB, <br> (INS - AGI)<sup>(e)</sup><br>| 5.25% | 10/01/2044 | 375 | &nbsp;&nbsp; 398869 |
| New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB | 5.25% | 10/01/2035 | 150 | &nbsp;&nbsp; 177307 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport), Series 2020, Ref. RB<sup>(b)</sup><br>| 5.25% | 08/01/2031 | 1250 | &nbsp;&nbsp; 1300309 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment), Series 2020, RB<sup>(b)</sup><br>| 5.00% | 10/01/2035 | 125 | &nbsp;&nbsp; 132776 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment), Series 2020, RB<sup>(b)</sup><br>| 4.38% | 10/01/2045 | 500 | &nbsp;&nbsp; 473520 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016 A, RB<sup>(b)</sup><br>| 5.00% | 07/01/2041 | 250 | &nbsp;&nbsp; 250043 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016 A, RB<sup>(b)</sup><br>| 5.00% | 07/01/2046 | 1500 | &nbsp;&nbsp; 1499933 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016, RB, (INS - AGI)<sup>(b)(e)</sup><br>| 4.00% | 07/01/2037 | 120 | &nbsp;&nbsp; 119717 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2022, <br> RB<sup>(b)</sup><br>| 5.00% | 12/01/2029 | 150 | &nbsp;&nbsp; 161067 |
| Westchester Tobacco Asset Securitization Corp., Series 2016 B, Ref. RB | 5.00% | 06/01/2041 | 400 | &nbsp;&nbsp; 400635 |
|  |  |  |  | &nbsp;&nbsp; 10966126 |
| **North Carolina-0.53%** |  |  |  |  |
| North Carolina (State of) Medical Care Commission, Series 2025, Ref. RB | 5.00% | 10/01/2034 | 500 | &nbsp;&nbsp; 538785 |
| **Ohio-2.58%** |  |  |  |  |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2016 A, Ref. RB<sup>(c)(i)</sup> | 5.00% | 02/15/2026 | 300 | &nbsp;&nbsp; 300288 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2025, Ref. RB | 5.00% | 02/15/2041 | 600 | &nbsp;&nbsp; 658029 |
| Franklin (County of), OH, Series 2015, RB | 5.00% | 05/15/2040 | 150 | &nbsp;&nbsp; 150322 |
| Hamilton (County of), OH (Life Enriching Communities), Series 2023, RB | 5.25% | 01/01/2038 | 225 | &nbsp;&nbsp; 240276 |
| Hilliard School District, Series 2025 B, GO Bonds | 5.00% | 12/01/2039 | 225 | &nbsp;&nbsp; 257016 |
| Ohio Air Quality Development Authority, Series 2026, RB | 4.35% | 06/30/2040 | 1000 | &nbsp;&nbsp; 1002296 |
|  |  |  |  | &nbsp;&nbsp; 2608227 |
| **Oklahoma-1.98%** |  |  |  |  |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.), Series 2025, Ref. RB<sup>(b)</sup> | 6.25% | 12/01/2035 | 1500 | &nbsp;&nbsp; 1742844 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.), Series 2025, Ref. RB<sup>(b)</sup> | 6.25% | 12/01/2040 | 230 | &nbsp;&nbsp; 258657 |
|  |  |  |  | &nbsp;&nbsp; 2001501 |
| **Oregon-1.10%** |  |  |  |  |
| Oregon (State of), Series 2026 A, RB | 5.00% | 11/15/2043 | 1000 | &nbsp;&nbsp; 1107386 |
| **Pennsylvania-1.95%** |  |  |  |  |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program), Series 2025, RB | 5.00% | 03/01/2036 | 1500 | &nbsp;&nbsp; 1678075 |
| School District of Philadelphia (The), Series 2018 A, GO Bonds | 5.00% | 09/01/2036 | 275 | &nbsp;&nbsp; 288151 |
|  |  |  |  | &nbsp;&nbsp; 1966226 |
| **Puerto Rico-0.46%** |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | 499 | &nbsp;&nbsp; 469037 |
| **Rhode Island-0.72%** |  |  |  |  |
| Rhode Island Health and Educational Building Corp., Series 2005, VRD RB<sup>(f)</sup> | 2.23% | 06/01/2035 | 650 | &nbsp;&nbsp; 650000 |
| Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 80 | &nbsp;&nbsp; 80009 |
|  |  |  |  | &nbsp;&nbsp; 730009 |
| **South Carolina-2.25%** |  |  |  |  |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2038 | 280 | &nbsp;&nbsp; 281509 |
| South Carolina Jobs-Economic Development Authority, Series 2025, RB<sup>(a)</sup> | 5.25% | 06/15/2034 | 1000 | &nbsp;&nbsp; 982880 |
| South Carolina Jobs-Economic Development Authority (Rolling Green Village), Series 2025, RB | 4.25% | 12/01/2031 | 1000 | &nbsp;&nbsp; 1009372 |
|  |  |  |  | &nbsp;&nbsp; 2273761 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-0.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Knoxville (City of), TN Industrial Development Board (Maplehurst Park Apartments), Series 2025, <br> RB<sup>(a)</sup><br>| 4.25% | 11/01/2030 | $500 | &nbsp;&nbsp; $500738 |
| **Texas-10.03%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2025, Ref. RB<sup>(a)</sup> | 5.00% | 06/15/2035 | 150 | &nbsp;&nbsp; 159449 |
| Austin (City of), TX, Series 2017 A, RB | 5.00% | 11/15/2041 | 750 | &nbsp;&nbsp; 757961 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds | 5.00% | 09/01/2039 | 750 | &nbsp;&nbsp; 857508 |
| Bexar County Health Facilities Development Corp., Series 2016, Ref. RB | 4.00% | 07/15/2036 | 205 | &nbsp;&nbsp; 198581 |
| Board of Regents of the University of Texas System, Series 2026 A, Ref. RB<sup>(h)</sup> | 5.00% | 08/15/2043 | 1000 | &nbsp;&nbsp; 1113827 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2025 A-1, RB<sup>(b)</sup> | 5.25% | 11/01/2039 | 250 | &nbsp;&nbsp; 280439 |
| &nbsp;&nbsp;&nbsp; Forney Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2035 | 150 | &nbsp;&nbsp; 177694 |
| Houston (City of), TX, Series 2024 B, RB<sup>(b)</sup> | 5.50% | 07/15/2036 | 225 | &nbsp;&nbsp; 246396 |
| Houston (City of), TX, Series 2025 A, RB<sup>(b)</sup> | 5.25% | 07/01/2036 | 175 | &nbsp;&nbsp; 202315 |
| Leander (City of), TX, Series 2025, GO Bonds | 5.00% | 08/15/2038 | 500 | &nbsp;&nbsp; 577359 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(a)(b)</sup> | 4.63% | 10/01/2031 | 125 | &nbsp;&nbsp; 125470 |
| Montgomery County Municipal Utility District No. 95, Series 2017, GO Bonds, (INS - AGI)<sup>(e)</sup> | 3.63% | 09/01/2037 | 380 | &nbsp;&nbsp; 370335 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Brazos Prebyterian Homes), Series 2025, Ref. <br> RB<br>| 5.25% | 01/01/2036 | 750 | &nbsp;&nbsp; 829393 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. (Brazos Prebyterian Homes), Series 2025, Ref. <br> RB<br>| 5.25% | 01/01/2040 | 250 | &nbsp;&nbsp; 266727 |
| New Hope Cultural Education Facilities Finance Corp. (Children Health System), Series 2025, RB | 5.00% | 08/15/2037 | 225 | &nbsp;&nbsp; 257078 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2037 | 225 | &nbsp;&nbsp; 229246 |
| San Antonio (City of), TX, Series 2026 A, RB<sup>(c)(h)</sup> | 2.90% | 12/01/2027 | 1000 | &nbsp;&nbsp; 1000767 |
| Sherman Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 150 | &nbsp;&nbsp; 174756 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2015, Ref. RB | 5.00% | 11/15/2040 | 500 | &nbsp;&nbsp; 500201 |
| Texas (State of), Series 2012 B, VRD GO Bonds<sup>(f)</sup> | 2.30% | 12/01/2042 | 1000 | &nbsp;&nbsp; 1000000 |
| Texas (State of), Series 2022, VRD GO Bonds, (LOC - Sumitomo Mitsui Banking)<sup>(f)(g)</sup> | 2.30% | 06/01/2053 | 400 | &nbsp;&nbsp; 400000 |
| Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)<sup>(e)</sup> | 6.50% | 03/01/2031 | 125 | &nbsp;&nbsp; 147730 |
| Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)<sup>(e)</sup> | 6.50% | 03/01/2032 | 210 | &nbsp;&nbsp; 252219 |
|  |  |  |  | &nbsp;&nbsp; 10125451 |
| **Utah-1.08%** |  |  |  |  |
| Utah Housing Corp., Series 2025 A, RB, (CEP - GNMA) | 6.50% | 07/01/2055 | 970 | &nbsp;&nbsp; 1091472 |
| **Virginia-0.15%** |  |  |  |  |
| University of Virginia, Series 2015 A-2, RB | 5.00% | 04/01/2045 | 150 | &nbsp;&nbsp; 150035 |
| **Washington-3.60%** |  |  |  |  |
| Seattle (Port of), WA, Series 2017 C, RB<sup>(b)</sup> | 5.25% | 05/01/2042 | 1000 | &nbsp;&nbsp; 1016609 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Central Washington Health Services <br> Association), Series 2015, Ref. RB<br>| 5.00% | 07/01/2039 | 150 | &nbsp;&nbsp; 150049 |
| Washington (State of) Housing Finance Commission, Series 2025, Ref. RB | 4.88% | 01/01/2036 | 1000 | &nbsp;&nbsp; 1015307 |
| Washington (State of) Housing Finance Commission, Series 2025-1, RB | 4.08% | 11/20/2041 | 199 | &nbsp;&nbsp; 193462 |
| Washington (State of) Housing Finance Commission (Transforming Age), Series 2019 A, RB<sup>(a)</sup> | 5.00% | 01/01/2039 | 150 | &nbsp;&nbsp; 152484 |
| Washington Health Care Facilities Authority (Commonspirit Health), Series 2025 A, Ref. RB | 5.00% | 09/01/2040 | 1000 | &nbsp;&nbsp; 1104868 |
|  |  |  |  | &nbsp;&nbsp; 3632779 |
| **West Virginia-1.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Economic Development Authority (Commercial Metals Co.), Series 2025, <br> RB<sup>(b)(c)</sup><br>| 4.63% | 05/15/2032 | 1000 | &nbsp;&nbsp; 1023330 |
| **Wisconsin-4.20%** |  |  |  |  |
| Public Finance Authority, Series 2026, RB<sup>(a)(b)(c)(h)</sup> | 6.00% | 01/01/2031 | 500 | &nbsp;&nbsp; 500273 |
| Washington (City of), WI, Series 2025, GO Bonds, (INS - BAM)<sup>(e)</sup> | 5.00% | 03/01/2037 | 225 | &nbsp;&nbsp; 256327 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2035 | 150 | &nbsp;&nbsp; 150684 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Coporation Obligated <br> Group), Series 2026, Ref. RB<sup>(h)</sup><br>| 5.00% | 12/01/2041 | 1500 | &nbsp;&nbsp; 1644610 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Public Finance Authority, Series 2016, RB<sup>(a)</sup> | 5.13% | 02/01/2046 | $| 500 | &nbsp;&nbsp; $488824 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development), Series 2016, RB<br>| 5.00% | 03/01/2041 |  | 1195 | &nbsp;&nbsp; 1195637 |
|  |  |  |  |  | &nbsp;&nbsp; 4236355 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-103.76% <br>(Cost $103,540,999) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-103.76% <br>(Cost $103,540,999) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-103.76% <br>(Cost $103,540,999) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-103.76% <br>(Cost $103,540,999) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-103.76% <br>(Cost $103,540,999) | &nbsp;&nbsp; 104735463 |
| OTHER ASSETS LESS LIABILITIES-(3.76%) | OTHER ASSETS LESS LIABILITIES-(3.76%) | OTHER ASSETS LESS LIABILITIES-(3.76%) | OTHER ASSETS LESS LIABILITIES-(3.76%) | OTHER ASSETS LESS LIABILITIES-(3.76%) | &nbsp;&nbsp; (3792410)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $100943053 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> January 31, 2026 was $9,818,457, which represented 9.73% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Security subject to the alternative minimum tax. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(e)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(f)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on January 31, 2026.<br>|
| <sup>(g)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(h)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(i)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(j)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco Rochester High Yield Municipal ETF (IROC)**

