# EDGAR Filing Document

**Accession Number:** 0000105563
**File Stem:** 0001104659-26-009622
**Filing Date:** 2026-2
**Character Count:** 1223166
**Document Hash:** 723195e173cf260d1417e7d1cc011402
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-009622.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001104659-26-009622

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260203

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00121
- **FILM NUMBER:** 26591601

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

---

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

---

---

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

---

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

Date of fiscal year end: November 30

Date of reporting period: December 1, 2024—November 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [U.S. Minimum Volatility ETF](#classnameb97260e7-668d-450b-9fab-b7412c489864)<br> **[ETF Shares - VFMV](#classnameb97260e7-668d-450b-9fab-b7412c489864)**  |
|  [U.S. Momentum Factor ETF](#classnamefe895828-59c3-4480-b2b1-c8099442e3ad)<br> **[ETF Shares - VFMO](#classnamefe895828-59c3-4480-b2b1-c8099442e3ad)**  |
|  [U.S. Multifactor Fund](#classnamefb6c5963-60dc-405d-8aff-a1f18bfafbd5)<br> **[Admiral™ Shares - VFMFX](#classnamefb6c5963-60dc-405d-8aff-a1f18bfafbd5)**  |
|  [U.S. Quality Factor ETF](#classname24ac53af-ecbe-469a-9fb5-2e09c0583903)<br> **[ETF Shares - VFQY](#classname24ac53af-ecbe-469a-9fb5-2e09c0583903)**  |
|  [U.S. Value Factor ETF](#classname6ec4986f-df84-4743-ab2d-520a239b7034)<br> **[ETF Shares - VFVA](#classname6ec4986f-df84-4743-ab2d-520a239b7034)**  |
|  [U.S. Multifactor ETF](#classname442557c5-1b6e-4642-bb5c-9823aa1d0ab9)<br> **[ETF Shares - VFMF](#classname442557c5-1b6e-4642-bb5c-9823aa1d0ab9)**  |
|  [Short-Term Tax-Exempt Bond ETF](#classname9222664b-7e1b-4818-85ff-5e5988fa0c83)<br> **[ETF Shares - VTES](#classname9222664b-7e1b-4818-85ff-5e5988fa0c83)**  |

---

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard U.S. Minimum Volatility ETF

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

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard U.S. Minimum Volatility ETF (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $13 | 0.13% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund underperformed its benchmark.

* Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund lagged its benchmark in seven of 11 industry sectors. Selection in information technology and communication services and an overweight allocation to consumer staples hurt most. Selection in health care and consumer discretionary contributed positively, as did an underweight to and selection in materials.

* The Fund seeks to build a portfolio of stocks with lower volatility than the broad U.S. equity market. The Fund's average volatility for the period was nearly 25% less than that of its benchmark.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 13, 2018, Through November 30, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 13, 2018 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $20,663 Russell 3000 Index $27,991.](tm261692d8_tsrimg004.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Russell 3000 Index** |
| **2/13/18** | $10000 | $10000 |
| **2/28/18** | $10111 | $10194 |
| **5/31/18** | $10699 | $10310 |
| **8/31/18** | $11464 | $11098 |
| **11/30/18** | $11007 | $10504 |
| **2/28/19** | $11238 | $10708 |
| **5/31/19** | $11354 | $10567 |
| **8/31/19** | $12212 | $11244 |
| **11/30/19** | $12613 | $12132 |
| **2/29/20** | $11817 | $11447 |
| **5/31/20** | $11282 | $11779 |
| **8/31/20** | $12027 | $13655 |
| **11/30/20** | $12362 | $14440 |
| **2/28/21** | $12865 | $15492 |
| **5/31/21** | $13871 | $16951 |
| **8/31/21** | $14785 | $18166 |
| **11/30/21** | $14491 | $18243 |
| **2/28/22** | $14458 | $17396 |
| **5/31/22** | $14670 | $16327 |
| **8/31/22** | $14223 | $15754 |
| **11/30/22** | $15138 | $16272 |
| **2/28/23** | $14582 | $15992 |
| **5/31/23** | $14419 | $16659 |
| **8/31/23** | $14986 | $18078 |
| **11/30/23** | $15308 | $18324 |
| **2/29/24** | $16537 | $20566 |
| **5/31/24** | $17117 | $21254 |
| **8/31/24** | $18594 | $22805 |
| **11/30/24** | $19570 | $24643 |
| **2/28/25** | $19703 | $24171 |
| **5/31/25** | $19606 | $24042 |
| **8/31/25** | $20310 | $26417 |
| **11/30/25** | $20663 | $27991 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/13/18** |
| ETF Shares Net Asset Value | 5.58% | 10.82% | 9.76% |
| ETF Shares Market Price | 5.49% | 10.81% | 9.75% |
| Russell 3000 Index | 13.59% | 14.15% | 14.12% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $328 |
| Number of Portfolio Holdings | 201 |
| Portfolio Turnover Rate | 34% |
| Total Investment Advisory Fees (in thousands) | $88 |

---

## Portfolio Composition % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Consumer Discretionary | 10.7% |
| Consumer Staples | 10.9% |
| Energy | 3.1% |
| Financials | 7.8% |
| Health Care | 10.7% |
| Industrials | 10.3% |
| Real Estate | 5.2% |
| Technology | 25.5% |
| Telecommunications | 6.9% |
| Utilities | 8.4% |
| Other Assets and Liabilities—Net | 0.5% |

---

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

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4419

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard U.S. Momentum Factor ETF

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

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard U.S. Momentum Factor ETF (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $14 | 0.13% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund underperformed its benchmark.

* Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* Six of 11 industry sectors detracted from relative performance. An underweight to information technology and stock selection in financials held back performance the most. Selection in and an underweight to communication services also hurt results. On the other side of the ledger, selection in materials, industrials, and energy contributed the most.

* The Fund seeks long-term capital appreciation by investing in stocks with relatively strong recent performance.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 13, 2018, Through November 30, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 13, 2018 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $27,653 Russell 3000 Index $27,991.](tm261692d8_tsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Russell 3000 Index** |
| **2/13/18** | $10000 | $10000 |
| **2/28/18** | $10252 | $10194 |
| **5/31/18** | $10835 | $10310 |
| **8/31/18** | $11720 | $11098 |
| **11/30/18** | $10267 | $10504 |
| **2/28/19** | $10616 | $10708 |
| **5/31/19** | $10490 | $10567 |
| **8/31/19** | $11222 | $11244 |
| **11/30/19** | $11525 | $12132 |
| **2/29/20** | $10936 | $11447 |
| **5/31/20** | $11277 | $11779 |
| **8/31/20** | $13121 | $13655 |
| **11/30/20** | $14511 | $14440 |
| **2/28/21** | $17083 | $15492 |
| **5/31/21** | $17661 | $16951 |
| **8/31/21** | $18259 | $18166 |
| **11/30/21** | $18140 | $18243 |
| **2/28/22** | $16918 | $17396 |
| **5/31/22** | $16377 | $16327 |
| **8/31/22** | $15959 | $15754 |
| **11/30/22** | $17002 | $16272 |
| **2/28/23** | $16245 | $15992 |
| **5/31/23** | $15761 | $16659 |
| **8/31/23** | $17032 | $18078 |
| **11/30/23** | $16991 | $18324 |
| **2/29/24** | $20758 | $20566 |
| **5/31/24** | $21238 | $21254 |
| **8/31/24** | $22496 | $22805 |
| **11/30/24** | $25356 | $24643 |
| **2/28/25** | $23575 | $24171 |
| **5/31/25** | $23509 | $24042 |
| **8/31/25** | $25950 | $26417 |
| **11/30/25** | $27653 | $27991 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/13/18** |
| ETF Shares Net Asset Value | 9.06% | 13.77% | 13.94% |
| ETF Shares Market Price | 9.01% | 13.75% | 13.93% |
| Russell 3000 Index | 13.59% | 14.15% | 14.12% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1176 |
| Number of Portfolio Holdings | 630 |
| Portfolio Turnover Rate | 100% |
| Total Investment Advisory Fees (in thousands) | $362 |

---

## Portfolio Composition % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 5.4% |
| Consumer Discretionary | 14.8% |
| Consumer Staples | 2.8% |
| Energy | 3.2% |
| Financials | 7.5% |
| Health Care | 16.2% |
| Industrials | 19.4% |
| Real Estate | 0.1% |
| Technology | 25.8% |
| Telecommunications | 4.2% |
| Utilities | 0.3% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4418

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard U.S. Multifactor Fund

# Admiral™ Shares (VFMFX)

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard U.S. Multifactor Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $18 | 0.18% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund underperformed its benchmark.

* Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* An underweight allocation to information technology, an overweight to financials, and stock selection in communication services detracted most from relative performance. Real estate, materials, and health care positively impacted results.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 15, 2018, Through November 30, 2025** 

### Initial Investment of $50,000
![Line graph showing cumulative performance of $50,000 investment from February 15, 2018 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $107,529 Russell 3000 Index $136,334.](tm261692d8_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| | **Admiral Shares** | **Russell 3000 Index** |
| **2/15/18** | $50000 | $50000 |
| **2/28/18** | $49460 | $49649 |
| **5/31/18** | $51640 | $50216 |
| **8/31/18** | $54358 | $54056 |
| **11/30/18** | $49446 | $51163 |
| **2/28/19** | $49899 | $52156 |
| **5/31/19** | $46619 | $51469 |
| **8/31/19** | $48352 | $54764 |
| **11/30/19** | $52681 | $59088 |
| **2/29/20** | $46697 | $55756 |
| **5/31/20** | $44362 | $57370 |
| **8/31/20** | $49278 | $66506 |
| **11/30/20** | $53192 | $70329 |
| **2/28/21** | $61252 | $75453 |
| **5/31/21** | $68804 | $82562 |
| **8/31/21** | $69526 | $88481 |
| **11/30/21** | $69892 | $88853 |
| **2/28/22** | $70336 | $84729 |
| **5/31/22** | $69582 | $79520 |
| **8/31/22** | $66529 | $76729 |
| **11/30/22** | $72989 | $79255 |
| **2/28/23** | $71358 | $77889 |
| **5/31/23** | $66606 | $81138 |
| **8/31/23** | $75556 | $88052 |
| **11/30/23** | $75315 | $89248 |
| **2/29/24** | $85873 | $100167 |
| **5/31/24** | $89851 | $103518 |
| **8/31/24** | $94482 | $111073 |
| **11/30/24** | $102229 | $120025 |
| **2/28/25** | $97186 | $117729 |
| **5/31/25** | $94964 | $117098 |
| **8/31/25** | $103446 | $128667 |
| **11/30/25** | $107529 | $136334 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/15/18** |
| Admiral Shares | 5.18% | 15.12% | 10.33% |
| Russell 3000 Index | 13.59% | 14.15% | 13.74% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $194 |
| Number of Portfolio Holdings | 550 |
| Portfolio Turnover Rate | 87% |
| Total Investment Advisory Fees (in thousands) | $61 |

---

## Portfolio Composition % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 3.0% |
| Consumer Discretionary | 19.1% |
| Consumer Staples | 5.3% |
| Energy | 3.9% |
| Financials | 23.5% |
| Health Care | 13.7% |
| Industrials | 11.1% |
| Real Estate | 0.1% |
| Technology | 15.7% |
| Telecommunications | 4.0% |
| Other Assets and Liabilities—Net | 0.6% |

---

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

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR516

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard U.S. Quality Factor ETF

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

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard U.S. Quality Factor ETF (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $13 | 0.13% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals. 

* Relative to the benchmark, a combination of allocation and stock selection in seven of 11 sectors detracted from the Fund's performance—most notably in information technology, a sector that made significant gains for the benchmark. Three sectors contributed positively to relative performance, led by health care, but not enough to offset the detractors.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 13, 2018, Through November 30, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 13, 2018 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $22,546 Russell 3000 Index $27,991.](tm261692d8_tsrimg005.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Russell 3000 Index** |
| **2/13/18** | $10000 | $10000 |
| **2/28/18** | $10227 | $10194 |
| **5/31/18** | $10717 | $10310 |
| **8/31/18** | $11647 | $11098 |
| **11/30/18** | $10552 | $10504 |
| **2/28/19** | $10850 | $10708 |
| **5/31/19** | $10080 | $10567 |
| **8/31/19** | $10598 | $11244 |
| **11/30/19** | $11475 | $12132 |
| **2/29/20** | $10445 | $11447 |
| **5/31/20** | $10574 | $11779 |
| **8/31/20** | $11899 | $13655 |
| **11/30/20** | $13115 | $14440 |
| **2/28/21** | $14921 | $15492 |
| **5/31/21** | $16358 | $16951 |
| **8/31/21** | $17134 | $18166 |
| **11/30/21** | $17105 | $18243 |
| **2/28/22** | $16209 | $17396 |
| **5/31/22** | $15166 | $16327 |
| **8/31/22** | $14731 | $15754 |
| **11/30/22** | $15883 | $16272 |
| **2/28/23** | $15675 | $15992 |
| **5/31/23** | $15064 | $16659 |
| **8/31/23** | $16807 | $18078 |
| **11/30/23** | $16970 | $18324 |
| **2/29/24** | $19226 | $20566 |
| **5/31/24** | $19453 | $21254 |
| **8/31/24** | $20671 | $22805 |
| **11/30/24** | $21781 | $24643 |
| **2/28/25** | $20938 | $24171 |
| **5/31/25** | $20405 | $24042 |
| **8/31/25** | $22200 | $26417 |
| **11/30/25** | $22546 | $27991 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/13/18** |
| ETF Shares Net Asset Value | 3.51% | 11.44% | 10.99% |
| ETF Shares Market Price | 3.54% | 11.45% | 11.00% |
| Russell 3000 Index | 13.59% | 14.15% | 14.12% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $430 |
| Number of Portfolio Holdings | 412 |
| Portfolio Turnover Rate | 41% |
| Total Investment Advisory Fees (in thousands) | $136 |

---

## Portfolio Composition % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 1.6% |
| Consumer Discretionary | 20.7% |
| Consumer Staples | 5.4% |
| Energy | 1.7% |
| Financials | 14.3% |
| Health Care | 13.0% |
| Industrials | 23.1% |
| Technology | 19.1% |
| Telecommunications | 0.8% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4417

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard U.S. Value Factor ETF

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

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard U.S. Value Factor ETF (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $13 | 0.13% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals. 

* In recent years, value stocks have underperformed their growth counterparts, and the period under review was no exception. The Fund lagged the benchmark (a mix of both growth and value stocks) in nine of 11 sectors, most notably in communication services, information technology, and industrials. 

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 13, 2018, Through November 30, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 13, 2018 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $20,743 Russell 3000 Index $27,991.](tm261692d8_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Russell 3000 Index** |
| **2/13/18** | $10000 | $10000 |
| **2/28/18** | $10109 | $10194 |
| **5/31/18** | $10412 | $10310 |
| **8/31/18** | $10897 | $11098 |
| **11/30/18** | $9992 | $10504 |
| **2/28/19** | $10097 | $10708 |
| **5/31/19** | $9165 | $10567 |
| **8/31/19** | $9268 | $11244 |
| **11/30/19** | $10375 | $12132 |
| **2/29/20** | $8948 | $11447 |
| **5/31/20** | $8109 | $11779 |
| **8/31/20** | $9009 | $13655 |
| **11/30/20** | $10448 | $14440 |
| **2/28/21** | $12445 | $15492 |
| **5/31/21** | $14545 | $16951 |
| **8/31/21** | $14432 | $18166 |
| **11/30/21** | $14367 | $18243 |
| **2/28/22** | $15235 | $17396 |
| **5/31/22** | $15191 | $16327 |
| **8/31/22** | $14266 | $15754 |
| **11/30/22** | $15464 | $16272 |
| **2/28/23** | $15534 | $15992 |
| **5/31/23** | $13679 | $16659 |
| **8/31/23** | $15554 | $18078 |
| **11/30/23** | $15614 | $18324 |
| **2/29/24** | $17110 | $20566 |
| **5/31/24** | $17781 | $21254 |
| **8/31/24** | $18619 | $22805 |
| **11/30/24** | $19967 | $24643 |
| **2/28/25** | $18621 | $24171 |
| **5/31/25** | $17834 | $24042 |
| **8/31/25** | $20258 | $26417 |
| **11/30/25** | $20743 | $27991 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/13/18** |
| ETF Shares Net Asset Value | 3.89% | 14.70% | 9.81% |
| ETF Shares Market Price | 3.78% | 14.67% | 9.80% |
| Russell 3000 Index | 13.59% | 14.15% | 14.12% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $726 |
| Number of Portfolio Holdings | 667 |
| Portfolio Turnover Rate | 64% |
| Total Investment Advisory Fees (in thousands) | $234 |

---

## Portfolio Composition % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 4.4% |
| Consumer Discretionary | 16.4% |
| Consumer Staples | 7.0% |
| Energy | 9.3% |
| Financials | 24.3% |
| Health Care | 14.4% |
| Industrials | 11.7% |
| Real Estate | 0.2% |
| Technology | 8.6% |
| Telecommunications | 3.4% |
| Other Assets and Liabilities—Net | 0.3% |

---

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

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4416

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard U.S. Multifactor ETF

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

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard U.S. Multifactor ETF (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $19 | 0.18% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund underperformed its benchmark.

* Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* An underweight allocation to information technology, an overweight to financials, and stock selection in communication services detracted most from relative performance. Selection in health care and materials and an underweight to real estate added to results.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 13, 2018, Through November 30, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 13, 2018 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $22,652 Russell 3000 Index $27,991.](tm261692d8_tsrimg006.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Russell 3000 Index** |
| **2/13/18** | $10000 | $10000 |
| **2/28/18** | $10183 | $10194 |
| **5/31/18** | $10585 | $10310 |
| **8/31/18** | $11223 | $11098 |
| **11/30/18** | $10203 | $10504 |
| **2/28/19** | $10306 | $10708 |
| **5/31/19** | $9635 | $10567 |
| **8/31/19** | $10029 | $11244 |
| **11/30/19** | $10862 | $12132 |
| **2/29/20** | $9652 | $11447 |
| **5/31/20** | $9217 | $11779 |
| **8/31/20** | $10242 | $13655 |
| **11/30/20** | $11117 | $14440 |
| **2/28/21** | $12773 | $15492 |
| **5/31/21** | $14338 | $16951 |
| **8/31/21** | $14486 | $18166 |
| **11/30/21** | $14612 | $18243 |
| **2/28/22** | $14596 | $17396 |
| **5/31/22** | $14350 | $16327 |
| **8/31/22** | $13739 | $15754 |
| **11/30/22** | $15158 | $16272 |
| **2/28/23** | $14937 | $15992 |
| **5/31/23** | $13905 | $16659 |
| **8/31/23** | $15706 | $18078 |
| **11/30/23** | $15676 | $18324 |
| **2/29/24** | $17898 | $20566 |
| **5/31/24** | $18565 | $21254 |
| **8/31/24** | $19477 | $22805 |
| **11/30/24** | $21094 | $24643 |
| **2/28/25** | $20082 | $24171 |
| **5/31/25** | $19705 | $24042 |
| **8/31/25** | $21612 | $26417 |
| **11/30/25** | $22652 | $27991 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/13/18** |
| ETF Shares Net Asset Value | 7.39% | 15.30% | 11.06% |
| ETF Shares Market Price | 7.40% | 15.29% | 11.07% |
| Russell 3000 Index | 13.59% | 14.15% | 14.12% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $434 |
| Number of Portfolio Holdings | 562 |
| Portfolio Turnover Rate | 66% |
| Total Investment Advisory Fees (in thousands) | $123 |

---

## Portfolio Composition % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Basic Materials | 2.9% |
| Consumer Discretionary | 19.0% |
| Consumer Staples | 5.8% |
| Energy | 4.0% |
| Financials | 22.9% |
| Health Care | 14.2% |
| Industrials | 11.2% |
| Real Estate | 0.1% |
| Technology | 15.5% |
| Telecommunications | 4.0% |
| Other Assets and Liabilities—Net | 0.4% |

---

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

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4421

![Image](tm261692d8_tsrimg003.jpg)

# Vanguard Short-Term Tax-Exempt Bond ETF

# ETF Shares (VTES) NYSE Arca

# Annual Shareholder Report \| November 30, 2025
This annual shareholder report contains important information about Vanguard Short-Term Tax-Exempt Bond ETF (the "Fund") for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $6 | 0.06% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended November 30, 2025, the Fund performed in line with its benchmark index. 

* At the national level, the performance of the municipal bond market faced intermittent headwinds—especially in December 2024 and the spring of 2025—driven by elevated issuance, a steepening yield curve, and concerns about tariffs and inflation. The prospect of Federal Reserve rate cuts toward the end of the period, however, helped support demand for munis, which was reflected in stronger cash inflows. Credit fundamentals of most municipal borrowers remained strong, supported by healthy and growing tax revenues.

* Short-term munis generally outperformed their longer-term counterparts given the rise in yields at the longer end of the curve. Results by credit quality were mixed.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: March 7, 2023, Through November 30, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from March 07, 2023 through November 30, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $10,935 S&P 0-7 Year National AMT-Free Municipal Bond Index $10,950 Bloomberg Municipal Bond Index $11,130.](tm261692d8_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **S&P 0-7 Year National AMT-Free Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **3/7/23** | $10000 | $10000 | $10000 |
| **2023** | $10238 | $10240 | $10335 |
| **2024** | $10572 | $10579 | $10844 |
| **2025** | $10935 | $10950 | $11130 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 3/7/23** |
| ETF Shares Net Asset Value | 3.44% | 3.32% |
| ETF Shares Market Price | 3.40% | 3.35% |
| S&P 0-7 Year National AMT-Free Municipal Bond Index | 3.51% | 3.38% |
| Bloomberg Municipal Bond Index | 2.64% | 3.99% |

---

## Fund Statistics (as of November 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1526 |
| Number of Portfolio Holdings | 3038 |
| Portfolio Turnover Rate | 24% |
| Total Investment Advisory Fees (in thousands) | $113 |

---

## Distribution by Stated Maturity % of Net Assets (as of November 30, 2025)

---

| | |
|:---|:---|
| Less than 1 Year | 15.2% |
| 1 to 3 Years | 29.0% |
| 3 to 5 Years | 27.5% |
| 5 to 10 Years | 27.3% |
| 10 to 20 Years | 0.1% |
| 20 to 30 Years | 0.2% |
| Other Assets and Liabilities—Net | 0.7% |

---

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

## How has the Fund changed?
During the reporting period, the expense ratio for the Fund was reduced.

This is a summary of certain changes to the Fund since November 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 31, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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

![Image](tm261692d8_tsrimg003.jpg)

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

**Fund Information** • 800-662-7447

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

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

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

ARV014

**Item 2: Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

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

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

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

Includes fees billed in connection with services to the Registrant only.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br> November 30, 2025 | Fiscal Year Ended<br> October 30, 2024 |
| (a) Audit Fees. | $247000 | $253000 |
| (b) Audit-Related Fees. | 0 | 0 |
| (c) Tax Fees. | 0 | 0 |
| (d) All Other Fees. | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total. | $247000 | $253000 |

---

(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were <u>not</u> performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br> November 30, 2025 | Fiscal Year Ended<br> November 30, 2024 |
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $0 | $0 |
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. |  |  |
| &nbsp;&nbsp;&nbsp;Audit-Related Fees. | $1514219 | $3802420 |
| &nbsp;&nbsp;&nbsp;Tax Fees. | $1622344 | $1960472 |
| &nbsp;&nbsp;&nbsp;All Other Fees. | $25000 | $293000 |
| &nbsp;&nbsp;&nbsp;Total. | $3161563 | $6055892 |

---

(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

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

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

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

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

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

![](tm261692d8usfctretfsi001.jpg)

#### Financial Statements

#### For the year ended November 30, 2025

#### Vanguard U.S. Factor ETFs

---

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

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#### Contents

---

| | |
|:---|:---|
| U.S. Minimum Volatility ETF<br>| 1 |
| U.S. Momentum Factor ETF<br>| 13 |
| U.S. Multifactor ETF<br>| 31 |
| U.S. Quality Factor ETF<br>| 48 |
| U.S. Value Factor ETF<br>| 63 |
| Report of Independent Registered Public Accounting Firm<br>| 82 |
| Tax information<br>| 83 |

---

------

U.S. Minimum Volatility ETF

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 32161 | &nbsp;&nbsp;&nbsp;&nbsp; 4886 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 47234 | &nbsp;&nbsp;&nbsp;&nbsp; 3911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 31259 | &nbsp;&nbsp;&nbsp;&nbsp; 3179 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 51301 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | 105190 | &nbsp;&nbsp;&nbsp;&nbsp; 2701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 75034 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 17059 | &nbsp;&nbsp;&nbsp;&nbsp; 1885 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp; 1836 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | 26958 | &nbsp;&nbsp;&nbsp;&nbsp; 1657 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 13372 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 11213 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class C | 29076 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3594 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp; 951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 11656 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 593 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | 13381 | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | 15882 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8847 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 15310 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | 15758 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;7089 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **35248** |
| **Consumer Staples (10.9%)** | **Consumer Staples (10.9%)** | **Consumer Staples (10.9%)** | **Consumer Staples (10.9%)** |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp;&nbsp; 5324 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 13557 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 67459 | &nbsp;&nbsp;&nbsp;&nbsp; 4933 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 120434 | &nbsp;&nbsp;&nbsp;&nbsp; 4353 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 43380 | &nbsp;&nbsp;&nbsp;&nbsp; 3694 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 23876 | &nbsp;&nbsp;&nbsp;&nbsp; 3537 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 50452 | &nbsp;&nbsp;&nbsp;&nbsp; 2977 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 31764 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 13320 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5717 | &nbsp;&nbsp;&nbsp;&nbsp; 900 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 10151 | &nbsp;&nbsp;&nbsp;&nbsp; 816 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6362 | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5057 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **35895** |
| **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 31172 | &nbsp;&nbsp;&nbsp;&nbsp; 3614 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 22049 | &nbsp;&nbsp;&nbsp;&nbsp; 3332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3793 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6336 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;5156 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6877 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10014** |

---

------

U.S. Minimum Volatility ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | 16688 | &nbsp;&nbsp;&nbsp;&nbsp; 4697 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;8620 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | 33081 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7602 | &nbsp;&nbsp;&nbsp;&nbsp; 1963 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp; 1841 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | 42651 | &nbsp;&nbsp;&nbsp;&nbsp; 1740 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9172 | &nbsp;&nbsp;&nbsp;&nbsp; 1683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2346 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 887 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 14743 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | 16855 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5376 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3557 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6287 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;1972 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;TFS Financial Corp. | 14335 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;CF Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;First Financial Northwest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25529** |
| **Health Care (10.7%)** | **Health Care (10.7%)** | **Health Care (10.7%)** | **Health Care (10.7%)** |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 24704 | &nbsp;&nbsp;&nbsp;&nbsp; 5112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 226617 | &nbsp;&nbsp;&nbsp;&nbsp; 4924 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 102894 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 27817 | &nbsp;&nbsp;&nbsp;&nbsp; 3586 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 15720 | &nbsp;&nbsp;&nbsp;&nbsp; 3337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | 11887 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 10292 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4866 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 10807 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 28792 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc. | 46523 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3658 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | 23768 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior plc | 11282 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **34996** |
| **Industrials (10.3%)** | **Industrials (10.3%)** | **Industrials (10.3%)** | **Industrials (10.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | 26145 | &nbsp;&nbsp;&nbsp;&nbsp; 5175 |
|  | &nbsp;&nbsp;&nbsp;ITT Inc. | 24217 | &nbsp;&nbsp;&nbsp;&nbsp; 4460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | 38332 | &nbsp;&nbsp;&nbsp;&nbsp; 3121 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 11412 | &nbsp;&nbsp;&nbsp;&nbsp; 2913 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | 15163 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp; 2512 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 12200 | &nbsp;&nbsp;&nbsp;&nbsp; 2134 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 17875 | &nbsp;&nbsp;&nbsp;&nbsp; 2079 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Inc. Class A | 101728 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |

---

------

U.S. Minimum Volatility ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | 12785 | &nbsp;&nbsp;&nbsp;&nbsp; 1878 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | 35982 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 13504 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33726** |
| **Real Estate (5.2%)** | **Real Estate (5.2%)** | **Real Estate (5.2%)** | **Real Estate (5.2%)** |
|  | &nbsp;&nbsp;&nbsp;LTC Properties Inc. | 117023 | &nbsp;&nbsp;&nbsp;&nbsp; 4270 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 68888 | &nbsp;&nbsp;&nbsp;&nbsp; 3969 |
|  | &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 106978 | &nbsp;&nbsp;&nbsp;&nbsp; 3046 |
|  | &nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc. | 111108 | &nbsp;&nbsp;&nbsp;&nbsp; 2671 |
|  | &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 30123 | &nbsp;&nbsp;&nbsp;&nbsp; 2266 |
|  | &nbsp;&nbsp;&nbsp;Postal Realty Trust Inc. Class A | 40691 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17139** |
| **Technology (25.5%)** | **Technology (25.5%)** | **Technology (25.5%)** | **Technology (25.5%)** |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 33348 | &nbsp;&nbsp;&nbsp;&nbsp; 5202 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 19560 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 17561 | &nbsp;&nbsp;&nbsp;&nbsp; 4897 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 4776 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 23152 | &nbsp;&nbsp;&nbsp;&nbsp; 3896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | 21814 | &nbsp;&nbsp;&nbsp;&nbsp; 3817 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9376 | &nbsp;&nbsp;&nbsp;&nbsp; 3778 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | 52276 | &nbsp;&nbsp;&nbsp;&nbsp; 3526 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp; 3446 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp; 3326 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 10323 | &nbsp;&nbsp;&nbsp;&nbsp; 3305 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 42882 | &nbsp;&nbsp;&nbsp;&nbsp; 3280 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp;&nbsp;&nbsp; 2815 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 90117 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 282610 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 32507 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | 16938 | &nbsp;&nbsp;&nbsp;&nbsp; 2038 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6342 | &nbsp;&nbsp;&nbsp;&nbsp; 2031 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 76997 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 74666 | &nbsp;&nbsp;&nbsp;&nbsp; 1711 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 39243 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | 20491 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | 43727 | &nbsp;&nbsp;&nbsp;&nbsp; 1292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synaptics Inc. | 14789 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;NVE Corp. | 15079 | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 126167 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
|  | &nbsp;&nbsp;&nbsp;Qnity Electronics Inc. | 11585 | &nbsp;&nbsp;&nbsp;&nbsp; 939 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoDaddy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | 27378 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;N-able Inc. | 67539 | &nbsp;&nbsp;&nbsp;&nbsp; 486 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blackbaud Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7729 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7842 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grindr Inc. | 20173 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7644 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **83521** |
| **Telecommunications (6.9%)** | **Telecommunications (6.9%)** | **Telecommunications (6.9%)** | **Telecommunications (6.9%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 63427 | &nbsp;&nbsp;&nbsp;&nbsp; 4880 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 151109 | &nbsp;&nbsp;&nbsp;&nbsp; 3932 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 94886 | &nbsp;&nbsp;&nbsp;&nbsp; 3901 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9917 | &nbsp;&nbsp;&nbsp;&nbsp; 3548 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 12566 | &nbsp;&nbsp;&nbsp;&nbsp; 2626 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 34011 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |

---

------

U.S. Minimum Volatility ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3867 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
|  | &nbsp;&nbsp;&nbsp;Spok Holdings Inc. | 50621 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22682** |
| **Utilities (8.4%)** | **Utilities (8.4%)** | **Utilities (8.4%)** | **Utilities (8.4%)** |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 21701 | &nbsp;&nbsp;&nbsp;&nbsp; 4710 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 26558 | &nbsp;&nbsp;&nbsp;&nbsp; 3287 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 33764 | &nbsp;&nbsp;&nbsp;&nbsp; 3077 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 21996 | &nbsp;&nbsp;&nbsp;&nbsp; 2726 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | 31575 | &nbsp;&nbsp;&nbsp;&nbsp; 2329 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 56120 | &nbsp;&nbsp;&nbsp;&nbsp; 2244 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | 16067 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6309 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 16649 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 10133 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | 13519 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | 32083 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8097 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27438** |
| **Total Common Stocks (Cost $286,065)** | **Total Common Stocks (Cost $286,065)** | **Total Common Stocks (Cost $286,065)** | &nbsp;&nbsp;&nbsp;&nbsp;**326188** |
| **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** |
| **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost** $**978)** | &nbsp;&nbsp;&nbsp;&nbsp;9782 | &nbsp;&nbsp;&nbsp;&nbsp; **978** |
| **Total Investments (99.8%) (Cost $287,043)** | **Total Investments (99.8%) (Cost $287,043)** | **Total Investments (99.8%) (Cost $287,043)** | &nbsp;&nbsp;&nbsp;&nbsp;**327166** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**563** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**327729** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

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

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 1 | 343 | &nbsp;&nbsp;9 |
| Micro E-mini S&P 500 Index | December 2025 | 22 | 755 | &nbsp;&nbsp;12 |
|  |  |  |  | &nbsp;&nbsp;21 |

---

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

------

U.S. Minimum Volatility ETF

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $286,065) | 326188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
| Total Investments in Securities | 327166 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total Assets** | **327766** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37** |
| **Net Assets** | **327729** |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 297440 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;30289 |
| **Net Assets** | **327729** |
| **Net Assets** |  |
| **Applicable to 2,475,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **327729** |
| **Net Asset Value Per Share** | **$132.42** |

---

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

------

U.S. Minimum Volatility ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;5102 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;5145 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;326 |
| **Net Investment Income** | &nbsp;&nbsp;**4819** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;1621 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**1708** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 12692 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| **Change in Unrealized Appreciation (Depreciation)** | **12707** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **19234** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $37, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $1,328 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

U.S. Minimum Volatility ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;12707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22029 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;19234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28281 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(4331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1762) |
| **Capital Share Transactions** |  |  |
| Issued | 182621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51009 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;(23009) | &nbsp;&nbsp;&nbsp;&nbsp;(17707) |
| Net Increase (Decrease) from Capital Share Transactions | 159612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33302 |
| Total Increase (Decrease) | 174515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59821 |
| **Net Assets** |  |  |
| **Beginning of Period** | **153214** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93393** |
| **End of Period** | **327729** | &nbsp;&nbsp;&nbsp;&nbsp;**153214** |

---

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

------

U.S. Minimum Volatility ETF

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$127.68** | &nbsp;&nbsp;&nbsp;**$101.51** | &nbsp;&nbsp;&nbsp;**$102.91** | &nbsp;&nbsp;&nbsp;**$100.28** | &nbsp;&nbsp;&nbsp;&nbsp;**$87.08** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.374 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.497 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.871 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.671) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.671) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$132.42** | &nbsp;&nbsp;&nbsp;**$127.68** | &nbsp;&nbsp;&nbsp;**$101.51** | &nbsp;&nbsp;&nbsp;**$102.91** | &nbsp;&nbsp;&nbsp;**$100.28** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**5.58%** | &nbsp;&nbsp;&nbsp;**27.84%** | &nbsp;&nbsp;&nbsp;**1.13%** | &nbsp;&nbsp;&nbsp;**4.46%** | &nbsp;&nbsp;&nbsp;**17.22%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$328 | &nbsp;&nbsp;&nbsp;$153 | &nbsp;&nbsp;&nbsp;$93 | &nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;$47 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;1.43% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;46% |

---

---

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

---

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

------

U.S. Minimum Volatility ETF

Notes to Financial Statements

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

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

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

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

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

During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

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

------

U.S. Minimum Volatility ETF

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $7,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

The following table summarizes the market value of the fund's investments and derivatives as of November 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 326187 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;326188 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
| Total | 327165 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;327166 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 21 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21 |

---

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

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1328 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1328) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized

------

U.S. Minimum Volatility ETF

gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;39027 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(10798) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;30289 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;4331 | &nbsp;&nbsp;&nbsp;&nbsp;1762 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;4331 | &nbsp;&nbsp;&nbsp;&nbsp;1762 |

---

\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;288139 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;49624 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(10597) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;39027 |

---

**E.** During the year ended November 30, 2025, the fund purchased $247,199,000 of investment securities and sold $84,610,000 of investment securities, other than temporary cash investments. In addition, the fund purchased
and sold investment securities of $0 and $3,199,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $6,750,000 and sales were $1,274,000, resulting in net realized loss of $180,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | 1465 | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (190) | &nbsp;&nbsp;(160) |
| Net Increase (Decrease) in Shares Outstanding | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;280 |

---

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

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

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

------

U.S. Minimum Volatility ETF

At November 30, 2025, one shareholder was the record or beneficial owner of 40% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

U.S. Momentum Factor ETF

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (5.4%)** | **Basic Materials (5.4%)** | **Basic Materials (5.4%)** | **Basic Materials (5.4%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;127739 | &nbsp;&nbsp;&nbsp;&nbsp; 11590 |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;57318 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17545 | &nbsp;&nbsp;&nbsp;&nbsp; 3576 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 | &nbsp;&nbsp;&nbsp;&nbsp; 2884 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perpetua Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109960 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;62234 | &nbsp;&nbsp;&nbsp;&nbsp; 2514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MP Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37123 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novagold Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219207 | &nbsp;&nbsp;&nbsp;&nbsp; 2234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coeur Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124214 | &nbsp;&nbsp;&nbsp;&nbsp; 2145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SSR Mining Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;90275 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;80351 | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NioCorp Developments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;271736 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Idaho Strategic Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39817 | &nbsp;&nbsp;&nbsp;&nbsp; 1580 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13456 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15094 | &nbsp;&nbsp;&nbsp;&nbsp; 1471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Antimony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223242 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101701 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Battery Technology Co. | &nbsp;&nbsp;&nbsp;&nbsp;341168 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Critical Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139988 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perimeter Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41163 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
|  | &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;67031 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ASP Isotopes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169642 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Minerals International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51943 | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Fuels Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65464 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;29436 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;US Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49851 | &nbsp;&nbsp;&nbsp;&nbsp; 860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Electric Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54208 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uranium Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63084 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intrepid Potash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22118 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;16154 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dakota Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65990 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **63819** |
| **Consumer Discretionary (14.8%)** | **Consumer Discretionary (14.8%)** | **Consumer Discretionary (14.8%)** | **Consumer Discretionary (14.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24841 | &nbsp;&nbsp;&nbsp;&nbsp; 10686 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;14495 | &nbsp;&nbsp;&nbsp;&nbsp; 8681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;88035 | &nbsp;&nbsp;&nbsp;&nbsp; 8366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78138 | &nbsp;&nbsp;&nbsp;&nbsp; 6840 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24085 | &nbsp;&nbsp;&nbsp;&nbsp; 6413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47380 | &nbsp;&nbsp;&nbsp;&nbsp; 5097 |
|  | &nbsp;&nbsp;&nbsp;Somnigroup International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43390 | &nbsp;&nbsp;&nbsp;&nbsp; 3971 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33009 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32459 | &nbsp;&nbsp;&nbsp;&nbsp; 3596 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140053 | &nbsp;&nbsp;&nbsp;&nbsp; 3361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20154 | &nbsp;&nbsp;&nbsp;&nbsp; 3323 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30175 | &nbsp;&nbsp;&nbsp;&nbsp; 3304 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48234 | &nbsp;&nbsp;&nbsp;&nbsp; 3159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27697 | &nbsp;&nbsp;&nbsp;&nbsp; 3069 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14677 | &nbsp;&nbsp;&nbsp;&nbsp; 2846 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669 | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33815 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439 | &nbsp;&nbsp;&nbsp;&nbsp; 2786 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;60729 | &nbsp;&nbsp;&nbsp;&nbsp; 2615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viking Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34715 | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20345 | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;103380 | &nbsp;&nbsp;&nbsp;&nbsp; 2174 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11129 | &nbsp;&nbsp;&nbsp;&nbsp; 2174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74128 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124352 | &nbsp;&nbsp;&nbsp;&nbsp; 2056 |
|  | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189160 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amer Sports Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55092 | &nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19519 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15305 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;31835 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14053 | &nbsp;&nbsp;&nbsp;&nbsp; 1808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live Class C | &nbsp;&nbsp;&nbsp;&nbsp;22375 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;24058 | &nbsp;&nbsp;&nbsp;&nbsp; 1769 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75412 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36673 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53727 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IMAX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41552 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;204042 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuantumScape Corp. | &nbsp;&nbsp;&nbsp;&nbsp;121824 | &nbsp;&nbsp;&nbsp;&nbsp; 1489 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;87818 | &nbsp;&nbsp;&nbsp;&nbsp; 1481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42240 | &nbsp;&nbsp;&nbsp;&nbsp; 1469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8992 | &nbsp;&nbsp;&nbsp;&nbsp; 1418 |
|  | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25626 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live Class A | &nbsp;&nbsp;&nbsp;&nbsp;18034 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10085 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
|  | &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;13430 | &nbsp;&nbsp;&nbsp;&nbsp; 1319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strattec Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16846 | &nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Red Cat Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165935 | &nbsp;&nbsp;&nbsp;&nbsp; 1231 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Vuzix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;453269 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14418 | &nbsp;&nbsp;&nbsp;&nbsp; 1191 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RealReal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81254 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Hertz Global Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220391 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36889 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;16378 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20424 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19440 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37630 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51778 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10688 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Citi Trends Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19414 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
|  | &nbsp;&nbsp;&nbsp;Gray Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165515 | &nbsp;&nbsp;&nbsp;&nbsp; 814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10565 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Latham Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108068 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21246 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bed Bath & Beyond Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115197 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric Inc. | &nbsp;&nbsp;&nbsp;&nbsp;589523 | &nbsp;&nbsp;&nbsp;&nbsp; 678 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;156663 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39211 | &nbsp;&nbsp;&nbsp;&nbsp; 636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genius Sports Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61586 | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42012 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eastman Kodak Co. | &nbsp;&nbsp;&nbsp;&nbsp;79069 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9207 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11174 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Webtoon Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39255 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;39890 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18482 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21419 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Nexxen International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62097 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19104 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Savers Value Village Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41166 | &nbsp;&nbsp;&nbsp;&nbsp; 375 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8987 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37216 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Cricut Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;56008 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **174337** |
| **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79999 | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10962 | &nbsp;&nbsp;&nbsp;&nbsp; 4044 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81095 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp; 2594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31077 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vita Coco Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30329 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35343 | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12923 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15429 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;94558 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18390 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26803 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;63607 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13347 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7822 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32850** |
| **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;36762 | &nbsp;&nbsp;&nbsp;&nbsp; 3368 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50945 | &nbsp;&nbsp;&nbsp;&nbsp; 3104 |
|  | &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47486 | &nbsp;&nbsp;&nbsp;&nbsp; 2274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solid Power Inc. | &nbsp;&nbsp;&nbsp;&nbsp;425114 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;T1 Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430710 | &nbsp;&nbsp;&nbsp;&nbsp; 1774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
|  | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13669 | &nbsp;&nbsp;&nbsp;&nbsp; 1660 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13509 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;35568 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25735 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86039 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;28926 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plug Power Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508261 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flotek Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70609 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluence Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49691 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497 | &nbsp;&nbsp;&nbsp;&nbsp; 954 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ameresco Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;24935 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18150 | &nbsp;&nbsp;&nbsp;&nbsp; 828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ramaco Resources Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;50148 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62162 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Delek US Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19231 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TETRA Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93514 | &nbsp;&nbsp;&nbsp;&nbsp; 727 |
|  | &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19623 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shoals Technologies Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;86089 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23128 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gevo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325501 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Array Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79047 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13734 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Comstock Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14445 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8219 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **37234** |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Financials (7.5%)** | **Financials (7.5%)** | **Financials (7.5%)** | **Financials (7.5%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95295 | &nbsp;&nbsp;&nbsp;&nbsp; 10683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;74398 | &nbsp;&nbsp;&nbsp;&nbsp; 9559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198181 | &nbsp;&nbsp;&nbsp;&nbsp; 5890 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39206 | &nbsp;&nbsp;&nbsp;&nbsp; 4062 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;11190 | &nbsp;&nbsp;&nbsp;&nbsp; 3503 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;20626 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29276 | &nbsp;&nbsp;&nbsp;&nbsp; 2715 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20138 | &nbsp;&nbsp;&nbsp;&nbsp; 2713 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14024 | &nbsp;&nbsp;&nbsp;&nbsp; 2493 |
|  | &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13991 | &nbsp;&nbsp;&nbsp;&nbsp; 2216 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89484 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18494 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16284 | &nbsp;&nbsp;&nbsp;&nbsp; 1813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23145 | &nbsp;&nbsp;&nbsp;&nbsp; 1808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp; 1681 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23314 | &nbsp;&nbsp;&nbsp;&nbsp; 1516 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp; 1508 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764 | &nbsp;&nbsp;&nbsp;&nbsp; 1476 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Bakkt Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86079 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Porch Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139390 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43692 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33131 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11892 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11349 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;21002 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
|  | &nbsp;&nbsp;&nbsp;OppFi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99955 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hippo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30171 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12667 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536 | &nbsp;&nbsp;&nbsp;&nbsp; 930 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Riot Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57303 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12365 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
|  | &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17282 | &nbsp;&nbsp;&nbsp;&nbsp; 775 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12657 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;25112 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
|  | &nbsp;&nbsp;&nbsp;Nicolet Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;loanDepot Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;226492 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27067 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604 | &nbsp;&nbsp;&nbsp;&nbsp; 548 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | &nbsp;&nbsp;&nbsp;&nbsp;10568 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11525 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oscar Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25858 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
|  | &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **87640** |
| **Health Care (16.2%)** | **Health Care (16.2%)** | **Health Care (16.2%)** | **Health Care (16.2%)** |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;122064 | &nbsp;&nbsp;&nbsp;&nbsp; 4885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42489 | &nbsp;&nbsp;&nbsp;&nbsp; 4607 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21144 | &nbsp;&nbsp;&nbsp;&nbsp; 4488 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658 | &nbsp;&nbsp;&nbsp;&nbsp; 3907 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52402 | &nbsp;&nbsp;&nbsp;&nbsp; 3773 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28970 | &nbsp;&nbsp;&nbsp;&nbsp; 3646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38243 | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15203 | &nbsp;&nbsp;&nbsp;&nbsp; 3159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157545 | &nbsp;&nbsp;&nbsp;&nbsp; 3097 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35405 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230094 | &nbsp;&nbsp;&nbsp;&nbsp; 3035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092 | &nbsp;&nbsp;&nbsp;&nbsp; 3017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67235 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41183 | &nbsp;&nbsp;&nbsp;&nbsp; 2940 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tempus AI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36447 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;&nbsp;&nbsp; 2814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;112433 | &nbsp;&nbsp;&nbsp;&nbsp; 2616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celcuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25703 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346015 | &nbsp;&nbsp;&nbsp;&nbsp; 2484 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30395 | &nbsp;&nbsp;&nbsp;&nbsp; 2413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mineralys Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55691 | &nbsp;&nbsp;&nbsp;&nbsp; 2401 |
|  | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;56265 | &nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp; 2294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9421 | &nbsp;&nbsp;&nbsp;&nbsp; 2264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14295 | &nbsp;&nbsp;&nbsp;&nbsp; 2166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hims & Hers Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53510 | &nbsp;&nbsp;&nbsp;&nbsp; 2128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Verastem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194852 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66526 | &nbsp;&nbsp;&nbsp;&nbsp; 2039 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Nutex Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17691 | &nbsp;&nbsp;&nbsp;&nbsp; 2036 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18121 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18568 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prime Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;502573 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tango Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174307 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;36421 | &nbsp;&nbsp;&nbsp;&nbsp; 1873 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20749 | &nbsp;&nbsp;&nbsp;&nbsp; 1867 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57034 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87679 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121027 | &nbsp;&nbsp;&nbsp;&nbsp; 1813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kodiak Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76423 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108203 | &nbsp;&nbsp;&nbsp;&nbsp; 1744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187238 | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59495 | &nbsp;&nbsp;&nbsp;&nbsp; 1714 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightSpring Health Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45590 | &nbsp;&nbsp;&nbsp;&nbsp; 1649 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palvella Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15833 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gossamer Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;457460 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13849 | &nbsp;&nbsp;&nbsp;&nbsp; 1511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taysha Gene Therapies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;318546 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monopar Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17527 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quantum-Si Inc. | 1037522 | &nbsp;&nbsp;&nbsp;&nbsp; 1463 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27454 | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50916 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Absci Corp. | &nbsp;&nbsp;&nbsp;&nbsp;450758 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Personalis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131369 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176414 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sana Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324638 | &nbsp;&nbsp;&nbsp;&nbsp; 1396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lexeo Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139421 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7242 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116296 | &nbsp;&nbsp;&nbsp;&nbsp; 1356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18494 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123035 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11525 | &nbsp;&nbsp;&nbsp;&nbsp; 1339 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230857 | &nbsp;&nbsp;&nbsp;&nbsp; 1339 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37003 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Zenas Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33363 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86741 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45234 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alphatec Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55023 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268 | &nbsp;&nbsp;&nbsp;&nbsp; 1213 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23973 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rezolute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119972 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Precigen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300736 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior plc | &nbsp;&nbsp;&nbsp;&nbsp;33214 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AnaptysBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26214 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoke Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35290 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Claritev Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19139 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iRhythm Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dianthus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22933 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oncology Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310799 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OptimizeRx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59570 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvation Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111625 | &nbsp;&nbsp;&nbsp;&nbsp; 896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cogent Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21399 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53655 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inhibrx Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Editas Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348922 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41033 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SELLAS Life Sciences Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;509816 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Bright Minds Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11455 | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mind Medicine MindMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60248 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REGENXBIO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55605 | &nbsp;&nbsp;&nbsp;&nbsp; 745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Esperion Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174217 | &nbsp;&nbsp;&nbsp;&nbsp; 699 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc. (XNMS) | &nbsp;&nbsp;&nbsp;&nbsp;38653 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27390 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123700 | &nbsp;&nbsp;&nbsp;&nbsp; 678 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28528 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41116 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95266 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akebia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395476 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LENZ Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20211 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65840 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38281 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49974 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solid Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104980 | &nbsp;&nbsp;&nbsp;&nbsp; 570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstream Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19639 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Immunome Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29528 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zevra Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64263 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Praxis Precision Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapport Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17736 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oruka Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16960 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurogene Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24105 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26224 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50811 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310 | &nbsp;&nbsp;&nbsp;&nbsp; 495 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127324 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeMD Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124865 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;57523 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ClearPoint Neuro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32825 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SI-BONE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23757 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23855 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Soleno Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8334 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7586 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20338 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63991 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TruBridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17283 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25307 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocular Therapeutix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29636 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69164 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waystar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kymera Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Neuronetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194246 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;AirSculpt Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81482 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19804 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aquestive Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45101 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16651 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Replimune Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24788 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CG oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Korro Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TG Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **190752** |
| **Industrials (19.4%)** | **Industrials (19.4%)** | **Industrials (19.4%)** | **Industrials (19.4%)** |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67058 | &nbsp;&nbsp;&nbsp;&nbsp; 13719 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19135 | &nbsp;&nbsp;&nbsp;&nbsp; 11477 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;84682 | &nbsp;&nbsp;&nbsp;&nbsp; 9849 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;29833 | &nbsp;&nbsp;&nbsp;&nbsp; 8904 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42157 | &nbsp;&nbsp;&nbsp;&nbsp; 7374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;34299 | &nbsp;&nbsp;&nbsp;&nbsp; 6483 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11251 | &nbsp;&nbsp;&nbsp;&nbsp; 6478 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12939 | &nbsp;&nbsp;&nbsp;&nbsp; 6015 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp; 4783 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8355 | &nbsp;&nbsp;&nbsp;&nbsp; 4781 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dycom Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10422 | &nbsp;&nbsp;&nbsp;&nbsp; 3768 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;48698 | &nbsp;&nbsp;&nbsp;&nbsp; 3767 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19223 | &nbsp;&nbsp;&nbsp;&nbsp; 3647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10428 | &nbsp;&nbsp;&nbsp;&nbsp; 3590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44334 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80066 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15349 | &nbsp;&nbsp;&nbsp;&nbsp; 3363 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44555 | &nbsp;&nbsp;&nbsp;&nbsp; 3161 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;18119 | &nbsp;&nbsp;&nbsp;&nbsp; 3117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;28131 | &nbsp;&nbsp;&nbsp;&nbsp; 3073 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23276 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joby Aviation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202060 | &nbsp;&nbsp;&nbsp;&nbsp; 2916 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;142775 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7012 | &nbsp;&nbsp;&nbsp;&nbsp; 2771 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14234 | &nbsp;&nbsp;&nbsp;&nbsp; 2546 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Eos Energy Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166701 | &nbsp;&nbsp;&nbsp;&nbsp; 2509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62019 | &nbsp;&nbsp;&nbsp;&nbsp; 2454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630 | &nbsp;&nbsp;&nbsp;&nbsp; 2412 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp; 2406 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970 | &nbsp;&nbsp;&nbsp;&nbsp; 2391 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Labs PBC | &nbsp;&nbsp;&nbsp;&nbsp;198707 | &nbsp;&nbsp;&nbsp;&nbsp; 2365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10842 | &nbsp;&nbsp;&nbsp;&nbsp; 2319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IES Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amprius Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190056 | &nbsp;&nbsp;&nbsp;&nbsp; 2151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110593 | &nbsp;&nbsp;&nbsp;&nbsp; 2071 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp; 1964 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Richtech Robotics Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;521714 | &nbsp;&nbsp;&nbsp;&nbsp; 1852 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10917 | &nbsp;&nbsp;&nbsp;&nbsp; 1797 |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15468 | &nbsp;&nbsp;&nbsp;&nbsp; 1763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Power Solutions International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31902 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BlackSky Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92828 | &nbsp;&nbsp;&nbsp;&nbsp; 1645 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Construction Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14476 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;68576 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  | &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 | &nbsp;&nbsp;&nbsp;&nbsp; 1511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27355 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp; 1421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Microvast Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399737 | &nbsp;&nbsp;&nbsp;&nbsp; 1407 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp; 1399 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
|  | &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27391 | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205190 | &nbsp;&nbsp;&nbsp;&nbsp; 1311 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lightbridge Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79550 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 1266 |
|  | &nbsp;&nbsp;&nbsp;Allient Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23262 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12297 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
|  | &nbsp;&nbsp;&nbsp;Bel Fuse Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7843 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sezzle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19460 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;47549 | &nbsp;&nbsp;&nbsp;&nbsp; 1186 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frequency Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39988 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mercury Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16369 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11593 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138958 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109509 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
|  | &nbsp;&nbsp;&nbsp;Granite Construction Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
|  | &nbsp;&nbsp;&nbsp;AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Archer Aviation Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;118943 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;TSS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95132 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ducommun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Graham Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14669 | &nbsp;&nbsp;&nbsp;&nbsp; 843 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Palladyne AI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143634 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227 | &nbsp;&nbsp;&nbsp;&nbsp; 817 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24616 | &nbsp;&nbsp;&nbsp;&nbsp; 812 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21917 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mirion Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28192 | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PureCycle Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78893 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15667 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
|  | &nbsp;&nbsp;&nbsp;National Presto Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneCo. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;37430 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
|  | &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp; 618 |
|  | &nbsp;&nbsp;&nbsp;Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp; 593 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CECO Environmental Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11147 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CryoPort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57149 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15980 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Custom Truck One Source Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83111 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6497 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53702 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28537 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centuri Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21685 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14238 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9931 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15416 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Satellogic Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;273587 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11852 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16689 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Marqeta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;88958 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Byrna Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21998 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strata Critical Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79694 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OSI Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | &nbsp;&nbsp;&nbsp;&nbsp;87910 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25573 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24488 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Limbach Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **228712** |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10109 | &nbsp;&nbsp;&nbsp;&nbsp; 1636 |
| **Technology (25.8%)** | **Technology (25.8%)** | **Technology (25.8%)** | **Technology (25.8%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42915 | &nbsp;&nbsp;&nbsp;&nbsp; 13740 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22521 | &nbsp;&nbsp;&nbsp;&nbsp; 13501 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32853 | &nbsp;&nbsp;&nbsp;&nbsp; 13238 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;93377 | &nbsp;&nbsp;&nbsp;&nbsp; 13157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;74154 | &nbsp;&nbsp;&nbsp;&nbsp; 12491 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52805 | &nbsp;&nbsp;&nbsp;&nbsp; 12487 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72807 | &nbsp;&nbsp;&nbsp;&nbsp; 11358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42708 | &nbsp;&nbsp;&nbsp;&nbsp; 10730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256747 | &nbsp;&nbsp;&nbsp;&nbsp; 10414 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633 | &nbsp;&nbsp;&nbsp;&nbsp; 8972 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;27104 | &nbsp;&nbsp;&nbsp;&nbsp; 8677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39779 | &nbsp;&nbsp;&nbsp;&nbsp; 8653 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40902 | &nbsp;&nbsp;&nbsp;&nbsp; 8260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41604 | &nbsp;&nbsp;&nbsp;&nbsp; 8253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14720 | &nbsp;&nbsp;&nbsp;&nbsp; 7495 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;36787 | &nbsp;&nbsp;&nbsp;&nbsp; 7365 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37215 | &nbsp;&nbsp;&nbsp;&nbsp; 6587 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36664 | &nbsp;&nbsp;&nbsp;&nbsp; 6512 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18664 | &nbsp;&nbsp;&nbsp;&nbsp; 4708 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15180 | &nbsp;&nbsp;&nbsp;&nbsp; 4684 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24948 | &nbsp;&nbsp;&nbsp;&nbsp; 4075 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25668 | &nbsp;&nbsp;&nbsp;&nbsp; 4044 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23406 | &nbsp;&nbsp;&nbsp;&nbsp; 3655 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IonQ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70097 | &nbsp;&nbsp;&nbsp;&nbsp; 3456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70956 | &nbsp;&nbsp;&nbsp;&nbsp; 3017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30203 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33913 | &nbsp;&nbsp;&nbsp;&nbsp; 2855 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SoundHound AI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;223965 | &nbsp;&nbsp;&nbsp;&nbsp; 2699 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12374 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858 | &nbsp;&nbsp;&nbsp;&nbsp; 2637 |
|  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12354 | &nbsp;&nbsp;&nbsp;&nbsp; 2609 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xometry Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44515 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11654 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cipher Mining Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108090 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nLight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61301 | &nbsp;&nbsp;&nbsp;&nbsp; 2160 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35314 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223057 | &nbsp;&nbsp;&nbsp;&nbsp; 1949 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BigBear.ai Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306397 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Aehr Test Systems | &nbsp;&nbsp;&nbsp;&nbsp;83959 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aeva Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168198 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64688 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ouster Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75239 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rubrik Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;24839 | &nbsp;&nbsp;&nbsp;&nbsp; 1722 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23823 | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Quantum Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140420 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rigetti Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60953 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;45903 | &nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kopin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;636497 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Serve Robotics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149455 | &nbsp;&nbsp;&nbsp;&nbsp; 1533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Terawulf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92684 | &nbsp;&nbsp;&nbsp;&nbsp; 1438 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Aeluma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102273 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hut 8 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30599 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;indie Semiconductor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;374977 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;39693 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24039 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17715 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;D-Wave Quantum Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54593 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14015 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;246809 | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;87865 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWater Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76105 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41115 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Rezolve AI plc | &nbsp;&nbsp;&nbsp;&nbsp;348529 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18263 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerence Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89268 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;81083 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Groupon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47894 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Airship AI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198928 | &nbsp;&nbsp;&nbsp;&nbsp; 732 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life360 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9098 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40054 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41058 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22145 | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806 | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64816 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15147 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Telos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91550 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25961 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kimball Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14204 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cleanspark Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26073 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27938 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |

---

------

U.S. Momentum Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arteris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18671 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Chaince Digital Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25785 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **303481** |
| **Telecommunications (4.2%)** | **Telecommunications (4.2%)** | **Telecommunications (4.2%)** | **Telecommunications (4.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48041 | &nbsp;&nbsp;&nbsp;&nbsp; 6278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17157 | &nbsp;&nbsp;&nbsp;&nbsp; 5579 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19524 | &nbsp;&nbsp;&nbsp;&nbsp; 3987 |
|  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;70895 | &nbsp;&nbsp;&nbsp;&nbsp; 3762 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46814 | &nbsp;&nbsp;&nbsp;&nbsp; 3602 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AST SpaceMobile Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52879 | &nbsp;&nbsp;&nbsp;&nbsp; 2972 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7919 | &nbsp;&nbsp;&nbsp;&nbsp; 2833 |
|  | &nbsp;&nbsp;&nbsp;Ubiquiti Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106291 | &nbsp;&nbsp;&nbsp;&nbsp; 2766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35812 | &nbsp;&nbsp;&nbsp;&nbsp; 2625 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CommScope Holding Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113323 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19069 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48267 | &nbsp;&nbsp;&nbsp;&nbsp; 1277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380999 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32445 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globalstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16792 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Optoelectronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35976 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12085 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60333 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gogo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55736 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viavi Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18498 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **49000** |
| **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;NANO Nuclear Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44106 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NuScale Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65234 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sunrun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63264 | &nbsp;&nbsp;&nbsp;&nbsp; 1281 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4028** |
| **Total Common Stocks (Cost $952,887)** | **Total Common Stocks (Cost $952,887)** | **Total Common Stocks (Cost $952,887)** | &nbsp;&nbsp;&nbsp;&nbsp;**1173489** |
| **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** |
| **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost** $**36,189)** | &nbsp;&nbsp;&nbsp;&nbsp;361920 | &nbsp;&nbsp;&nbsp;&nbsp; **36192** |
| **Total Investments (102.8%) (Cost $989,076)** | **Total Investments (102.8%) (Cost $989,076)** | **Total Investments (102.8%) (Cost $989,076)** | &nbsp;&nbsp;&nbsp;&nbsp;**1209681** |
| **Other Assets and Liabilities—Net (-2.8%)** | **Other Assets and Liabilities—Net (-2.8%)** | **Other Assets and Liabilities—Net (-2.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33241)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1176440** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $31,393. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $33,755 was received for securities on loan. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 5 | 1715 | &nbsp;&nbsp;10 |
| Micro E-mini S&P 500 Index | December 2025 | 18 | 617 | &nbsp;&nbsp;6 |
|  |  |  |  | &nbsp;&nbsp;16 |

---

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

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U.S. Momentum Factor ETF

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $952,887) | 1173489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $36,189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36192 |
| Total Investments in Securities | 1209681 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| **Total Assets** | **1210369** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33755 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33929** |
| **Net Assets** | **1176440** |
| 1 Includes $31,393 of securities on loan. |  |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1054263 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;122177 |
| **Net Assets** | **1176440** |
| **Net Assets** |  |
| **Applicable to 6,115,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1176440** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;**$192.39** |

---

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

------

U.S. Momentum Factor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;10010 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;1122 |
| Total Income | &nbsp;&nbsp;11231 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;1356 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**9875** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;72285 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**72599** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;20477 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**20420** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **102894** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $35. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $85, ($1), and $3, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $124,918 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

U.S. Momentum Factor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43589 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20420 | &nbsp;&nbsp;&nbsp;&nbsp;159709 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;102894 | &nbsp;&nbsp;&nbsp;&nbsp;208064 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3896) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;561735 | &nbsp;&nbsp;&nbsp;&nbsp;527176 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;(397493) | &nbsp;&nbsp;&nbsp;&nbsp;(145933) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;164242 | &nbsp;&nbsp;&nbsp;&nbsp;381243 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;257192 | &nbsp;&nbsp;&nbsp;&nbsp;585411 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**919248** | &nbsp;&nbsp;&nbsp;&nbsp;**333837** |
| **End of Period** | **1176440** | &nbsp;&nbsp;&nbsp;&nbsp;**919248** |

---

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

------

U.S. Momentum Factor ETF

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$178.15** | &nbsp;&nbsp;&nbsp;**$120.30** | &nbsp;&nbsp;&nbsp;**$121.83** | &nbsp;&nbsp;&nbsp;**$132.12** | &nbsp;&nbsp;&nbsp;**$106.33** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.227 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.405) | &nbsp;&nbsp;&nbsp;&nbsp;(10.460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.325 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.552 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.762) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.762) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$192.39** | &nbsp;&nbsp;&nbsp;**$178.15** | &nbsp;&nbsp;&nbsp;**$120.30** | &nbsp;&nbsp;&nbsp;**$121.83** | &nbsp;&nbsp;&nbsp;**$132.12** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**9.06%** | &nbsp;&nbsp;&nbsp;**49.23%** | &nbsp;&nbsp;&nbsp;**-0.06%** | &nbsp;&nbsp;&nbsp;**-6.27%** | &nbsp;&nbsp;&nbsp;**25.01%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1176 | &nbsp;&nbsp;&nbsp;$919 | &nbsp;&nbsp;&nbsp;$334 | &nbsp;&nbsp;&nbsp;$284 | &nbsp;&nbsp;&nbsp;$191 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;0.95% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;103% |