January 31, 2026

*(Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-101.09%** |  |  |  |  |
| **Alabama-4.39%** |  |  |  |  |
| Black Belt Energy Gas District (Gas), Series 2025 B, RB | &nbsp;&nbsp; 5.00% | 10/01/2035 | $1000 | &nbsp;&nbsp; $1043553 |
| Black Belt Energy Gas District (Gas), Series 2025 C, RB<sup>(a)(b)</sup> | &nbsp;&nbsp; 5.50% | 08/01/2034 | 1000 | &nbsp;&nbsp; 1075132 |
| Lower Alabama Gas District (The), Series 2016 A, RB | &nbsp;&nbsp; 5.00% | 09/01/2046 | 1500 | &nbsp;&nbsp; 1585858 |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series 2024, RB<sup>(c)</sup> | &nbsp;&nbsp; 5.00% | 06/01/2054 | 1000 | &nbsp;&nbsp; 963702 |
|  |  |  |  | &nbsp;&nbsp; 4668245 |
| **Arizona-4.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arizona (State of) Industrial Development Authority (Academies of Math & Science), Series 2025, <br> RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4.88% | 07/01/2035 | 500 | &nbsp;&nbsp; 497401 |
| &nbsp;&nbsp;&nbsp; Phoenix (City of), AZ Industrial Development Authority (Basis Schools) (The), Series 2016 A, Ref. <br> RB<sup>(a)</sup><br>| &nbsp;&nbsp; 5.00% | 07/01/2046 | 1500 | &nbsp;&nbsp; 1435128 |
| &nbsp;&nbsp;&nbsp; Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies), Series 2016 <br> A, Ref. RB<br>| &nbsp;&nbsp; 5.00% | 07/01/2041 | 1000 | &nbsp;&nbsp; 1000175 |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (American Leadership Academy) (The), <br> Series 2022, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp; 4.00% | 06/15/2031 | 500 | &nbsp;&nbsp; 497408 |
| &nbsp;&nbsp;&nbsp; Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy), Series 2025, <br> RB<br>| &nbsp;&nbsp; 6.25% | 06/15/2050 | 500 | &nbsp;&nbsp; 502343 |
| Tempe (City of), AZ Industrial Development Authority (Friendship Village), Series 2025, RB | &nbsp;&nbsp; 5.38% | 12/01/2046 | 1000 | &nbsp;&nbsp; 1020760 |
|  |  |  |  | &nbsp;&nbsp; 4953215 |
| **Arkansas-0.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds), Series 2023, <br> RB<sup>(c)</sup><br>| &nbsp;&nbsp; 5.70% | 05/01/2053 | 500 | &nbsp;&nbsp; 508415 |
| **California-7.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds), Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup><br>| 12.00% | 11/02/2026 | 365 | &nbsp;&nbsp; 273750 |
| &nbsp;&nbsp;&nbsp; California (State of) Municipal Finance Authority (California Baptist University), Series 2025, Ref. <br> RB<sup>(a)</sup><br>| &nbsp;&nbsp; 5.63% | 11/01/2054 | 500 | &nbsp;&nbsp; 508717 |
| &nbsp;&nbsp;&nbsp; California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, <br> RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5.00% | 07/01/2038 | 500 | &nbsp;&nbsp; 541766 |
| &nbsp;&nbsp;&nbsp; California (State of) Public Finance Authority (California University of Science and Medicine), <br> Series 2019 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp; 6.25% | 07/01/2054 | 500 | &nbsp;&nbsp; 517180 |
| California (State of) School Finance Authority (Classical Academies Oceanside), Series 2020 A, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.00% | 10/01/2050 | 1000 | &nbsp;&nbsp; 964725 |
| California (State of) School Finance Authority (Green Dot Public Schools), Series 2018 A, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.00% | 08/01/2048 | 1500 | &nbsp;&nbsp; 1481003 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Adventist Health System), <br> Series 2015 A, Ref. RB<br>| &nbsp;&nbsp; 5.00% | 03/01/2045 | 580 | &nbsp;&nbsp; 580197 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center), Series 2014, RB<br>| &nbsp;&nbsp; 5.25% | 12/01/2034 | 500 | &nbsp;&nbsp; 500617 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | &nbsp;&nbsp; 5.00% | 05/15/2047 | 775 | &nbsp;&nbsp; 777283 |
| &nbsp;&nbsp;&nbsp; Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.), <br> Series 2019, Ref. RB<br>| &nbsp;&nbsp; 5.00% | 06/01/2048 | 1500 | &nbsp;&nbsp; 1469266 |
|  |  |  |  | &nbsp;&nbsp; 7614504 |
| **Colorado-1.39%** |  |  |  |  |
| Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.00% | 12/01/2037 | 500 | &nbsp;&nbsp; 500241 |
| Colorado State University Research Foundation, Series 2025 A, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.38% | 03/01/2055 | 1000 | &nbsp;&nbsp; 982678 |
|  |  |  |  | &nbsp;&nbsp; 1482919 |
| **Delaware-0.96%** |  |  |  |  |
| Delaware State Economic Development Authority (NRG Energy), Series 2020 A, Ref. RB<sup>(b)</sup> | &nbsp;&nbsp; 4.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1019316 |
| **District of Columbia-1.28%** |  |  |  |  |
| District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB | &nbsp;&nbsp; 5.00% | 10/01/2045 | 350 | &nbsp;&nbsp; 330876 |
| District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB | &nbsp;&nbsp; 6.75% | 05/15/2040 | 1000 | &nbsp;&nbsp; 1033110 |
|  |  |  |  | &nbsp;&nbsp; 1363986 |
| **Florida-9.34%** |  |  |  |  |
| Capital Projects Finance Authority (Millenia Orlando), Series 2025 A, RB<sup>(a)</sup> | &nbsp;&nbsp; 6.75% | 01/01/2045 | 500 | &nbsp;&nbsp; 517506 |
| Capital Trust Agency, Inc. (University Bridge LLC Student Housing), Series 2018 A, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.25% | 12/01/2058 | 1000 | &nbsp;&nbsp; 948452 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB<sup>(a)</sup> | &nbsp;&nbsp; 5.13% | 06/15/2050 | 250 | &nbsp;&nbsp; 229380 |
| &nbsp;&nbsp;&nbsp; Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities), Series 2025, <br> RB<sup>(c)</sup><br>| &nbsp;&nbsp; 6.13% | 10/01/2055 | 500 | &nbsp;&nbsp; 517682 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)(b)(c)</sup><br>| 12.00% | 07/15/2028 | $250 | &nbsp;&nbsp; $90000 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(c)</sup><br>| &nbsp;&nbsp; 5.50% | 07/01/2053 | 500 | &nbsp;&nbsp; 375000 |
| Florida Development Finance Corp. (Mater Academy), Series 2022 A, RB | &nbsp;&nbsp; 5.00% | 06/15/2056 | 1050 | &nbsp;&nbsp; 981032 |
| Greater Orlando Aviation Authority, Series 2025, RB<sup>(c)</sup> | &nbsp;&nbsp; 5.25% | 11/01/2035 | 1000 | &nbsp;&nbsp; 1074919 |
| Lake (County of), FL (Lakeside at Waterman Village), Series 2020 A, Ref. RB | &nbsp;&nbsp; 5.75% | 08/15/2055 | 1500 | &nbsp;&nbsp; 1460616 |
| &nbsp;&nbsp;&nbsp; Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024 B-3, <br> RB<br>| &nbsp;&nbsp; 4.13% | 11/15/2029 | 200 | &nbsp;&nbsp; 201362 |
| Miami Beach (City of), FL, Series 2017, Ref. RB | &nbsp;&nbsp; 5.00% | 09/01/2047 | 500 | &nbsp;&nbsp; 504228 |
| Okaloosa (County of), FL (Air Force Enlisted Village), Series 2025, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.50% | 05/15/2045 | 1000 | &nbsp;&nbsp; 1023397 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15, Series 2023, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.25% | 05/01/2054 | 1000 | &nbsp;&nbsp; 1003726 |
| Wildwood (City of), FL Village Community Development Disctrict No. 16, Series 2025, RB | &nbsp;&nbsp; 4.88% | 05/01/2045 | 1000 | &nbsp;&nbsp; 1003673 |
|  |  |  |  | &nbsp;&nbsp; 9930973 |
| **Georgia-1.89%** |  |  |  |  |
| Columbus Medical Center Hospital Authority, Series 2019, RB<sup>(b)</sup> | &nbsp;&nbsp; 5.00% | 07/01/2026 | 2000 | &nbsp;&nbsp; 2004128 |
| **Illinois-4.61%** |  |  |  |  |
| Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds | &nbsp;&nbsp; 5.00% | 12/01/2033 | 500 | &nbsp;&nbsp; 500005 |
| Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds | &nbsp;&nbsp; 5.25% | 12/01/2035 | 340 | &nbsp;&nbsp; 340008 |
| Illinois (State of), Series 2025 E, GO Bonds, (INS - BAM)<sup>(d)</sup> | &nbsp;&nbsp; 5.00% | 09/01/2045 | 1000 | &nbsp;&nbsp; 1042989 |
| Illinois (State of) Finance Authority (Rosalind Franklin University), Series 2017, Ref. RB | &nbsp;&nbsp; 5.00% | 08/01/2047 | 1350 | &nbsp;&nbsp; 1304184 |
| Indiana (State of) Finance Authority (Institute of Technology), Series 2019, Ref. RB | &nbsp;&nbsp; 5.00% | 09/01/2040 | 1500 | &nbsp;&nbsp; 1462647 |
| Marion (City of), IL (Star Bond District Project Area No. 1), Series 2025, RB | &nbsp;&nbsp; 6.38% | 06/01/2045 | 250 | &nbsp;&nbsp; 250342 |
|  |  |  |  | &nbsp;&nbsp; 4900175 |
| **Indiana-0.72%** |  |  |  |  |
| Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB | &nbsp;&nbsp; 4.13% | 12/01/2026 | 500 | &nbsp;&nbsp; 501648 |
| Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB<sup>(b)(c)</sup> | &nbsp;&nbsp; 4.40% | 06/10/2031 | 250 | &nbsp;&nbsp; 263183 |
|  |  |  |  | &nbsp;&nbsp; 764831 |
| **Iowa-1.46%** |  |  |  |  |
| Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB | &nbsp;&nbsp; 4.75% | 08/01/2042 | 1000 | &nbsp;&nbsp; 1000166 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(b)(e)</sup> | &nbsp;&nbsp; 4.00% | 12/01/2032 | 500 | &nbsp;&nbsp; 550012 |
|  |  |  |  | &nbsp;&nbsp; 1550178 |
| **Kansas-0.48%** |  |  |  |  |
| Garden (City of), KS, Series 2025, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.38% | 06/01/2039 | 500 | &nbsp;&nbsp; 508445 |
| **Kentucky-3.93%** |  |  |  |  |
| Henderson (City of), KY, Series 2022, RB<sup>(a)(c)</sup> | &nbsp;&nbsp; 4.45% | 01/01/2042 | 1220 | &nbsp;&nbsp; 1224703 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities, <br> Inc.), Series 2021, Ref. RB<br>| &nbsp;&nbsp; 4.75% | 07/01/2040 | 1500 | &nbsp;&nbsp; 1398323 |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway), Series 2015 A, RB<br>| &nbsp;&nbsp; 4.25% | 07/01/2035 | 500 | &nbsp;&nbsp; 500310 |
| Kentucky (Commonwealth of) Public Energy Authority, Series 2025 B, RB | &nbsp;&nbsp; 5.00% | 12/01/2033 | 1000 | &nbsp;&nbsp; 1048806 |
|  |  |  |  | &nbsp;&nbsp; 4172142 |