---

---

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

---

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

------

U.S. Momentum Factor ETF

Notes to Financial Statements

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

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

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

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

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

During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

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

------

U.S. Momentum Factor ETF

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $29,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

At November 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;126099 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(126099) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;217959 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(97380) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;122177 |

---

------

U.S. Momentum Factor ETF

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;9944 | &nbsp;&nbsp;&nbsp;&nbsp;3896 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;9944 | &nbsp;&nbsp;&nbsp;&nbsp;3896 |

---

\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;991722 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;264938 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(46979) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;217959 |

---

**E.** During the year ended November 30, 2025, the fund purchased $1,345,815,000 of investment securities and sold $1,048,066,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $261,429,000 and $394,929,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $33,101,000 and sales were $34,787,000, resulting in net realized loss of $2,870,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;3205 | &nbsp;&nbsp;3345 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2250) | &nbsp;&nbsp;&nbsp;(960) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;2385 |

---

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

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

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

At November 30, 2025, one shareholder was the record or beneficial owner of 43% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

------

U.S. Momentum Factor ETF

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

------

U.S. Multifactor ETF

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** |
| **Basic Materials (2.9%)** | **Basic Materials (2.9%)** | **Basic Materials (2.9%)** | **Basic Materials (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 51445 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc (XNYS) | 15471 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | 13629 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8398 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 18651 | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
|  | &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. plc | 21305 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
|  | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 23878 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intrepid Potash Inc. | 19912 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | 14179 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;5194 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | 12337 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | 13662 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NWPX Infrastructure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2809 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12668** |
| **Consumer Discretionary (19.0%)** | **Consumer Discretionary (19.0%)** | **Consumer Discretionary (19.0%)** | **Consumer Discretionary (19.0%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 27272 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 25383 | &nbsp;&nbsp;&nbsp;&nbsp; 1866 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 79840 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8279 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp; 1577 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 21793 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | 53720 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 14398 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | 11737 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 30161 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 1281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 12556 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp; 1274 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 11178 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | 14548 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 11422 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | 14585 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | 49222 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4711 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | 13211 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 16383 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | 60932 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 15340 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3769 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 46451 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 16201 | &nbsp;&nbsp;&nbsp;&nbsp; 944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | 143150 | &nbsp;&nbsp;&nbsp;&nbsp; 933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | 17048 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9272 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Citi Trends Inc. | 19648 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | 13615 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings Inc. | 132859 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 13456 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 29290 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
|  | &nbsp;&nbsp;&nbsp;Scholastic Corp. | 28811 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 52813 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 59381 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | 31870 | &nbsp;&nbsp;&nbsp;&nbsp; 829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 32041 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6954 | &nbsp;&nbsp;&nbsp;&nbsp; 814 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9373 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | 39295 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 27309 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | 41063 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | 26066 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TripAdvisor Inc. | 46327 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | 63693 | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | 11941 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | 11988 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7365 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 29547 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | 12403 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | 16695 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 23405 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | 26410 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8319 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | 42110 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | 12222 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 17703 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7780 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | 15822 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | 16622 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | 12842 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 53715 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | 25817 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5441 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 41399 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 15173 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | 52984 | &nbsp;&nbsp;&nbsp;&nbsp; 421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | 12687 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | 27191 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9967 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USA TODAY Co. Inc. | 77373 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | 12456 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3595 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc. | 21995 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Turtle Beach Corp. | 25607 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 14723 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | 22230 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | 14193 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | 21822 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | 10830 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viking Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4203 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | 54914 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 15512 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5058 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | 10893 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | 12957 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;6825 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5448 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6432 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;4876 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5304 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4452 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | 23865 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coty Inc. Class A | 29105 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **82426** |
| **Consumer Staples (5.8%)** | **Consumer Staples (5.8%)** | **Consumer Staples (5.8%)** | **Consumer Staples (5.8%)** |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 62408 | &nbsp;&nbsp;&nbsp;&nbsp; 3683 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 45165 | &nbsp;&nbsp;&nbsp;&nbsp; 3629 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 18843 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | 13945 | &nbsp;&nbsp;&nbsp;&nbsp; 1162 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | 12498 | &nbsp;&nbsp;&nbsp;&nbsp; 961 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 51302 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 12267 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7538 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 10857 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5728 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | 12455 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 20551 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6766 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;8984 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;5184 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4522 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6543 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4505 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3657 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Dole plc | 12900 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 52659 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Calavo Growers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5931 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25383** |
| **Energy (4.0%)** | **Energy (4.0%)** | **Energy (4.0%)** | **Energy (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | 21969 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 11514 | &nbsp;&nbsp;&nbsp;&nbsp; 1242 |
|  | &nbsp;&nbsp;&nbsp;APA Corp. | 49641 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 24865 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
|  | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 11026 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp. | 63614 | &nbsp;&nbsp;&nbsp;&nbsp; 887 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | 72260 | &nbsp;&nbsp;&nbsp;&nbsp; 828 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7069 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 19892 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 14453 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 27881 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
|  | &nbsp;&nbsp;&nbsp;Riley Exploration Permian Inc. | 22952 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 13931 | &nbsp;&nbsp;&nbsp;&nbsp; 591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DNOW Inc. | 40262 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diversified Energy Co. | 36310 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | 20468 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 11479 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7208 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | 16303 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | 42539 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7413 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | 40589 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Matrix Service Co. | &nbsp;&nbsp;&nbsp;&nbsp;9699 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6387 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | 13433 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17517** |
| **Financials (22.9%)** | **Financials (22.9%)** | **Financials (22.9%)** | **Financials (22.9%)** |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 48781 | &nbsp;&nbsp;&nbsp;&nbsp; 4188 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 36351 | &nbsp;&nbsp;&nbsp;&nbsp; 4075 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 52229 | &nbsp;&nbsp;&nbsp;&nbsp; 2802 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;8609 | &nbsp;&nbsp;&nbsp;&nbsp; 2695 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 19310 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 15596 | &nbsp;&nbsp;&nbsp;&nbsp; 1856 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 22988 | &nbsp;&nbsp;&nbsp;&nbsp; 1751 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | 15074 | &nbsp;&nbsp;&nbsp;&nbsp; 1729 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 11481 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | 25072 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 53090 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 25869 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 10350 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 27445 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | 11750 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp; 1232 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 66414 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | 30829 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;7186 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | 31021 | &nbsp;&nbsp;&nbsp;&nbsp; 1201 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | 33099 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | 39424 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 16982 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 10208 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 24094 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 25532 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 47871 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4973 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 10299 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 25415 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 33673 | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 46085 | &nbsp;&nbsp;&nbsp;&nbsp; 959 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | 12223 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 15403 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | 12731 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 30651 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 903 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 44824 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6566 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | 26481 | &nbsp;&nbsp;&nbsp;&nbsp; 877 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;9224 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | 13809 | &nbsp;&nbsp;&nbsp;&nbsp; 862 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 29061 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;&nbsp;&nbsp; 792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 90653 | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 19868 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | 17207 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;Northrim BanCorp Inc. | 31313 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 13674 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 39824 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 15476 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 22915 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | 36641 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 17937 | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;7689 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8873 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | 18192 | &nbsp;&nbsp;&nbsp;&nbsp; 651 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6429 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 11505 | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6641 | &nbsp;&nbsp;&nbsp;&nbsp; 618 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 19754 | &nbsp;&nbsp;&nbsp;&nbsp; 593 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6531 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | 12993 | &nbsp;&nbsp;&nbsp;&nbsp; 583 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 10661 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 22854 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | 11340 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
|  | &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3551 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 11481 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
|  | &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | 12978 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | 43127 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | 13207 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6642 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8226 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 10063 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 19607 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2972 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 50871 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | 11050 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9353 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | 10839 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 20888 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 19526 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | 11258 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | 10653 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | 12353 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 12061 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9924 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9657 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | 39092 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4084 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3261 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4397 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Nicolet Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2711 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3232 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5009 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3117 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **99323** |
| **Health Care (14.2%)** | **Health Care (14.2%)** | **Health Care (14.2%)** | **Health Care (14.2%)** |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8231 | &nbsp;&nbsp;&nbsp;&nbsp; 4184 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 32269 | &nbsp;&nbsp;&nbsp;&nbsp; 4061 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 16528 | &nbsp;&nbsp;&nbsp;&nbsp; 3763 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 136230 | &nbsp;&nbsp;&nbsp;&nbsp; 3506 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 15331 | &nbsp;&nbsp;&nbsp;&nbsp; 3172 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 63313 | &nbsp;&nbsp;&nbsp;&nbsp; 3115 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 22320 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 20156 | &nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | 15193 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4226 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp; 1427 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6281 | &nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 46964 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 23977 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | 82389 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | 11740 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 33766 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 37953 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 40234 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | 56692 | &nbsp;&nbsp;&nbsp;&nbsp; 914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior plc | 26350 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 39247 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | 24173 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9286 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | 17452 | &nbsp;&nbsp;&nbsp;&nbsp; 796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | 40607 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 58379 | &nbsp;&nbsp;&nbsp;&nbsp; 745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | 36171 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp; 651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | 50141 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 68043 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | 59323 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OptimizeRx Corp. | 37806 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7074 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | 60900 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | 75811 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 56372 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8148 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | 15922 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4106 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | 39406 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeMD Inc. | 99446 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TruBridge Inc. | 17113 | &nbsp;&nbsp;&nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;7804 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 15882 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 14417 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akebia Therapeutics Inc. | 215263 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | 11219 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | 18710 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | 10834 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 11289 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;3959 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | 32099 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | 10094 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;AirSculpt Technologies Inc. | 56320 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 15365 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9606 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 13302 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | 21734 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Community Health Systems Inc. | 28347 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **61722** |
| **Industrials (11.2%)** | **Industrials (11.2%)** | **Industrials (11.2%)** | **Industrials (11.2%)** |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;6408 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 29516 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 23404 | &nbsp;&nbsp;&nbsp;&nbsp; 1811 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 15353 | &nbsp;&nbsp;&nbsp;&nbsp; 1786 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 40143 | &nbsp;&nbsp;&nbsp;&nbsp; 1287 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp; 1216 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6558 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | 10019 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7774 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2302 | &nbsp;&nbsp;&nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 44982 | &nbsp;&nbsp;&nbsp;&nbsp; 914 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 92108 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | 45978 | &nbsp;&nbsp;&nbsp;&nbsp; 830 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | 24094 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | 13366 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
|  | &nbsp;&nbsp;&nbsp;Astec Industries Inc. | 16914 | &nbsp;&nbsp;&nbsp;&nbsp; 749 |
|  | &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 61214 | &nbsp;&nbsp;&nbsp;&nbsp; 749 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 75527 | &nbsp;&nbsp;&nbsp;&nbsp; 745 |
|  | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 196116 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4728 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | 18396 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | 12637 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | 19017 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | 13526 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
|  | &nbsp;&nbsp;&nbsp;Western Union Co. | 66951 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 70618 | &nbsp;&nbsp;&nbsp;&nbsp; 583 |
|  | &nbsp;&nbsp;&nbsp;DHT Holdings Inc. | 44633 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp. | 13461 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | 49867 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Costamare Inc. | 26119 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vishay Precision Group Inc. | 11301 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 29230 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | 50673 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | 14149 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp; 298 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | 12268 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | 19032 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4106 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | 11343 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7025 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan Machinery Inc. | 10308 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;LSI Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5472 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **48511** |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd. | 22094 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **563** |
| **Technology (15.5%)** | **Technology (15.5%)** | **Technology (15.5%)** | **Technology (15.5%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 19631 | &nbsp;&nbsp;&nbsp;&nbsp; 4642 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 13543 | &nbsp;&nbsp;&nbsp;&nbsp; 4336 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 21626 | &nbsp;&nbsp;&nbsp;&nbsp; 3635 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 21246 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 66664 | &nbsp;&nbsp;&nbsp;&nbsp; 2704 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;7239 | &nbsp;&nbsp;&nbsp;&nbsp; 2317 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp; 2287 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8879 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp; 1806 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9609 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 10002 | &nbsp;&nbsp;&nbsp;&nbsp; 1685 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 41431 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | 10106 | &nbsp;&nbsp;&nbsp;&nbsp; 1216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3991 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;8647 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | 17888 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | 36867 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 37599 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 32160 | &nbsp;&nbsp;&nbsp;&nbsp; 930 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | 44430 | &nbsp;&nbsp;&nbsp;&nbsp; 899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | 29882 | &nbsp;&nbsp;&nbsp;&nbsp; 862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | 45448 | &nbsp;&nbsp;&nbsp;&nbsp; 860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | 31874 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | 52863 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 34750 | &nbsp;&nbsp;&nbsp;&nbsp; 796 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | 23546 | &nbsp;&nbsp;&nbsp;&nbsp; 784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | 18258 | &nbsp;&nbsp;&nbsp;&nbsp; 767 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 10578 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7490 | &nbsp;&nbsp;&nbsp;&nbsp; 636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9753 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 17643 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7824 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | 14203 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | 49397 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp; 554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UiPath Inc. Class A | 39150 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | 24559 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | 13907 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | 10201 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4131 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 37784 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6146 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 52723 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 19304 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | 11488 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 27992 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | 12951 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | 26744 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |

---

------

U.S. Multifactor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kimball Electronics Inc. | 10091 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | 14947 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 25202 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | 11265 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | 18306 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | 15658 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2672 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **67101** |
| **Telecommunications (4.0%)** | **Telecommunications (4.0%)** | **Telecommunications (4.0%)** | **Telecommunications (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 44862 | &nbsp;&nbsp;&nbsp;&nbsp; 3452 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 117611 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 68630 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 |
|  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 26092 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6772 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 97567 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | 43104 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | 11717 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;9541 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Ubiquiti Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | 11931 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | 27554 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4654 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aviat Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | 20178 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17143** |
| **Total Common Stocks (Cost $369,225)** | **Total Common Stocks (Cost $369,225)** | **Total Common Stocks (Cost $369,225)** | &nbsp;&nbsp;&nbsp;&nbsp;**432357** |
| **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** |
| **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost** $**1,659)** | 16587 | &nbsp;&nbsp;&nbsp;&nbsp; **1659** |
| **Total Investments (100.0%) (Cost $370,884)** | **Total Investments (100.0%) (Cost $370,884)** | **Total Investments (100.0%) (Cost $370,884)** | &nbsp;&nbsp;&nbsp;&nbsp;**434016** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(182)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**433834** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $645. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $665 was received for securities on loan. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 2 | 686 | &nbsp;&nbsp;30 |
| Micro E-mini S&P 500 Index | December 2025 | 10 | 343 | &nbsp;&nbsp;6 |
|  |  |  |  | &nbsp;&nbsp;36 |

---

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

------

U.S. Multifactor ETF

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $369,225) | 432357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,659) | &nbsp;&nbsp;&nbsp;&nbsp;1659 |
| Total Investments in Securities | 434016 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| **Total Assets** | **434579** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**745** |
| **Net Assets** | **433834** |
| 1 Includes $645 of securities on loan. |  |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 391593 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;42241 |
| **Net Assets** | **433834** |
| **Net Assets** |  |
| **Applicable to 2,920,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **433834** |
| **Net Asset Value Per Share** | **$148.57** |

---

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

------

U.S. Multifactor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;6928 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total Income | &nbsp;&nbsp;6960 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;644 |
| **Net Investment Income** | &nbsp;&nbsp;**6316** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 32347 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| **Realized Net Gain (Loss)** | **32426** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (9424) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| **Change in Unrealized Appreciation (Depreciation)** | **(9420)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **29322** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $35. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $26, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $33,218 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