| **Maryland-1.66%** |  |  |  |  |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB<sup>(c)</sup> | &nbsp;&nbsp; 5.00% | 11/12/2028 | 500 | &nbsp;&nbsp; 503229 |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 B, RB<sup>(c)</sup> | &nbsp;&nbsp; 5.25% | 06/30/2047 | 750 | &nbsp;&nbsp; 753382 |
| Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB | &nbsp;&nbsp; 5.00% | 11/01/2037 | 500 | &nbsp;&nbsp; 505128 |
|  |  |  |  | &nbsp;&nbsp; 1761739 |
| **Massachusetts-2.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2016 A, <br> RB<br>| &nbsp;&nbsp; 5.00% | 01/01/2047 | 1500 | &nbsp;&nbsp; 1449788 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.), Series 2025, <br> RB<br>| &nbsp;&nbsp; 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 504111 |
| &nbsp;&nbsp;&nbsp; Massachusetts (Commonwealth of) Development Finance Agency (Western New England University), <br> Series 2018, Ref. RB<br>| &nbsp;&nbsp; 5.00% | 09/01/2043 | 1000 | &nbsp;&nbsp; 981333 |
|  |  |  |  | &nbsp;&nbsp; 2935232 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-2.67%** |  |  |  |  |
| Kalamazoo Economic Development Corp., Series 2026, RB<sup>(a)</sup> | 6.00% | 08/15/2046 | $1315 | &nbsp;&nbsp; $1336760 |
| Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB<sup>(b)(c)</sup> | 4.00% | 10/01/2026 | 500 | &nbsp;&nbsp; 499705 |
| Michigan (State of) Strategic Fund (Improvement), Series 2018, RB<sup>(c)</sup> | 5.00% | 12/31/2043 | 1000 | &nbsp;&nbsp; 1004725 |
|  |  |  |  | &nbsp;&nbsp; 2841190 |
| **Missouri-0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University), Series 2025, <br> Ref. RB<sup>(a)</sup><br>| 5.00% | 10/01/2035 | 215 | &nbsp;&nbsp; 219199 |
| **New Jersey-1.36%** |  |  |  |  |
| New Jersey Economic Development Authority, Series 2025, RB | 5.13% | 11/01/2055 | 1000 | &nbsp;&nbsp; 989562 |
| Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 470 | &nbsp;&nbsp; 456930 |
|  |  |  |  | &nbsp;&nbsp; 1446492 |
| **New Mexico-4.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD <br> Ref. RB<sup>(f)</sup><br>| 2.05% | 08/01/2034 | 5000 | &nbsp;&nbsp; 5000000 |
| **New York-9.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB, <br> (LOC - Santander Bank N.A.)<sup>(a)(c)(g)</sup><br>| 5.25% | 12/31/2033 | 250 | &nbsp;&nbsp; 254555 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds), <br> Series 2025, RB<sup>(a)</sup><br>| 5.13% | 10/15/2045 | 1000 | &nbsp;&nbsp; 986982 |
| New York (City of), NY Transitional Finance Authority, Series 2018 A-4, VRD RB<sup>(f)</sup> | 2.05% | 08/01/2045 | 3000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport), Series 2021, Ref. RB<sup>(c)</sup><br>| 3.00% | 08/01/2031 | 500 | &nbsp;&nbsp; 477825 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment), Series 2020, RB<sup>(c)</sup><br>| 4.38% | 10/01/2045 | 1000 | &nbsp;&nbsp; 947041 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (John F. Kennedy International Airport) (Green Bonds), <br> Series 2025, RB<sup>(c)</sup><br>| 6.00% | 06/30/2055 | 1000 | &nbsp;&nbsp; 1060619 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2023, RB<sup>(c)</sup><br>| 6.00% | 04/01/2035 | 1000 | &nbsp;&nbsp; 1107028 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), <br> Series 2024, Ref. RB<sup>(c)</sup><br>| 5.50% | 12/31/2060 | 1000 | &nbsp;&nbsp; 1010882 |
| Ulster County Capital Resource Corp., Series 2025, RB<sup>(a)</sup> | 5.88% | 09/15/2059 | 1000 | &nbsp;&nbsp; 1002898 |
|  |  |  |  | &nbsp;&nbsp; 9847830 |
| **North Dakota-0.39%** |  |  |  |  |
| Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB | 5.00% | 06/01/2034 | 410 | &nbsp;&nbsp; 410155 |
| **Ohio-9.73%** |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 1000 | &nbsp;&nbsp; 823837 |
| &nbsp;&nbsp;&nbsp; Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Pinecrest Public Improvement), <br> Series 2017, RB<sup>(a)</sup><br>| 7.00% | 11/15/2048 | 1000 | &nbsp;&nbsp; 1033129 |
| &nbsp;&nbsp;&nbsp; Columbus (City of) & Franklin (County of), OH Finance Authority (Silver Birch of Columbus), <br> Series 2025, RB<sup>(a)</sup><br>| 6.05% | 01/01/2046 | 1000 | &nbsp;&nbsp; 1007529 |
| &nbsp;&nbsp;&nbsp; Dayton-Montgomery County Port Authority (Liberty Assisted Living - Springfield), Series 2025 A, <br> RB<sup>(a)</sup><br>| 6.63% | 01/01/2045 | 500 | &nbsp;&nbsp; 525042 |
| Muskingum (County of), OH (Genesis Healthcare System), Series 2013, RB | 5.00% | 02/15/2048 | 1500 | &nbsp;&nbsp; 1429654 |
| Ohio (State of), Series 2025, Ref. VRD RB, (LOC – JPMorgan Chase Bank N.A.)<sup>(f)(g)</sup> | 2.05% | 01/15/2050 | 5000 | &nbsp;&nbsp; 5000000 |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments), Series 2025, RB<sup>(a)</sup> | 5.70% | 08/01/2043 | 500 | &nbsp;&nbsp; 522487 |
|  |  |  |  | &nbsp;&nbsp; 10341678 |
| **Oregon-0.73%** |  |  |  |  |
| Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB<sup>(c)</sup> | 5.25% | 07/01/2039 | 700 | &nbsp;&nbsp; 776466 |
| **Pennsylvania-4.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. <br> RB<br>| 5.00% | 05/01/2033 | 525 | &nbsp;&nbsp; 573170 |
| Bucks (County of), PA Industrial Development Authority (Grand View Hospital), Series 2021, RB | 5.00% | 07/01/2054 | 1500 | &nbsp;&nbsp; 1476750 |
| Cumberland County Municipal Authority, Series 2026, Ref. RB | 5.50% | 06/01/2051 | 1000 | &nbsp;&nbsp; 1011975 |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, <br> LLC), Series 2023 B, Ref. RB<br>| 4.10% | 06/01/2029 | 400 | &nbsp;&nbsp; 418433 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges <br> (The)), Series 2022, RB<sup>(c)</sup><br>| 5.50% | 06/30/2038 | $500 | &nbsp;&nbsp; $551008 |
| Pottsville Hospital Authority, Series 2016, Ref. RB | 5.00% | 07/01/2045 | 325 | &nbsp;&nbsp; 326212 |
|  |  |  |  | &nbsp;&nbsp; 4357548 |
| **Puerto Rico-0.96%** |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 500 | &nbsp;&nbsp; 505679 |
| Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB<sup>(a)</sup> | 5.00% | 07/01/2028 | 500 | &nbsp;&nbsp; 517321 |
|  |  |  |  | &nbsp;&nbsp; 1023000 |
| **Rhode Island-0.93%** |  |  |  |  |
| Tobacco Settlement Financing Corp., Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 1000 | &nbsp;&nbsp; 988829 |
| **South Carolina-3.36%** |  |  |  |  |
| Patriots Energy Group Financing Agency, Series 2023 A-1, RB<sup>(b)</sup> | 5.25% | 08/01/2031 | 500 | &nbsp;&nbsp; 538048 |
| &nbsp;&nbsp;&nbsp; South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & South <br> of Broad Healthcare), Series 2024, RB<br>| 5.75% | 11/15/2054 | 1500 | &nbsp;&nbsp; 1526376 |
| South Carolina Jobs-Economic Development Authority, Series 2025, RB | 5.25% | 04/01/2051 | 1000 | &nbsp;&nbsp; 1002865 |
| South Carolina Jobs-Economic Development Authority (Rolling Green Village), Series 2025, RB | 5.80% | 12/01/2050 | 500 | &nbsp;&nbsp; 506747 |
|  |  |  |  | &nbsp;&nbsp; 3574036 |
| **Texas-2.00%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021, RB | 5.00% | 08/15/2051 | 150 | &nbsp;&nbsp; 106554 |
| Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB<sup>(c)</sup> | 4.00% | 07/15/2041 | 500 | &nbsp;&nbsp; 461137 |
| Houston (City of), TX (United Airlines, Inc.), Series 2024 B, RB<sup>(c)</sup> | 5.50% | 07/15/2038 | 500 | &nbsp;&nbsp; 542131 |
| Mission Economic Development Corp. (Green Bonds), Series 2025, RB<sup>(b)(c)</sup> | 5.00% | 06/01/2030 | 250 | &nbsp;&nbsp; 259493 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(a)(c)</sup> | 4.63% | 10/01/2031 | 500 | &nbsp;&nbsp; 501879 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025 A, RB | 6.50% | 10/01/2060 | 250 | &nbsp;&nbsp; 258038 |
|  |  |  |  | &nbsp;&nbsp; 2129232 |
| **Utah-0.70%** |  |  |  |  |
| Black Desert Public Infrastructure District, Series 2021 A, GO Bonds<sup>(a)</sup> | 3.25% | 03/01/2031 | 500 | &nbsp;&nbsp; 480714 |
| Mida Cormont Public Infrastructure District, Series 2025 A-1, GO Bonds<sup>(a)</sup> | 6.25% | 06/01/2055 | 250 | &nbsp;&nbsp; 261776 |
|  |  |  |  | &nbsp;&nbsp; 742490 |
| **Virgin Islands-0.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development), <br> Series 2024 A, RB<sup>(a)</sup><br>| 6.00% | 04/01/2053 | 250 | &nbsp;&nbsp; 250212 |
| **Virginia-3.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - <br> Harbor's Edge), Series 2019 A, RB<br>| 5.00% | 01/01/2034 | 500 | &nbsp;&nbsp; 507790 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 <br> B-3, RB<br>| 5.38% | 09/01/2029 | 1000 | &nbsp;&nbsp; 1011625 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023, <br> RB<br>| 7.00% | 09/01/2059 | 1000 | &nbsp;&nbsp; 1093856 |
| Virginia Small Business Financing Authority (Transform 66 P3 Project), Series 2017, RB<sup>(c)</sup> | 5.00% | 12/31/2047 | 1130 | &nbsp;&nbsp; 1092628 |
|  |  |  |  | &nbsp;&nbsp; 3705899 |
| **Washington-2.58%** |  |  |  |  |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2043 | 500 | &nbsp;&nbsp; 506230 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, <br> RB<br>| 5.00% | 10/01/2042 | 500 | &nbsp;&nbsp; 500347 |
| Washington (State of) Housing Finance Commission (Horizon House), Series 2025 A, Ref. RB | 6.00% | 01/01/2046 | 1000 | &nbsp;&nbsp; 1005312 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.), Series 2016 A, <br> Ref. RB<sup>(a)</sup><br>| 5.00% | 01/01/2046 | 770 | &nbsp;&nbsp; 728396 |
|  |  |  |  | &nbsp;&nbsp; 2740285 |
| **West Virginia-0.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.), Series 2025, <br> Ref. RB<sup>(a)(b)(c)</sup><br>| 5.45% | 03/27/2035 | 250 | &nbsp;&nbsp; 272979 |
| **Wisconsin-6.25%** |  |  |  |  |
| Public Finance Authority, Series 2026, RB<sup>(a)(b)(c)(h)</sup> | 6.00% | 01/01/2031 | 1000 | &nbsp;&nbsp; 1000546 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

January 31, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019, <br> Ref. RB<br>| 5.00% | 11/01/2046 | $| 500 | &nbsp;&nbsp; $468877 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Capitol Lakes, Inc.), Series 2025 A, Ref. <br> RB<br>| 6.00% | 11/15/2045 |  | 1000 | &nbsp;&nbsp; 993972 |
| Wisconsin (State of) Public Finance Authority, Series 2025, RB<sup>(c)</sup> | 5.75% | 06/30/2060 |  | 1000 | &nbsp;&nbsp; 1036392 |
| Wisconsin (State of) Public Finance Authority, Series 2025, RB<sup>(c)</sup> | 5.75% | 12/31/2065 |  | 500 | &nbsp;&nbsp; 517445 |
| Wisconsin (State of) Public Finance Authority (Explore Academy Rio Rancho), Series 2025 A, RB<sup>(a)</sup> | 6.75% | 07/01/2045 |  | 1000 | &nbsp;&nbsp; 1010500 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (KSU Bixby Real Estate Foundation LLC), Series 2025, <br> RB<br>| 5.25% | 06/15/2055 |  | 500 | &nbsp;&nbsp; 501666 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development), Series 2016, RB<br>| 5.00% | 03/01/2041 |  | 725 | &nbsp;&nbsp; 725386 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project), Series 2025, RB<sup>(a)(i)</sup> | 0.00% | 12/15/2039 |  | 750 | &nbsp;&nbsp; 268340 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB | 5.00% | 12/01/2027 |  | 120 | &nbsp;&nbsp; 122299 |
|  |  |  |  |  | &nbsp;&nbsp; 6645423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations <br>(Cost $106,650,184) | &nbsp;&nbsp; 107451386 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.01%** |  |  |  |  |  |
| **United States-0.01%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BL Train Holdings West LLC, Wts. expiring 11/26/2035(j)(k) <br>(Cost $0) | &nbsp;&nbsp;&nbsp; BL Train Holdings West LLC, Wts. expiring 11/26/2035(j)(k) <br>(Cost $0) | &nbsp;&nbsp;&nbsp; BL Train Holdings West LLC, Wts. expiring 11/26/2035(j)(k) <br>(Cost $0) |  | 3000 | &nbsp;&nbsp; 7500 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>-101.10% <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>-101.10% <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>-101.10% <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>-101.10% <br>(Cost $106,650,184) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>-101.10% <br>(Cost $106,650,184) | &nbsp;&nbsp; 107458886 |
| OTHER ASSETS LESS LIABILITIES-(1.10%) | OTHER ASSETS LESS LIABILITIES-(1.10%) | OTHER ASSETS LESS LIABILITIES-(1.10%) | OTHER ASSETS LESS LIABILITIES-(1.10%) | OTHER ASSETS LESS LIABILITIES-(1.10%) | &nbsp;&nbsp; (1170052)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $106288834 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| BAM | -Build America Mutual Assurance Co. |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |
| Wts. | -Warrants |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> January 31, 2026 was $27,001,982, which represented 25.40% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(c)</sup> | Security subject to the alternative minimum tax. |
| <sup>(d)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(e)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(f)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on January 31, 2026.<br>|
| <sup>(g)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(h)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(i)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(j)</sup> | Non-income producing security. |
| <sup>(k)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| <sup>(l)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