U.S. Multifactor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;32426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22886 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(9420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49469 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;29322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76819 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(5967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4261) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;180286 | &nbsp;&nbsp;&nbsp;&nbsp;113427 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (102663) | &nbsp;&nbsp;&nbsp;&nbsp;(47225) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;77623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66202 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;100978 | &nbsp;&nbsp;&nbsp;&nbsp;138760 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**332856** | &nbsp;&nbsp;&nbsp;&nbsp;**194096** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**433834** | &nbsp;&nbsp;&nbsp;&nbsp;**332856** |

---

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

------

U.S. Multifactor ETF

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$140.74** | &nbsp;&nbsp;&nbsp;**$106.35** | &nbsp;&nbsp;&nbsp;**$105.10** | &nbsp;&nbsp;&nbsp;**$103.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$79.93** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.534 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.442 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.976 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.356) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.356) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$148.57** | &nbsp;&nbsp;&nbsp;**$140.74** | &nbsp;&nbsp;&nbsp;**$106.35** | &nbsp;&nbsp;&nbsp;**$105.10** | &nbsp;&nbsp;&nbsp;**$103.55** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**7.39%** | &nbsp;&nbsp;&nbsp;**34.57%** | &nbsp;&nbsp;&nbsp;**3.42%** | &nbsp;&nbsp;&nbsp;**3.73%** | &nbsp;&nbsp;&nbsp;**31.43%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$434 | &nbsp;&nbsp;&nbsp;$333 | &nbsp;&nbsp;&nbsp;$194 | &nbsp;&nbsp;&nbsp;$170 | &nbsp;&nbsp;&nbsp;$110 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.18% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;1.56% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;75% |

---

---

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

---

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

------

U.S. Multifactor ETF

Notes to Financial Statements

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

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

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

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

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

During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

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

------

U.S. Multifactor ETF

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $10,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

At November 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;33218 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(33218) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;63132 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(22112) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;42241 |

---

------

U.S. Multifactor ETF

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;4261 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;4261 |

---

\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;370884 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;74793 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(11661) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;63132 |

---

**E.** During the year ended November 30, 2025, the fund purchased $355,905,000 of investment securities and sold $238,654,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $62,288,000 and $102,014,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $4,316,000 and sales were $8,544,000, resulting in net realized loss of $983,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | 1325 | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (770) | &nbsp;&nbsp;(385) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;540 |

---

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

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

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

At November 30, 2025, one shareholder was the record or beneficial owner of 39% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

------

U.S. Multifactor ETF

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

------

U.S. Quality Factor ETF

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (1.6%)** | **Basic Materials (1.6%)** | **Basic Materials (1.6%)** | **Basic Materials (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Fastenal Co. | 47742 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7207 | &nbsp;&nbsp;&nbsp;&nbsp; 1242 |
|  | &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8868 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | 12605 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | 28914 | &nbsp;&nbsp;&nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;9199 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3663 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6949** |
| **Consumer Discretionary (20.7%)** | **Consumer Discretionary (20.7%)** | **Consumer Discretionary (20.7%)** | **Consumer Discretionary (20.7%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 59344 | &nbsp;&nbsp;&nbsp;&nbsp; 6558 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6231 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 86944 | &nbsp;&nbsp;&nbsp;&nbsp; 5619 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 33434 | &nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | 41510 | &nbsp;&nbsp;&nbsp;&nbsp; 4856 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 39170 | &nbsp;&nbsp;&nbsp;&nbsp; 4214 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 30457 | &nbsp;&nbsp;&nbsp;&nbsp; 2760 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6319 | &nbsp;&nbsp;&nbsp;&nbsp; 2321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 89203 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | 23229 | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | 18543 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | 26435 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | 44439 | &nbsp;&nbsp;&nbsp;&nbsp; 1545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | 15684 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | 14601 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp; 1261 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arhaus Inc. | 114431 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6361 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | 11263 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6358 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 11962 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | 15199 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3956 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rush Street Interactive Inc. | 52249 | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | 27005 | &nbsp;&nbsp;&nbsp;&nbsp; 896 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;6838 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 40774 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | 23371 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 29658 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 25793 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 30500 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | 12798 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | 31456 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | 38432 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9158 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | 16164 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | 21065 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | 20490 | &nbsp;&nbsp;&nbsp;&nbsp; 495 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | 13808 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2754 | &nbsp;&nbsp;&nbsp;&nbsp; 454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | 19218 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | 11001 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | 30914 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 14883 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | 14216 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | 15535 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPEL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8594 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | 90671 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | 12408 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 12753 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 15457 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8646 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | 18795 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | 61843 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4204 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;6111 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Matthews International Corp. Class A | 10926 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strattec Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coty Inc. Class A | 79013 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | 13080 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6615 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | 26787 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Sturm Ruger & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;6731 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | 36323 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;4138 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7497 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4120 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3843 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;CuriosityStream Inc. | 27358 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6754 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **89116** |
| **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 47606 | &nbsp;&nbsp;&nbsp;&nbsp; 7081 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 28116 | &nbsp;&nbsp;&nbsp;&nbsp; 4166 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 20506 | &nbsp;&nbsp;&nbsp;&nbsp; 2238 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | 11365 | &nbsp;&nbsp;&nbsp;&nbsp; 1852 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;9189 | &nbsp;&nbsp;&nbsp;&nbsp; 1728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 14836 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | 24809 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7291 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | 44501 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Beverage Corp. | 12146 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vita Coco Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4533 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Calavo Growers Inc. | 11457 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zevia PBC Class A | 41013 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2726 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23212** |
| **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | 25865 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 30118 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 11669 | &nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | 75156 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 99356 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | 23597 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 12067 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TETRA Technologies Inc. | 23748 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | 12630 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Cactus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7173** |
| **Financials (14.3%)** | **Financials (14.3%)** | **Financials (14.3%)** | **Financials (14.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 37785 | &nbsp;&nbsp;&nbsp;&nbsp; 4236 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 38436 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 2803 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 22556 | &nbsp;&nbsp;&nbsp;&nbsp; 2685 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 18842 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | 14081 | &nbsp;&nbsp;&nbsp;&nbsp; 1897 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6525 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 36160 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5942 | &nbsp;&nbsp;&nbsp;&nbsp; 1529 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9561 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 22141 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | 25719 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | 12607 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8665 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 19525 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | 11762 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp; 794 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 14191 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 41340 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 24823 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9406 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | 10338 | &nbsp;&nbsp;&nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 16510 | &nbsp;&nbsp;&nbsp;&nbsp; 676 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 13422 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3922 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 16581 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 11404 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 31370 | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9641 | &nbsp;&nbsp;&nbsp;&nbsp; 618 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 20721 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;6886 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | 18501 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 24242 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 16558 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 28696 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  | &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7904 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | 15325 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | 19693 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;9950 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;4977 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 15432 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 21055 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 19090 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6216 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9756 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;Amerant Bancorp Inc. | 19831 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | 18903 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;6308 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8274 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8643 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Great Southern Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Northrim BanCorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9635 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8036 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5727 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5573 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Midland States Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9135 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;NB Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7020 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2772 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Tiptree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5103 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8061 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4711 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **61463** |
| **Health Care (13.0%)** | **Health Care (13.0%)** | **Health Care (13.0%)** | **Health Care (13.0%)** |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 69437 | &nbsp;&nbsp;&nbsp;&nbsp; 7279 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 54675 | &nbsp;&nbsp;&nbsp;&nbsp; 6880 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 53637 | &nbsp;&nbsp;&nbsp;&nbsp; 6875 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp; 6157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | 16548 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | 20380 | &nbsp;&nbsp;&nbsp;&nbsp; 2129 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 60830 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | 22483 | &nbsp;&nbsp;&nbsp;&nbsp; 1427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penumbra Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2871 | &nbsp;&nbsp;&nbsp;&nbsp; 1261 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | 48645 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | 14906 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | 14485 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | 17983 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2452 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 25911 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | 72780 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MiMedx Group Inc. | 74702 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | 30382 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 60208 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 18852 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | 11539 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | 65140 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | 15170 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 13508 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 25257 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | 18098 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 12035 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Niagen Bioscience Inc. | 41069 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 23112 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 24817 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | 13599 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7883 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7749 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9828 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **55761** |
| **Industrials (23.1%)** | **Industrials (23.1%)** | **Industrials (23.1%)** | **Industrials (23.1%)** |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 97923 | &nbsp;&nbsp;&nbsp;&nbsp; 6139 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 16605 | &nbsp;&nbsp;&nbsp;&nbsp; 6065 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | 13366 | &nbsp;&nbsp;&nbsp;&nbsp; 5633 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | 28824 | &nbsp;&nbsp;&nbsp;&nbsp; 5362 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | 18840 | &nbsp;&nbsp;&nbsp;&nbsp; 4710 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 13393 | &nbsp;&nbsp;&nbsp;&nbsp; 4479 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 21137 | &nbsp;&nbsp;&nbsp;&nbsp; 3637 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | 16377 | &nbsp;&nbsp;&nbsp;&nbsp; 2602 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4207 | &nbsp;&nbsp;&nbsp;&nbsp; 2422 |
|  | &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | 24068 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7739 | &nbsp;&nbsp;&nbsp;&nbsp; 2133 |
|  | &nbsp;&nbsp;&nbsp;Landstar System Inc. | 15369 | &nbsp;&nbsp;&nbsp;&nbsp; 2011 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp; 1984 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1865 | &nbsp;&nbsp;&nbsp;&nbsp; 1822 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 21924 | &nbsp;&nbsp;&nbsp;&nbsp; 1696 |
|  | &nbsp;&nbsp;&nbsp;Toro Co. | 23626 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 14855 | &nbsp;&nbsp;&nbsp;&nbsp; 1593 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | 17574 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
|  | &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | 56826 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 |
|  | &nbsp;&nbsp;&nbsp;Veralto Corp. | 14742 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | 11704 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | 32315 | &nbsp;&nbsp;&nbsp;&nbsp; 1284 |
|  | &nbsp;&nbsp;&nbsp;A O Smith Corp. | 19068 | &nbsp;&nbsp;&nbsp;&nbsp; 1258 |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4917 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;James Hardie Industries plc | 61908 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
|  | &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5043 | &nbsp;&nbsp;&nbsp;&nbsp; 1207 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp; 1201 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4613 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;9754 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 10772 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | 22449 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4394 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 804 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc. | 14570 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp; 747 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 72366 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | 13954 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | 73245 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | 115521 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | 13075 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
|  | &nbsp;&nbsp;&nbsp;TriNet Group Inc. | 10847 | &nbsp;&nbsp;&nbsp;&nbsp; 636 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | 13680 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | 18370 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 13654 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | 14248 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7402 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blue Bird Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9004 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1854 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Core & Main Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9241 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
|  | &nbsp;&nbsp;&nbsp;Mesa Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5153 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Recovery Inc. | 20979 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Cass Information Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | 28908 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneCo. Ltd. Class A | 13860 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | 11403 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9828 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6944 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1398 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2848 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aspen Aerogels Inc. | 47144 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5159 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janus International Group Inc. | 22365 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **99537** |
| **Technology (19.1%)** | **Technology (19.1%)** | **Technology (19.1%)** | **Technology (19.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | 22756 | &nbsp;&nbsp;&nbsp;&nbsp; 7285 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 26058 | &nbsp;&nbsp;&nbsp;&nbsp; 7266 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 45533 | &nbsp;&nbsp;&nbsp;&nbsp; 7103 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | 23074 | &nbsp;&nbsp;&nbsp;&nbsp; 6999 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | 85248 | &nbsp;&nbsp;&nbsp;&nbsp; 6916 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5603 | &nbsp;&nbsp;&nbsp;&nbsp; 6586 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 37625 | &nbsp;&nbsp;&nbsp;&nbsp; 6324 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 19074 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8262 | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | 15902 | &nbsp;&nbsp;&nbsp;&nbsp; 1774 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9336 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | 28756 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9841 | &nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 50568 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appfolio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | 13027 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | 13419 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8439 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7848 | &nbsp;&nbsp;&nbsp;&nbsp; 969 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | 21205 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
|  | &nbsp;&nbsp;&nbsp;Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | 25257 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
|  | &nbsp;&nbsp;&nbsp;Hackett Group Inc. | 36270 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | 18528 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9271 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | 33028 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viant Technology Inc. Class A | 49701 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 39642 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | 23242 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 32387 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | 12033 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | 120005 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | 16054 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 14597 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2789 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | 32490 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 34335 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agilysys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2247 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |

---

------

U.S. Quality Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | 19527 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3591 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6552 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWater Technology Inc. | 10710 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | 13167 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4826 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **82318** |
| **Telecommunications (0.8%)** | **Telecommunications (0.8%)** | **Telecommunications (0.8%)** | **Telecommunications (0.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | 38520 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | 10911 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BK Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | 48882 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8214 | &nbsp;&nbsp;&nbsp;&nbsp; 454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | 24444 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Spok Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ribbon Communications Inc. | 30870 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3591** |
| **Total Common Stocks (Cost $389,538)** | **Total Common Stocks (Cost $389,538)** | **Total Common Stocks (Cost $389,538)** | &nbsp;&nbsp;&nbsp;&nbsp;**429120** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost** $**657)** | &nbsp;&nbsp;&nbsp;&nbsp;6568 | &nbsp;&nbsp;&nbsp;&nbsp; **657** |
| **Total Investments (99.9%) (Cost $390,195)** | **Total Investments (99.9%) (Cost $390,195)** | **Total Investments (99.9%) (Cost $390,195)** | &nbsp;&nbsp;&nbsp;&nbsp;**429777** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**486** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**430263** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

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

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 1 | 343 | &nbsp;&nbsp;5 |
| Micro E-mini S&P 500 Index | December 2025 | 14 | 480 | &nbsp;&nbsp;13 |
|  |  |  |  | &nbsp;&nbsp;18 |

---

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

------

U.S. Quality Factor ETF

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $389,538) | 429120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 |
| Total Investments in Securities | 429777 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Total Assets** | **430299** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36** |
| **Net Assets** | **430263** |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 412897 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;17366 |
| **Net Assets** | **430263** |
| **Net Assets** |  |
| **Applicable to 2,825,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **430263** |
| **Net Asset Value Per Share** | **$152.31** |

---

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

------

U.S. Quality Factor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;5762 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Income | &nbsp;&nbsp;&nbsp;5801 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**5277** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 47366 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| **Realized Net Gain (Loss)** | **47404** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (40236) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
| **Change in Unrealized Appreciation (Depreciation)** | **(40258)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **12423** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $13. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $36, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $49,130 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

U.S. Quality Factor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;47404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14646 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(40258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61481 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;12423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80677 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(5182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4552) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;206846 | &nbsp;&nbsp;&nbsp;&nbsp;144810 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (222034) | &nbsp;&nbsp;&nbsp;&nbsp;(26451) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(15188) | &nbsp;&nbsp;&nbsp;&nbsp;118359 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(7947) | &nbsp;&nbsp;&nbsp;&nbsp;194484 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**438210** | &nbsp;&nbsp;&nbsp;&nbsp;**243726** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**430263** | &nbsp;&nbsp;&nbsp;&nbsp;**438210** |

---

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

------

U.S. Quality Factor ETF

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$149.05** | &nbsp;&nbsp;&nbsp;**$117.74** | &nbsp;&nbsp;&nbsp;**$111.98** | &nbsp;&nbsp;&nbsp;**$122.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$94.79** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.403 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.667 | &nbsp;&nbsp;&nbsp;&nbsp;(10.356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.292 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.695 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.285) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.285) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$152.31** | &nbsp;&nbsp;&nbsp;**$149.05** | &nbsp;&nbsp;&nbsp;**$117.74** | &nbsp;&nbsp;&nbsp;**$111.98** | &nbsp;&nbsp;&nbsp;**$122.20** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**3.51%** | &nbsp;&nbsp;&nbsp;**28.35%** | &nbsp;&nbsp;&nbsp;**6.84%** | &nbsp;&nbsp;&nbsp;**-7.15%** | &nbsp;&nbsp;&nbsp;**30.42%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$430 | &nbsp;&nbsp;&nbsp;$438 | &nbsp;&nbsp;&nbsp;$244 | &nbsp;&nbsp;&nbsp;$206 | &nbsp;&nbsp;&nbsp;$144 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.21% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;56% |