**Notes to Quarterly Schedules of Portfolio Holdings**

January 31, 2026

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of January 31, 2026, for Invesco Rochester<sup>®</sup> High Yield Municipal ETF. As of January 31, 2026, all of the securities in Invesco Intermediate Municipal ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco Rochester<sup>®</sup> High Yield Municipal ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Obligations | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $107451386 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $107451386 |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; 7500 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $107451386 | &nbsp;&nbsp;&nbsp; $7500 | &nbsp;&nbsp;&nbsp; $107458886 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Invesco Actively Managed Exchange-Traded Fund Trust

- **b. Investment Company Act file number:** 811-22148

- **c. CIK number of Registrant:** 0001418144

- **d. LEI of Registrant:** 549300S7YWBLZ3UGI217

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

  - **Street Address 1:** 3500 Lacey Road

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

  - **Telephone number:** 800-983-0903

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

- **a. Name of Series:** Invesco Intermediate Municipal ETF

- **b. EDGAR series identifier (if any):** S000093682

- **c. LEI of Series:** 254900WCH4ZNH6J9AE66

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $107277259.74

**Total Liabilities:** $6334206.39

**Net Assets:** $100943053.35

**Cash Not Reported:** $75772.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -313.52889956 | **1-Year:** -2314.95675565 | **5-Year:** -8973.41982799 | **10-Year:** -26342.75968685 | **30-Year:** -5395.40735295

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

- **3-Month:** -38.22897365 | **1-Year:** -1061.98385344 | **5-Year:** -3948.98047455 | **10-Year:** -6244.67406906 | **30-Year:** -575.87621663

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262118 | 0.32%                | 0.47%                | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-140.07                 | $6542.22                                   |
| Month 2  | $9751.44                 | $34735.48                                  |
| Month 3  | $2411.38                 | $505096.86                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development)       | Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB       | CUSIP: 74444YAV6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1195636.70   | 1.18%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies)                           | Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies), Series 2016, Ref. RB                      | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40011.57     | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)                          | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB                        | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250043.20    | 0.25%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)                          | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB                        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499932.80   | 1.49%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Toll Highway Authority                                                                      | Illinois (State of) Toll Highway Authority, Series 2016 B, RB                                                                    | CUSIP: 452252LX5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    230000 | PA      | $231307.62    | 0.23%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Cloud (City of), MN (CentraCare Health System)                                                              | St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB                                                       | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    630000 | PA      | $630327.66    | 0.62%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group)                  | Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB             | CUSIP: 97712DQU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150684.44    | 0.15%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.)                 | Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), Series 2016, Ref. RB            | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202923.90    | 0.20%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc. (Combined Hydroelectric)                                                         | American Municipal Power, Inc. (Combined Hydroelectric), Series 2016 A, Ref. RB                                                  | CUSIP: 02765UMH4<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300287.94    | 0.30%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group)                       | Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB                  | CUSIP: 56682HCC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213620.06    | 0.21%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital)                            | New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. RB                       | CUSIP: 6446148D4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755468.18    | 0.75%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL (O'Hare International Airport)                                                            | Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB                                                          | CUSIP: 167593WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015402.20   | 1.01%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                                      | Denver City & County School District No. 1, Series 2017, GO Bonds                                                                | CUSIP: 249174VS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162665.97    | 0.16%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin (City of), TX                                                                                            | Austin (City of), TX, Series 2017 A, RB                                                                                          | CUSIP: 052398FD1<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $757960.73    | 0.75%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                                              | Port of Seattle WA, Series 2017, RB                                                                                              | CUSIP: 735389A32<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016608.40   | 1.01%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California (State of) School Finance Authority (KIPP LA)                                                        | California (State of) School Finance Authority (KIPP LA), Series 2017 A, RB                                                      | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152190.35    | 0.15%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                                                   | North Texas Tollway Authority, Series 2017 A, Ref. RB                                                                            | CUSIP: 66285WVZ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    225000 | PA      | $229245.86    | 0.23%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp. (Goldman Sachs Headquarters)                                                 | New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB                                            | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $177307.04    | 0.18%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools)      | La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools), Series 2018 A, RB    | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610277.16    | 0.60%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp. (Natgasoline)                                                                | Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB                                                           | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125469.81    | 0.12%             | 2031-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp.                                                         | District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB                                                         | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033109.70   | 1.02%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp. (Rochester General Hospital (The))                                   | Monroe County Industrial Development Corp. (Rochester General Hospital (The)), Series 2013 A, Ref. RB                            | CUSIP: 61075TEB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001626.40   | 0.99%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kokomo (City of), IN (Silver Birch at KOKOMO)                                                                   | Kokomo (City of), IN (Silver Birch at KOKOMO), Series 2017, RB                                                                   | CUSIP: 500364AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146524.22    | 0.15%             | 2034-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                              | Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB                                                                       | CUSIP: 888809BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80008.82     | 0.08%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)                          | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016, RB                          | CUSIP: 650116AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119717.03    | 0.12%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kokomo (City of), IN (Silver Birch at KOKOMO)                                                                   | Kokomo (City of), IN (Silver Birch at KOKOMO), Series 2017, RB                                                                   | CUSIP: 500364AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247336.63    | 0.25%             | 2037-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp. (Molloy College)                                                         | Hempstead Town Local Development Corp. (Molloy College), Series 2017, Ref. RB                                                    | CUSIP: 424682HZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152167.65    | 0.15%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority)                  | California (State of) Pollution Control Financing Authority (San Diego County Water Authority), Series 2019, Ref. RB             | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1000049.72   | 0.99%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hennepin (County of), MN                                                                                        | Hennepin (County of), MN, Series 2017 C, GO Bonds                                                                                | CUSIP: 425507GB0<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126948.54    | 0.13%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                             | Illinois (State of), Series 2016, GO Bonds                                                                                       | CUSIP: 452152E49<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300332.79    | 0.30%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University)                            | Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB                          | CUSIP: 60636AMM2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    470000 | PA      | $470453.83    | 0.47%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                                           | School District of Philadelphia (The), Series 2018, GO Bonds                                                                     | CUSIP: 717883VD1<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    275000 | PA      | $288151.22    | 0.29%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina (State of) Public Service Authority                                                              | South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB                                                       | CUSIP: 837151PU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    280000 | PA      | $281508.84    | 0.28%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp.                                                                                         | South Jersey Port Corp., Series 2017, RB                                                                                         | CUSIP: 838530RF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231161.40    | 0.23%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association)         | Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB    | CUSIP: 93978HPZ2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150049.38    | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp.                                                                  | Westchester Tobacco Asset Securitization Corp., Series 2016 B, Ref. RB                                                           | CUSIP: 957480BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400635.28    | 0.40%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                                                            | City of Rochester MN, Series 2019, RB                                                                                            | CUSIP: 771594AX6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.50%             | 2026-02-06      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Department of Budget & Finance                                                                  | State of Hawaii Department of Budget & Finance, Series 2015, RB                                                                  | CUSIP: 419800LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $228992.90    | 0.23%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                        | Public Finance Authority, Series 2016, RB                                                                                        | CUSIP: 74442EBK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488823.60    | 0.48%             | 2046-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                                                    | Kansas City Industrial Development Authority, Series 2019, RB                                                                    | CUSIP: 48504NAW9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262741.65    | 0.26%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                            | Colorado Health Facilities Authority, Series 2019, RB                                                                            | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500803.25   | 1.49%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Housing Finance Commission (Transforming Age)                                             | Washington (State of) Housing Finance Commission (Transforming Age), Series 2019 A, RB                                           | CUSIP: 939783YY6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152483.90    | 0.15%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Municipal Water Finance Authority                                                        | New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB                                                    | CUSIP: 64972GCN2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075000.00   | 1.06%             | 2050-06-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                                                      | Columbus Medical Center Hospital Authority, Series 2019, RB                                                                      | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503096.30   | 1.49%             | 2026-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                               | State of Illinois, Series 2019, GO Bonds                                                                                         | CUSIP: 4521525S6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002720.10   | 0.99%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Phoenix Civic Improvement Corp. (Green Bonds)                                                                   | Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB                                                                   | CUSIP: 71883RQP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $160684.35    | 0.16%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of)                                                                                             | Illinois (State of), Series 2020, GO Bonds                                                                                       | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161304.60    | 0.16%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St. James (Parish of), LA (Nustar Logistics, L.P.)                                                              | St. James (Parish of), LA (Nustar Logistics, L.P.), Series 2010 2, RB                                                            | CUSIP: 790103AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550147.85    | 0.55%             | 2040-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.)            | California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), Series 2020 A, Ref. RB     | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $176014.90    | 0.17%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.)            | California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), Series 2020 B-1, Ref. RB   | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34802.43     | 0.03%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport)       | New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2020, Ref. RB  | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1300309.25   | 1.29%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Canaveral Port Authority                                                                                        | Canaveral Port Authority, Series 2018 A, RB                                                                                      | CUSIP: 137288HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513559.70   | 1.50%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment) | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132776.31    | 0.13%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment) | New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473520.30    | 0.47%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                                               | Idaho Health Facilities Authority, Series 2018, RB                                                                               | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.99%             | 2048-03-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                                  | State of Texas, Series 2012, GO Bonds                                                                                            | CUSIP: 882723H77<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.99%             | 2026-02-06      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District No. 1                                                        | Southeast Energy Authority, A Cooperative District No. 1, Series 2021 A, RB                                                      | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    230000 | PA      | $234430.01    | 0.23%             | 2028-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Tobacco Securitization Authority (Santa Clara)                                                   | Silicon Valley Tobacco Securitization Authority (Santa Clara), Series 2007 A, RB                                                 | CUSIP: 82706TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $140950.70    | 0.14%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                                             | Louisville/Jefferson County Metropolitan Government, Series 2007, RB                                                             | CUSIP: 546751AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 1.29%             | 2026-02-06      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                   | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                         | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    499000 | PA      | $469037.45    | 0.46%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport)                                | New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2022, RB                                | CUSIP: 650116FD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161066.75    | 0.16%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Health Facilities Development Corp.                                                                | Bexar County Health Facilities Development Corp., Series 2016, RB                                                                | CUSIP: 088354FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $198581.02    | 0.20%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade (County of), FL Expressway Authority                                                                 | Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB                                                               | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120591.36    | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas (State of)                                                                                                | Texas (State of)                                                                                                                 | CUSIP: 882724E78<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.40%             | 2026-02-06      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                                             | City of New York NY, Series 2012, GO Bonds                                                                                       | CUSIP: 64966QWL0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.99%             | 2042-04-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 3)                                                      | Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB                                                  | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    120000 | PA      | $128350.12    | 0.13%             | 2029-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY Transitional Finance Authority                                                           | New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB                                                    | CUSIP: 64971X4A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $270555.36    | 0.27%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds)                           | Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds), Series 2022, RB                           | CUSIP: 12008ETH9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260340.08    | 0.26%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Community Choice Financing Authority (Green Bonds)                                        | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB                                      | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1330551.88   | 1.32%             | 2031-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Transportation Trust Fund Authority                                                       | New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB                                               | CUSIP: 64613CDN5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    315000 | PA      | $349364.04    | 0.35%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Coral (City of), FL                                                                                        | Cape Coral (City of), FL, Series 2017, Ref. RB                                                                                   | CUSIP: 139372RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1469802.60   | 1.46%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                                  | Tender Option Bond Trust Receipts/Certificates, Series 2024, VRD RB                                                              | CUSIP: 88035JZQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.99%             | 2032-07-01      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                           | Metropolitan Transportation Authority, Series 2020, RB                                                                           | CUSIP: 59261AX28<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.99%             | 2046-11-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Lee's Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group)                 | Lee's Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group), Series 2024 A, Ref. RB          | CUSIP: 524292BK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $549007.74    | 0.54%             | 2044-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds)                                          | New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds), Series 2024 K, RB                                        | CUSIP: 64613AJP8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090297.40   | 1.08%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group)                                 | New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB                                 | CUSIP: 65000B7W2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $398868.79    | 0.40%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                                                      | New Orleans Aviation Board, Series 2024, RB                                                                                      | CUSIP: 64763HMN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1635498.30   | 1.62%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority, A Cooperative District (No. 2)                                                      | Southeast Energy Authority, A Cooperative District (No. 2), Series 2024 A, RB                                                    | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1598124.60   | 1.58%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX                                                                                           | Houston (City of), TX, Series 2024 B, RB                                                                                         | CUSIP: 442349HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $246396.17    | 0.24%             | 2036-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                                              | Utah Housing Corp., Series 2025 A, RB                                                                                            | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1091471.55   | 1.08%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                                              | Mississippi Business Finance Corp., Series 2009, RB                                                                              | CUSIP: 60528ABJ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.50%             | 2030-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                                              | Health & Educational Facilities Authority of the State of Missouri, Series 2018, RB                                              | CUSIP: 60637AMU3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.50%             | 2036-06-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Development Authority of Gwinnett County                                                                        | Development Authority of Gwinnett County, Series 2009, RB                                                                        | CUSIP: 403720CU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.69%             | 2026-02-06      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                                              | Rhode Island Health and Educational Building Corp., Series 2005, RB                                                              | CUSIP: 762243LT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650000.00    | 0.64%             | 2035-06-01      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Alcoa, Inc.)                                                                 | Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB                                                                 | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    925000 | PA      | $925154.01    | 0.92%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York (City of), NY                                                                                          | New York (City of), NY, Subseries 2025 G-1, GO Bonds                                                                             | CUSIP: 64966SLW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280761.03    | 0.28%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees                                                                          | Tulsa Municipal Airport Trust Trustees, Series 2025, Ref. RB                                                                     | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1742843.70   | 1.73%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees                                                                          | Tulsa Municipal Airport Trust Trustees, Series 2025, Ref. RB                                                                     | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $258656.90    | 0.26%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| West Virginia (State of) Economic Development Authority  (Commercial Metals Co.)                                | West Virginia (State of) Economic Development Authority  (Commercial Metals Co.), Series 2025, RB                                | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023329.80   | 1.01%             | 2032-05-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts (Commonwealth of) Development Finance Agency (Seven Hills Foundation)                             | Massachusetts (Commonwealth of) Development Finance Agency (Seven Hills Foundation), Series 2025, RB                             | CUSIP: 57585BMB1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549439.80    | 0.54%             | 2045-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Willow Creek Farms Municipal Utility District                                                                   | Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds                                                             | CUSIP: 97112ARR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $147730.08    | 0.15%             | 2031-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Willow Creek Farms Municipal Utility District                                                                   | Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds                                                             | CUSIP: 97112ARS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $252218.86    | 0.25%             | 2032-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| East Central Regional Wastewater Treatment Facilities Operation Board                                           | East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB                                      | CUSIP: 27149TBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103375.48    | 0.10%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                                                         | Lansing School District, Series 2016, GO Bonds                                                                                   | CUSIP: 516444RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75221.05     | 0.07%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                                                              | Forney Independent School District, Series 2025, Ref. GO Bonds                                                                   | CUSIP: 346425LY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $177694.17    | 0.18%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) School Finance Authority (Alliance for College-Ready Public Schools)                      | California (State of) School Finance Authority (Alliance for College-Ready Public Schools), Series 2016, Ref. RB                 | CUSIP: 13059TCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250193.18    | 0.25%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam (Territory of) Waterworks Authority                                                                        | Guam (Territory of) Waterworks Authority, Series 2025 A, RB                                                                      | CUSIP: 40065FEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $342544.05    | 0.34%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                                            | Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB                                                          | CUSIP: 704612GA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $177218.82    | 0.18%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho (State of) Housing & Finance Association                                                                  | Idaho (State of) Housing & Finance Association, Series 2025 C, RB                                                                | CUSIP: 45130BCH4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    300000 | PA      | $343759.05    | 0.34%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sherman Independent School District                                                                             | Sherman Independent School District, Series 2025, GO Bonds                                                                       | CUSIP: 824178E94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $174756.48    | 0.17%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX                                                                                           | Houston (City of), TX, Series 2025 A, RB                                                                                         | CUSIP: 442349JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $202315.10    | 0.20%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 2                                                                           | Raindance Metropolitan District No. 2, Series 2024, Ref. GO Bonds                                                                | CUSIP: 75087FAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $249079.77    | 0.25%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hamilton (County of), OH  (Life Enriching Communities)                                                          | Hamilton (County of), OH  (Life Enriching Communities), Series 2023, RB                                                          | CUSIP: 40727RCJ5<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    225000 | PA      | $240276.44    | 0.24%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                      | Finance Authority of Maine, Series 2015, RB                                                                                      | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071688.50   | 1.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp. (Urban Resource Insititute )                                                           | Build NYC Resource Corp. (Urban Resource Insititute ), Series 2025, RB                                                           | CUSIP: 12008EWL6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    715000 | PA      | $750452.13    | 0.74%             | 2035-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City Of South Miami Health Facilities Authority Inc.                                                            | City Of South Miami Health Facilities Authority Inc., Series 2025, RB                                                            | CUSIP: 838810EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $174148.20    | 0.17%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                                                  | Florida Municipal Power Agency, Series 2025, RB                                                                                  | CUSIP: 342816U78<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    150000 | PA      | $171657.60    | 0.17%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities)                           | Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities), Series 2025, RB                           | CUSIP: 16080TAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156108.50    | 0.15%             | 2035-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York (State of) Dormitory Authority (Rosewell Park Cancer Insititute)                                       | New York (State of) Dormitory Authority (Rosewell Park Cancer Insititute), Series 2025, RB                                       | CUSIP: 64985SMW0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $261046.33    | 0.26%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire (State of) Business Finance Authority                                                             | New Hampshire (State of) Business Finance Authority, Series 2025, RB                                                             | CUSIP: 63607WBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    149363 | PA      | $146971.88    | 0.15%             | 2042-11-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                                                      | Great Lakes Water Authority Sewage Disposal System Revenue, Series 2016, RB                                                      | CUSIP: 39081HAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100867.59    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp. (Children Health System of Taxes)                          | New Hope Cultural Education Facilities Finance Corp. (Children Health System of Taxes), Series 2025, RB                          | CUSIP: 645424BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $257077.94    | 0.25%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.)                                    | Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2025, RB                                    | CUSIP: 041807PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159448.65    | 0.16%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Orange (City of), FL                                                                                       | Port Orange (City of), FL, Series 2025, RB                                                                                       | CUSIP: 735040FQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $255246.32    | 0.25%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program)                                          | Philadelphia (City of), PA Housing Authority (PHADC Acquition Program), Series 2025, RB                                          | CUSIP: 71783TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1678074.45   | 1.66%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                                             | Idaho Housing & Finance Association, Series 2015, RB                                                                             | CUSIP: 45129GCN3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240093.36    | 0.24%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                                     | Washington State Housing Finance Commission, Series 2025, RB                                                                     | CUSIP: 93978UDT0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    199217 | PA      | $193461.57    | 0.19%             | 2041-11-20      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Hilliard School District                                                                                        | Hilliard School District, Series 2025, GO Bonds                                                                                  | CUSIP: 431621UR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $257016.20    | 0.25%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Delray Beach FL Water & Sewer Revenue                                                                   | City of Delray Beach FL Water & Sewer Revenue, Series 2025, RB                                                                   | CUSIP: 247325PM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $229445.32    | 0.23%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Washington WI                                                                                      | City of Port Washington WI, Series 2025, GO Bonds                                                                                | CUSIP: 735609B40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $256327.58    | 0.25%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                                               | City of Austin TX, Series 2025, GO Bonds                                                                                         | CUSIP: 0523973R5<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $857508.00    | 0.85%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                                             | Idaho Housing & Finance Association, Series 2022, RB                                                                             | CUSIP: 45129GHV0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    135000 | PA      | $129280.87    | 0.13%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                                         | Dallas Fort Worth International Airport, Series 2025, RB                                                                         | CUSIP: 23503CGA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280439.43    | 0.28%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                                                    | Savannah Georgia Convention Center Authority, Series 2025, RB                                                                    | CUSIP: 804828AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $255302.12    | 0.25%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                                                 | Baldwin County Industrial Development Authority, Series 2025, RB                                                                 | CUSIP: 05786PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252071.23    | 0.25%             | 2032-06-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Parish of St. James LA                                                                                          | Parish of St. James LA, Series 2011, RB                                                                                          | CUSIP: 790103AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306369.75    | 0.30%             | 2030-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Leander TX                                                                                              | City of Leander TX, Series 2025, GO Bonds                                                                                        | CUSIP: 521838Z88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $577359.40    | 0.57%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Municipal Utility District No 95                                                              | Montgomery County Municipal Utility District No 95, Series 2017, GO Bonds                                                        | CUSIP: 61370NEX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $370334.62    | 0.37%             | 2037-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                                                    | Alaska Housing Finance Corp., Series 2025, RB                                                                                    | CUSIP: 011839X69<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    700000 | PA      | $722418.76    | 0.72%             | 2042-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 102 La Grange                                                                    | Cook County School District No 102 La Grange, Series 2025, GO Bonds                                                              | CUSIP: 214435NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $425760.99    | 0.42%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 102 La Grange                                                                    | Cook County School District No 102 La Grange, Series 2025, GO Bonds                                                              | CUSIP: 214435NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $398649.97    | 0.39%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa FL                                                                                           | County of Okaloosa FL, Series 2025, RB                                                                                           | CUSIP: 678226AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509808.90    | 0.51%             | 2035-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                          | North Carolina Medical Care Commission, Series 2025, RB                                                                          | CUSIP: 65820YUE4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538785.20    | 0.53%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knoxville Industrial Development Board                                                                          | Knoxville Industrial Development Board, Series 2025, RB                                                                          | CUSIP: 499790AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500738.40    | 0.50%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                                                | Park Creek Metropolitan District, Series 2025, RB                                                                                | CUSIP: 700385CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810224.48    | 0.80%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                                | Kentucky Public Energy Authority, Series 2025, RB                                                                                | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048805.90   | 1.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                          | California Municipal Finance Authority, Series 2025, RB                                                                          | CUSIP: 13050WAD3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    998014 | PA      | $998456.46    | 0.99%             | 2040-11-20      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc.                                                                                   | American Municipal Power Inc., Series 2025, RB                                                                                   | CUSIP: 02765UUJ1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    600000 | PA      | $658028.70    | 0.65%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                                            | Chicago Midway International Airport, Series 2025, RB                                                                            | CUSIP: 167562VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $835411.65    | 0.83%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                                     | Washington Health Care Facilities Authority, Series 2025, RB                                                                     | CUSIP: 93978HE84<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104868.20   | 1.09%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                                   | Delaware State Economic Development Authority, Series 2020, RB                                                                   | CUSIP: 246387SZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019316.30   | 1.01%             | 2035-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                                  | Wayne County Airport Authority, Series 2025, RB                                                                                  | CUSIP: 9445142F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $900411.35    | 0.89%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                                               | City of Newark NJ, Series 2016, GO Bonds                                                                                         | CUSIP: 650367MP7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1276314.14   | 1.26%             | 2036-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                  | New Jersey Transportation Trust Fund Authority, Series 2025, RB                                                                  | CUSIP: 64613CHH4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139822.90   | 1.13%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                                      | Tarrant County Cultural Education Facilities Finance Corp., Series 2015, RB                                                      | CUSIP: 87638RFP7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500200.95    | 0.50%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                                                       | Glendale Industrial Development Authority, Series 2025, RB                                                                       | CUSIP: 378286LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535132.55    | 0.53%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sparks Tourism Improvement District No 1                                                                        | Sparks Tourism Improvement District No 1, Series 2025, RB                                                                        | CUSIP: 846562AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $779280.25    | 0.77%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bellalago Educational Facilities Benefit District                                                               | Bellalago Educational Facilities Benefit District, Series 2014, RB                                                               | CUSIP: 078302AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125104.86    | 0.12%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                                            | New Hope Cultural Education Facilities Finance Corp., Series 2025, RB                                                            | CUSIP: 64542UHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $829392.83    | 0.82%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                                            | New Hope Cultural Education Facilities Finance Corp., Series 2025, RB                                                            | CUSIP: 64542UHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266727.38    | 0.26%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                              | South Carolina Jobs-Economic Development Authority, Series 2025, RB                                                              | CUSIP: 837033LB3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009372.00   | 1.00%             | 2031-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                       | New Jersey Economic Development Authority, Series 2025, RB                                                                       | CUSIP: 645912FZ4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541862.95    | 0.54%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Pollution Control Financing Authority (Plant Bonds)                                       | California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB                                       | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251010.75    | 0.25%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                              | Greater Orlando Aviation Authority, Series 2025, RB                                                                              | CUSIP: 39227AAA0<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1805277.15   | 1.79%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                                               | Florida Development Finance Corp., Series 2025, RB                                                                               | CUSIP: 34061XAJ1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012471.90   | 1.00%             | 2030-07-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Joliet IL Waterworks & Sewerage Revenue                                                                 | City of Joliet IL Waterworks & Sewerage Revenue, Series 2025, RB                                                                 | CUSIP: 479790KT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080912.60   | 1.07%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                                     | Washington State Housing Finance Commission, Series 2025, RB                                                                     | CUSIP: 939783Z25<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015307.20   | 1.01%             | 2036-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                              | Greater Orlando Aviation Authority, Series 2025, RB                                                                              | CUSIP: 39227AAC6<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085921.00   | 1.08%             | 2036-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                                        | State of Connecticut Special Tax Revenue, Series 2025, RB                                                                        | CUSIP: 2077582A0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108573.70   | 1.10%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooks Development Authority                                                                                    | Brooks Development Authority, Series 2025, RB                                                                                    | CUSIP: 114390AL1<br>LEI: 254900CIQ3XBA01G8L37 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512895.90    | 0.51%             | 2028-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                              | South Carolina Jobs-Economic Development Authority, Series 2025, RB                                                              | CUSIP: 83704MFY7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982879.80    | 0.97%             | 2034-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                  | Black Belt Energy Gas District, Series 2025, RB                                                                                  | CUSIP: 09182TGM3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613499.90   | 1.60%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                             | Wisconsin Health & Educational Facilities Authority, Series 2026, RB                                                             | CUSIP: 97712JQU0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1644610.20   | 1.63%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                                                              | Board of Regents of the University of Texas System, Series 2026, RB                                                              | CUSIP: 91514APH2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113826.90   | 1.10%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                                                    | State of Oregon Department of Transportation, Series 2026, RB                                                                    | CUSIP: 68607DXV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107385.80   | 1.10%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield Co.                                                                                 | City & County of Broomfield Co., Series 2026, COP                                                                                | CUSIP: 114749FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $805469.70    | 0.80%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                          | Ohio Air Quality Development Authority, Series 2026, RB                                                                          | CUSIP: 677525XD4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002295.80   | 0.99%             | 2040-06-30      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                                           | City of San Antonio TX Electric & Gas Systems Revenue, Series 2026, RB                                                           | CUSIP: 79625GNS8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000767.10   | 0.99%             | 2027-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                                                                                  | Lansing Board of Water & Light, Series 2026, RB                                                                                  | CUSIP: 516391FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102733.00   | 1.09%             | 2031-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement)                          | New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB                          | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1176351.84   | 1.17%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                                                          | M-S-R Energy Authority, Series 2009 C, RB                                                                                        | CUSIP: 55374SAH3<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1844605.05   | 1.83%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Toll Highway Authority                                                                      | Illinois (State of) Toll Highway Authority, Series 2014 C, RB                                                                    | CUSIP: 452252JV2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200288.18    | 0.20%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta (City of), GA                                                                                           | Atlanta (City of), GA, Series 2015, Ref. RB                                                                                      | CUSIP: 047870NE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250717.33    | 0.25%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority                | Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2015 A, Ref. RB         | CUSIP: 546282H56<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200203.78    | 0.20%             | 2030-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                                                          | University of Virginia, Series 2015, RB                                                                                          | CUSIP: 915217WG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150035.42    | 0.15%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin (County of), OH                                                                                        | Franklin (County of), OH, Series 2015, RB                                                                                        | CUSIP: 353187CQ8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150322.34    | 0.15%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority (Mercer University)                                                   | Private Colleges & Universities Authority (Mercer University), Series 2015, RB                                                   | CUSIP: 74265LG93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $392241.72    | 0.39%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** Invesco Actively Managed Exchange-Traded Fund Trust

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President