---

---

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

---

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

------

U.S. Quality Factor ETF

Notes to Financial Statements

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

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

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

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

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

During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

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

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U.S. Quality Factor ETF

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $10,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

At November 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

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| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;49130 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(49130) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;39582 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(23065) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;17366 |

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U.S. Quality Factor ETF

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;&nbsp;4552 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;&nbsp;4552 |

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\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;390195 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;62690 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(23108) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;39582 |

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**E.** During the year ended November 30, 2025, the fund purchased $183,760,000 of investment securities and sold $166,072,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $173,411,000 and $205,997,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $1,440,000 and sales were $4,722,000, resulting in net realized loss of $915,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

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| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;1415 | &nbsp;&nbsp;1070 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1530) | &nbsp;&nbsp;&nbsp;(200) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;(115) | &nbsp;&nbsp;&nbsp;&nbsp;870 |

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

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

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

At November 30, 2025, one shareholder was the record or beneficial owner of 53% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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U.S. Quality Factor ETF

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

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U.S. Value Factor ETF

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Basic Materials (4.4%)** | **Basic Materials (4.4%)** | **Basic Materials (4.4%)** | **Basic Materials (4.4%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 39681 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 29692 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
|  | &nbsp;&nbsp;&nbsp;Celanese Corp. | 39004 | &nbsp;&nbsp;&nbsp;&nbsp; 1624 |
|  | &nbsp;&nbsp;&nbsp;Alcoa Corp. | 38621 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | 109670 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 23203 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 32799 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | 56548 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | 108351 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | 20384 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 |
|  | &nbsp;&nbsp;&nbsp;Koppers Holdings Inc. | 40998 | &nbsp;&nbsp;&nbsp;&nbsp; 1216 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7383 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
|  | &nbsp;&nbsp;&nbsp;Ashland Inc. | 21550 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnera Corp. | 79723 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | 13454 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | 13769 | &nbsp;&nbsp;&nbsp;&nbsp; 1084 |
|  | &nbsp;&nbsp;&nbsp;Orion SA | 188783 | &nbsp;&nbsp;&nbsp;&nbsp; 959 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc. | 13703 | &nbsp;&nbsp;&nbsp;&nbsp; 952 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 19184 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | 52671 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | 56804 | &nbsp;&nbsp;&nbsp;&nbsp; 727 |
|  | &nbsp;&nbsp;&nbsp;AdvanSix Inc. | 39812 | &nbsp;&nbsp;&nbsp;&nbsp; 613 |
|  | &nbsp;&nbsp;&nbsp;Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8198 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5041 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;Tronox Holdings plc | 111829 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Ferroglobe plc | 78527 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | 30487 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. | 11608 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32337** |
| **Consumer Discretionary (16.4%)** | **Consumer Discretionary (16.4%)** | **Consumer Discretionary (16.4%)** | **Consumer Discretionary (16.4%)** |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 84276 | &nbsp;&nbsp;&nbsp;&nbsp; 6196 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 37124 | &nbsp;&nbsp;&nbsp;&nbsp; 3878 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 26344 | &nbsp;&nbsp;&nbsp;&nbsp; 2686 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 61037 | &nbsp;&nbsp;&nbsp;&nbsp; 2628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | 28421 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | 21948 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | 19513 | &nbsp;&nbsp;&nbsp;&nbsp; 2095 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 29274 | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | 48308 | &nbsp;&nbsp;&nbsp;&nbsp; 1868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | 28685 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | 62100 | &nbsp;&nbsp;&nbsp;&nbsp; 1681 |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | 56186 | &nbsp;&nbsp;&nbsp;&nbsp; 1668 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 119612 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | 43118 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
|  | &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 379146 | &nbsp;&nbsp;&nbsp;&nbsp; 1536 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 23707 | &nbsp;&nbsp;&nbsp;&nbsp; 1520 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 85833 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MGM Resorts International | 42004 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7429 | &nbsp;&nbsp;&nbsp;&nbsp; 1427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | 77027 | &nbsp;&nbsp;&nbsp;&nbsp; 1422 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 16907 | &nbsp;&nbsp;&nbsp;&nbsp; 1408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alaska Air Group Inc. | 32438 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | 34886 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |

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U.S. Value Factor ETF

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 64118 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | 32001 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp; 1321 |
|  | &nbsp;&nbsp;&nbsp;Century Communities Inc. | 19790 | &nbsp;&nbsp;&nbsp;&nbsp; 1292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMC Networks Inc. Class A | 141680 | &nbsp;&nbsp;&nbsp;&nbsp; 1264 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp; 1231 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | 12063 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 54639 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 41851 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | 13783 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc. | 84995 | &nbsp;&nbsp;&nbsp;&nbsp; 1164 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | 59523 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | 36693 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | 87254 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
|  | &nbsp;&nbsp;&nbsp;DR Horton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7071 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | 109240 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | 34500 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 10027 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
|  | &nbsp;&nbsp;&nbsp;Gray Media Inc. | 221859 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coty Inc. Class A | 326084 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
|  | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 19640 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | 28402 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 290211 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | 205907 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | 44870 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | 18934 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | 16057 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
|  | &nbsp;&nbsp;&nbsp;A-Mark Precious Metals Inc. | 35360 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | 39105 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | 41344 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | 65590 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4502 | &nbsp;&nbsp;&nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;Scholastic Corp. | 31135 | &nbsp;&nbsp;&nbsp;&nbsp; 920 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | 34985 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | 56474 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | 10857 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co. Inc. | 267689 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 53404 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
|  | &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc. | 118224 | &nbsp;&nbsp;&nbsp;&nbsp; 839 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 23978 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;KinderCare Learning Cos. Inc. | 207481 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc. | 23738 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;KB Home | 12416 | &nbsp;&nbsp;&nbsp;&nbsp; 799 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | 43981 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | 11923 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 31107 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | 35065 | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 34142 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7533 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Camping World Holdings Inc. Class A | 60905 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sabre Corp. | 401551 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | 15118 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | 16785 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gentherm Inc. | 16695 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penn Entertainment Inc. | 40177 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | 33548 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
|  | &nbsp;&nbsp;&nbsp;Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mister Car Wash Inc. | 93327 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USA TODAY Co. Inc. | 98688 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | 74928 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | 19516 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Thryv Holdings Inc. | 84705 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Driven Brands Holdings Inc. | 31622 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings Inc. | 41682 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Beazer Homes USA Inc. | 18500 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cars.com Inc. | 35450 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. | 21251 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2783 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;European Wax Center Inc. Class A | 96713 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MarineMax Inc. | 14067 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 13675 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;JAKKS Pacific Inc. | 15223 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Citi Trends Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5243 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9728 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LGI Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7144 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Marcus Corp. | 12911 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | 45003 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5827 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Funko Inc. Class A | 56943 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strattec Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2393 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5952 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8691 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | 17232 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**119276** |
| **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 63957 | &nbsp;&nbsp;&nbsp;&nbsp; 5140 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 72684 | &nbsp;&nbsp;&nbsp;&nbsp; 4289 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 14319 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 31463 | &nbsp;&nbsp;&nbsp;&nbsp; 2117 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | 40501 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | 16470 | &nbsp;&nbsp;&nbsp;&nbsp; 1713 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 95521 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 64672 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | 19862 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 141115 | &nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | 116164 | &nbsp;&nbsp;&nbsp;&nbsp; 1479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | 38433 | &nbsp;&nbsp;&nbsp;&nbsp; 1407 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1586 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | 12862 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
|  | &nbsp;&nbsp;&nbsp;Dole plc | 92334 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |
|  | &nbsp;&nbsp;&nbsp;Andersons Inc. | 25796 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 21508 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 19847 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | 10459 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
|  | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 60242 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | 27003 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | 98819 | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | 45046 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | 10702 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
|  | &nbsp;&nbsp;&nbsp;MGP Ingredients Inc. | 38829 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | 14866 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | 13560 | &nbsp;&nbsp;&nbsp;&nbsp; 881 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 22857 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
|  | &nbsp;&nbsp;&nbsp;Universal Corp. | 11615 | &nbsp;&nbsp;&nbsp;&nbsp; 613 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
|  | &nbsp;&nbsp;&nbsp;Utz Brands Inc. | 56660 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hain Celestial Group Inc. | 488515 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 140435 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 30041 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6753 | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8764 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1742 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **51084** |
| **Energy (9.3%)** | **Energy (9.3%)** | **Energy (9.3%)** | **Energy (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 47763 | &nbsp;&nbsp;&nbsp;&nbsp; 5151 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 54516 | &nbsp;&nbsp;&nbsp;&nbsp; 4835 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 41519 | &nbsp;&nbsp;&nbsp;&nbsp; 4813 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 32353 | &nbsp;&nbsp;&nbsp;&nbsp; 4431 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 29279 | &nbsp;&nbsp;&nbsp;&nbsp; 4425 |
|  | &nbsp;&nbsp;&nbsp;SLB Ltd. | 108397 | &nbsp;&nbsp;&nbsp;&nbsp; 3928 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 53643 | &nbsp;&nbsp;&nbsp;&nbsp; 3906 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 19455 | &nbsp;&nbsp;&nbsp;&nbsp; 3769 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 14484 | &nbsp;&nbsp;&nbsp;&nbsp; 2210 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 46261 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 65174 | &nbsp;&nbsp;&nbsp;&nbsp; 1749 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 64576 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | 22329 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 100211 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 102826 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 34502 | &nbsp;&nbsp;&nbsp;&nbsp; 1463 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 38570 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 34719 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | 81291 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 40919 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9166 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | 176033 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
|  | &nbsp;&nbsp;&nbsp;Crescent Energy Co. Class A | 111014 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | 83208 | &nbsp;&nbsp;&nbsp;&nbsp; 954 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 15425 | &nbsp;&nbsp;&nbsp;&nbsp; 939 |
|  | &nbsp;&nbsp;&nbsp;Range Resources Corp. | 22594 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
|  | &nbsp;&nbsp;&nbsp;SandRidge Energy Inc. | 52348 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bristow Group Inc. | 18976 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
|  | &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 12987 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc. | 24483 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | 24703 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diversified Energy Co. | 27762 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 56257 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | 51038 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | 38713 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc. | 32695 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | 52960 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **67265** |
| **Financials (24.3%)** | **Financials (24.3%)** | **Financials (24.3%)** | **Financials (24.3%)** |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 120003 | &nbsp;&nbsp;&nbsp;&nbsp; 5886 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 119708 | &nbsp;&nbsp;&nbsp;&nbsp; 5566 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 15095 | &nbsp;&nbsp;&nbsp;&nbsp; 4471 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 12433 | &nbsp;&nbsp;&nbsp;&nbsp; 3641 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 32218 | &nbsp;&nbsp;&nbsp;&nbsp; 3554 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 39440 | &nbsp;&nbsp;&nbsp;&nbsp; 3386 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 17038 | &nbsp;&nbsp;&nbsp;&nbsp; 3249 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 49850 | &nbsp;&nbsp;&nbsp;&nbsp; 2971 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 37299 | &nbsp;&nbsp;&nbsp;&nbsp; 2841 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | 28790 | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 35200 | &nbsp;&nbsp;&nbsp;&nbsp; 2695 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | 88643 | &nbsp;&nbsp;&nbsp;&nbsp; 2457 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 20527 | &nbsp;&nbsp;&nbsp;&nbsp; 2301 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 38409 | &nbsp;&nbsp;&nbsp;&nbsp; 2061 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 18824 | &nbsp;&nbsp;&nbsp;&nbsp; 2038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;3952 | &nbsp;&nbsp;&nbsp;&nbsp; 2031 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | 29611 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | 80123 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | 116539 | &nbsp;&nbsp;&nbsp;&nbsp; 1939 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | 45632 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8096 | &nbsp;&nbsp;&nbsp;&nbsp; 1724 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | 68035 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | 36750 | &nbsp;&nbsp;&nbsp;&nbsp; 1691 |
|  | &nbsp;&nbsp;&nbsp;Valley National Bancorp | 141063 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | 50299 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 27647 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 |
|  | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 18083 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
|  | &nbsp;&nbsp;&nbsp;Old National Bancorp | 67119 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 23211 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 54815 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 25474 | &nbsp;&nbsp;&nbsp;&nbsp; 1378 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 72224 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 32033 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | 36977 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | 69910 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9773 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | 47241 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | 19594 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 23591 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | 18125 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
|  | &nbsp;&nbsp;&nbsp;Simmons First National Corp. Class A | 66677 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | 54195 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 139901 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 12899 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 46288 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | 107355 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | 16323 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 18516 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | 37047 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 26030 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
|  | &nbsp;&nbsp;&nbsp;First Busey Corp. | 43740 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | 11357 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9146 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5308 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | 55600 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  | &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | 38933 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;WesBanco Inc. | 30586 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9564 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 50795 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | 18568 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3047 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | 26808 | &nbsp;&nbsp;&nbsp;&nbsp; 950 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 58232 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 57056 | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | 32991 | &nbsp;&nbsp;&nbsp;&nbsp; 926 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp; 921 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | 56172 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
|  | &nbsp;&nbsp;&nbsp;Amerant Bancorp Inc. | 47716 | &nbsp;&nbsp;&nbsp;&nbsp; 898 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | 74197 | &nbsp;&nbsp;&nbsp;&nbsp; 887 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 18963 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | 70435 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 17898 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 18649 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc. | 30447 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
|  | &nbsp;&nbsp;&nbsp;Merchants Bancorp | 26182 | &nbsp;&nbsp;&nbsp;&nbsp; 856 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | 127688 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | 43918 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | 14598 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 21456 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;United Bankshares Inc. | 22356 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | 22725 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 27618 | &nbsp;&nbsp;&nbsp;&nbsp; 811 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 44270 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | 31177 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8443 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 26584 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 10053 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | 15273 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Financial Institutions Inc. | 23452 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7802 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | 37161 | &nbsp;&nbsp;&nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 25693 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;9592 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;F&G Annuities & Life Inc. | 21045 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | 17890 | &nbsp;&nbsp;&nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | 23500 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | 11281 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | 19406 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 90360 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp | 18287 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 63785 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp;Equity Bancshares Inc. Class A | 13600 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
|  | &nbsp;&nbsp;&nbsp;NB Bancorp Inc. | 29966 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 21144 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9347 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8132 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 14948 | &nbsp;&nbsp;&nbsp;&nbsp; 570 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
|  | &nbsp;&nbsp;&nbsp;Live Oak Bancshares Inc. | 17483 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | 29529 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;XP Inc. Class A | 27334 | &nbsp;&nbsp;&nbsp;&nbsp; 539 |
|  | &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc. | 18942 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;7068 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 22162 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Origin Bancorp Inc. | 14572 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | 18066 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6339 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | 17712 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. Class A | 13645 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5858 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8353 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 16307 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | 12613 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  | &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 14496 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6948 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | 10039 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5867 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7620 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oportun Financial Corp. | 77484 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7291 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 36093 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Mid Penn Bancorp Inc. | 13350 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 11742 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3336 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2136 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 17668 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;United Community Banks Inc. | 11827 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3188 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5631 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 12524 | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 14513 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 10644 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4441 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;3380 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4732 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6625 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;NewtekOne Inc. | 25536 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;7816 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;Northrim BanCorp Inc. | 10381 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6423 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6794 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
|  | &nbsp;&nbsp;&nbsp;First Bancorp / Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;4704 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6667 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4971 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5845 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3426 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;4282 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4202 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8296 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Shore Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Great Southern Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Business First Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;First Mid Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | 13743 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Third Coast Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Midland States Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8828 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**176462** |
| **Health Care (14.4%)** | **Health Care (14.4%)** | **Health Care (14.4%)** | **Health Care (14.4%)** |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 112710 | &nbsp;&nbsp;&nbsp;&nbsp; 5545 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 52503 | &nbsp;&nbsp;&nbsp;&nbsp; 5504 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 200988 | &nbsp;&nbsp;&nbsp;&nbsp; 5173 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 26369 | &nbsp;&nbsp;&nbsp;&nbsp; 5116 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 47167 | &nbsp;&nbsp;&nbsp;&nbsp; 4968 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 13869 | &nbsp;&nbsp;&nbsp;&nbsp; 4691 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | 16784 | &nbsp;&nbsp;&nbsp;&nbsp; 4654 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp; 4584 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp; 4187 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 27293 | &nbsp;&nbsp;&nbsp;&nbsp; 3435 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8987 | &nbsp;&nbsp;&nbsp;&nbsp; 2964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | 12747 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | 580138 | &nbsp;&nbsp;&nbsp;&nbsp; 2030 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | 16711 | &nbsp;&nbsp;&nbsp;&nbsp; 1912 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5335 | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | 83991 | &nbsp;&nbsp;&nbsp;&nbsp; 1792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9741 | &nbsp;&nbsp;&nbsp;&nbsp; 1774 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;6958 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | 27888 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 150960 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 35570 | &nbsp;&nbsp;&nbsp;&nbsp; 1399 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | 12315 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 67027 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | 94570 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avantor Inc. | 90656 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 80653 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | 76834 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 42794 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | 58218 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | 32772 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp; 949 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 124051 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Owens & Minor Inc. | 310196 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. | 63057 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | 39025 | &nbsp;&nbsp;&nbsp;&nbsp; 816 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 70950 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 88401 | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co. | 101983 | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 17726 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | 42886 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Health Catalyst Inc. | 238425 | &nbsp;&nbsp;&nbsp;&nbsp; 713 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | 58817 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7831 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals Inc. | 23852 | &nbsp;&nbsp;&nbsp;&nbsp; 661 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | 18239 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 23521 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;CONMED Corp. | 13266 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2607 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 13979 | &nbsp;&nbsp;&nbsp;&nbsp; 559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | 53775 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | 12107 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 17830 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 13787 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | 48497 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 22347 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc. | 16469 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6128 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | 45169 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neogen Corp. | 43027 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | 15773 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolent Health Inc. Class A | 57827 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3162 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | 34912 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9718 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**104419** |
| **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 20290 | &nbsp;&nbsp;&nbsp;&nbsp; 5594 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 68358 | &nbsp;&nbsp;&nbsp;&nbsp; 4202 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | 38040 | &nbsp;&nbsp;&nbsp;&nbsp; 4010 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | 25686 | &nbsp;&nbsp;&nbsp;&nbsp; 3081 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9101 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 35669 | &nbsp;&nbsp;&nbsp;&nbsp; 2236 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2733 | &nbsp;&nbsp;&nbsp;&nbsp; 2228 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 67985 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9251 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | 21043 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 40328 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | 10644 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | 13070 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 40228 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | 50914 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | 29888 | &nbsp;&nbsp;&nbsp;&nbsp; 1369 |
|  | &nbsp;&nbsp;&nbsp;Costamare Inc. | 89473 | &nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | 11456 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9811 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 62613 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;9131 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | 18077 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | 65291 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | 10484 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | 23381 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | 35550 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 102693 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | 14688 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ASGN Inc. | 21571 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | 11300 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;Amcor plc | 104489 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | 99692 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
|  | &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 65948 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | 62822 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
|  | &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 50241 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | 11545 | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
|  | &nbsp;&nbsp;&nbsp;Vestis Corp. | 127027 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlueLinx Holdings Inc. | 12976 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
|  | &nbsp;&nbsp;&nbsp;Safe Bulkers Inc. | 151301 | &nbsp;&nbsp;&nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | 25923 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | 11113 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 89986 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp. | 20233 | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | 16596 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Titan International Inc. | 90291 | &nbsp;&nbsp;&nbsp;&nbsp; 730 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 10864 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 713 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | 12061 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp. | 198845 | &nbsp;&nbsp;&nbsp;&nbsp; 660 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | 32848 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;9380 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8188 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
|  | &nbsp;&nbsp;&nbsp;PagSeguro Digital Ltd. Class A | 59895 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masterbrand Inc. | 56469 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | 19862 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp; 570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JELD-WEN Holding Inc. | 211894 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9861 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 43197 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
|  | &nbsp;&nbsp;&nbsp;Terex Corp. | 10343 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
|  | &nbsp;&nbsp;&nbsp;Wabash National Corp. | 54200 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | 12388 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;Resources Connection Inc. | 84030 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manitowoc Co. Inc. | 29249 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5743 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneCo. Ltd. Class A | 18698 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 76502 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | 27364 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aspen Aerogels Inc. | 79494 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6313 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8399 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;DHT Holdings Inc. | 12729 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janus International Group Inc. | 23606 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Conduent Inc. | 75133 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **84990** |
| **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forestar Group Inc. | 29721 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd. | 34376 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1334** |
| **Technology (8.6%)** | **Technology (8.6%)** | **Technology (8.6%)** | **Technology (8.6%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 12575 | &nbsp;&nbsp;&nbsp;&nbsp; 2974 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 17087 | &nbsp;&nbsp;&nbsp;&nbsp; 2872 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | 12261 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | 24925 | &nbsp;&nbsp;&nbsp;&nbsp; 2692 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 93883 | &nbsp;&nbsp;&nbsp;&nbsp; 2293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Strategy Inc. | 12802 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 52091 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 69776 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 1970 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 72031 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | 38667 | &nbsp;&nbsp;&nbsp;&nbsp; 1837 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 71717 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | 78188 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6865 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | 47651 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 94988 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akamai Technologies Inc. | 12675 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprout Social Inc. Class A | 110342 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | 40057 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | 297227 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapid7 Inc. | 66960 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | 29888 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | 42878 | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 35566 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commerce.com Inc. | 199285 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ziff Davis Inc. | 26808 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | 73080 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 82841 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | 18775 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | 25346 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 31448 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | 49536 | &nbsp;&nbsp;&nbsp;&nbsp; 705 |
|  | &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7775 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | 15528 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synaptics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9353 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 51984 | &nbsp;&nbsp;&nbsp;&nbsp; 634 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | 21739 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7239 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | 67262 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6498 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Methode Electronics Inc. | 73152 | &nbsp;&nbsp;&nbsp;&nbsp; 554 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fastly Inc. Class A | 47413 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6887 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7923 | &nbsp;&nbsp;&nbsp;&nbsp; 523 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progress Software Corp. | 12369 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7383 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6840 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eventbrite Inc. Class A | 178700 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NerdWallet Inc. Class A | 29003 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | 20351 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 13954 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7667 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7961 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | 17237 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology Inc. | 15385 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5921 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **62225** |
| **Telecommunications (3.4%)** | **Telecommunications (3.4%)** | **Telecommunications (3.4%)** | **Telecommunications (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 151239 | &nbsp;&nbsp;&nbsp;&nbsp; 6217 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 184949 | &nbsp;&nbsp;&nbsp;&nbsp; 4936 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 188436 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 12571 | &nbsp;&nbsp;&nbsp;&nbsp; 2627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CommScope Holding Co. Inc. | 57943 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | 148559 | &nbsp;&nbsp;&nbsp;&nbsp; 860 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 11074 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | 410149 | &nbsp;&nbsp;&nbsp;&nbsp; 796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aviat Networks Inc. | 29476 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. Class C | 10227 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Global Ltd. Class A | 34157 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9020 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | 28573 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |

---

------

U.S. Value Factor ETF

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ribbon Communications Inc. | 50910 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24579** |
| **Total Common Stocks (Cost $676,943)** | **Total Common Stocks (Cost $676,943)** | **Total Common Stocks (Cost $676,943)** | &nbsp;&nbsp;&nbsp;&nbsp;**723971** |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost** $**494)** | &nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp; **494** |
| **Total Investments (99.8%) (Cost $677,437)** | **Total Investments (99.8%) (Cost $677,437)** | **Total Investments (99.8%) (Cost $677,437)** | &nbsp;&nbsp;&nbsp;&nbsp;**724465** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1339** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**725804** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

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

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 2 | 686 | &nbsp;&nbsp;— |
| Micro E-mini S&P 500 Index | December 2025 | 12 | 412 | &nbsp;&nbsp;11 |
|  |  |  |  | &nbsp;&nbsp;11 |

---

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

------

U.S. Value Factor ETF

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $676,943) | 723971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
| Total Investments in Securities | 724465 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;1322 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total Assets** | **725904** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100** |
| **Net Assets** | **725804** |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 791799 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;(65995) |
| **Net Assets** | **725804** |
| **Net Assets** |  |
| **Applicable to 5,550,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **725804** |
| **Net Asset Value Per Share** | **$130.78** |

---

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

------

U.S. Value Factor ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;17297 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total Income | &nbsp;&nbsp;&nbsp;17356 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**16442** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;92796 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**92918** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (111268) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |
| **Change in Unrealized Appreciation (Depreciation)** | **(111350)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(1990)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $18. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $50, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $100,081 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

U.S. Value Factor ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;16442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16936 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;92918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4591) |
| Change in Unrealized Appreciation (Depreciation) | (111350) | &nbsp;&nbsp;&nbsp;&nbsp;160787 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(1990) | &nbsp;&nbsp;&nbsp;&nbsp;173132 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;(16731) | &nbsp;&nbsp;&nbsp;&nbsp;(17118) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;231366 | &nbsp;&nbsp;&nbsp;&nbsp;117299 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (327843) | &nbsp;&nbsp;&nbsp;&nbsp;(23694) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(96477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93605 |
| Total Increase (Decrease) | (115198) | &nbsp;&nbsp;&nbsp;&nbsp;249619 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**841002** | &nbsp;&nbsp;&nbsp;&nbsp;**591383** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**725804** | &nbsp;&nbsp;&nbsp;&nbsp;**841002** |

---

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

------

U.S. Value Factor ETF

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$128.89** | &nbsp;&nbsp;&nbsp;**$103.30** | &nbsp;&nbsp;&nbsp;**$105.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$99.84** | &nbsp;&nbsp;&nbsp;**$73.96** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.923 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.212 | &nbsp;&nbsp;&nbsp;&nbsp;25.644 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.432 | &nbsp;&nbsp;&nbsp;&nbsp;27.567 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.072) | &nbsp;&nbsp;&nbsp;&nbsp;(1.687) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.072) | &nbsp;&nbsp;&nbsp;&nbsp;(1.687) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$130.78** | &nbsp;&nbsp;&nbsp;**$128.89** | &nbsp;&nbsp;&nbsp;**$103.30** | &nbsp;&nbsp;&nbsp;**$105.20** | &nbsp;&nbsp;&nbsp;**$99.84** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**3.89%** | &nbsp;&nbsp;&nbsp;**27.88%** | &nbsp;&nbsp;&nbsp;**0.97%** | &nbsp;&nbsp;&nbsp;**7.63%** | &nbsp;&nbsp;&nbsp;**37.51%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$726 | &nbsp;&nbsp;&nbsp;$841 | &nbsp;&nbsp;&nbsp;$591 | &nbsp;&nbsp;&nbsp;$671 | &nbsp;&nbsp;&nbsp;$448 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;1.98% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;43% |

---

---

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

---

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

------

U.S. Value Factor ETF

Notes to Financial Statements

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

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

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

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

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

During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

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

------

U.S. Value Factor ETF

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $17,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

At November 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;100509 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(100509) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46772 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(115372) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;(65995) |

---

------

U.S. Value Factor ETF

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;16731 | &nbsp;&nbsp;&nbsp;&nbsp;17118 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;16731 | &nbsp;&nbsp;&nbsp;&nbsp;17118 |

---

\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;677693 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;90802 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(44030) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;46772 |

---

**E.** During the year ended November 30, 2025, the fund purchased $571,432,000 of investment securities and sold $456,729,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $90,210,000 and $300,853,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $4,930,000 and sales were $7,023,000, resulting in net realized loss of $1,192,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;1875 | &nbsp;&nbsp;1005 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2850) | &nbsp;&nbsp;&nbsp;(205) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;(975) | &nbsp;&nbsp;&nbsp;&nbsp;800 |

---

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

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

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

At November 30, 2025, one shareholder was the record or beneficial owner of 27% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

------

U.S. Value Factor ETF

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

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Wellington Fund and Shareholders of Vanguard U.S. Minimum Volatility ETF, Vanguard U.S. Momentum Factor ETF, Vanguard U.S. Multifactor ETF, Vanguard U.S. Quality Factor ETF and Vanguard U.S. Value Factor ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard U.S. Minimum Volatility ETF, Vanguard U.S. Momentum Factor ETF, Vanguard U.S. Multifactor ETF, Vanguard U.S. Quality Factor ETF and Vanguard U.S. Value Factor ETF (five of the funds constituting Vanguard Wellington Fund, hereafter collectively referred to as the "Funds") as of November 30, 2025, the related statements of operations for the year ended November 30, 2025, the statements of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2025 and each of the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 28, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| U.S. Minimum Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp;93.5% |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;90.3 |
| U.S. Multifactor ETF | &nbsp;&nbsp;&nbsp;100.0 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;100.0 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;90.2 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11)for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| U.S. Minimum Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp;1901 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;5236 |
| U.S. Multifactor ETF | &nbsp;&nbsp;&nbsp;&nbsp;4698 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;5019 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;17729 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| U.S. Minimum Volatility ETF | &nbsp;&nbsp;&nbsp;20 |
| U.S. Momentum Factor ETF | &nbsp;&nbsp;&nbsp;45 |
| U.S. Multifactor ETF | &nbsp;&nbsp;&nbsp;14 |
| U.S. Quality Factor ETF | &nbsp;&nbsp;&nbsp;19 |
| U.S. Value Factor ETF | &nbsp;&nbsp;&nbsp;28 |

---

Q44190 012026

------

![](tm261692d8usmultifctri001.jpg)

#### Financial Statements

#### For the year ended November 30, 2025

#### Vanguard U.S. Multifactor Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 17 |
| Tax information<br>| 18 |

---

------

U.S. Multifactor Fund

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
| **Basic Materials (3.0%)** | **Basic Materials (3.0%)** | **Basic Materials (3.0%)** | **Basic Materials (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. (XNYS) | 24265 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8499 | &nbsp;&nbsp;&nbsp;&nbsp; 934 |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 10130 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;7459 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intrepid Potash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8740 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3658 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;6771 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;Ferroglobe plc | 17565 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5830** |
| **Consumer Discretionary (19.1%)** | **Consumer Discretionary (19.1%)** | **Consumer Discretionary (19.1%)** | **Consumer Discretionary (19.1%)** |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 16913 | &nbsp;&nbsp;&nbsp;&nbsp; 1869 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 12543 | &nbsp;&nbsp;&nbsp;&nbsp; 922 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2348 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 10661 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | 11711 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | 39915 | &nbsp;&nbsp;&nbsp;&nbsp; 660 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | 29382 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | 22588 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5272 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2714 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp; 495 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4695 | &nbsp;&nbsp;&nbsp;&nbsp; 479 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 10866 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1992 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5588 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | 68742 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1642 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5210 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4702 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7888 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | 17758 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 14193 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class B | 13215 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7102 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3568 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | 19136 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 17328 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
|  | &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8342 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | 21690 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings Inc. | 51895 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
|  | &nbsp;&nbsp;&nbsp;PulteGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 13501 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | 10109 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Polaris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Citi Trends Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6630 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | 16092 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2553 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc. | 12382 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crocs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3423 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9791 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Turtle Beach Corp. | 20316 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | 10080 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | 27182 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9217 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | 10418 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 12211 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | 19026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4614 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4980 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Sonic Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Malibu Boats Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7480 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | 13041 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9159 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 13555 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TripAdvisor Inc. | 12759 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6443 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2749 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Udemy Inc. | 33796 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4351 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | 11502 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Brick Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. | 10912 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6902 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Knowles Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6431 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USA TODAY Co. Inc. | 28236 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Haverty Furniture Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3666 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Universal Technical Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5762 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | 12952 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Papa John's International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;6624 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Rush Enterprises Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
|  | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7482 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoNation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2633 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dorman Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **37060** |
| **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 28685 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 17666 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 12543 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3554 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 13958 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. Class A | 24663 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5121 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;Cal-Maine Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4166 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Weis Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3644 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;2207 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10198** |
| **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;9724 | &nbsp;&nbsp;&nbsp;&nbsp; 727 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | 11994 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;APA Corp. | 21258 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5172 | &nbsp;&nbsp;&nbsp;&nbsp; 485 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp. | 25610 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talos Energy Inc. | 28740 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 10844 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DNOW Inc. | 17436 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8156 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Riley Exploration Permian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7858 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5780 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diversified Energy Co. | 12930 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | 11678 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Granite Ridge Resources Inc. | 31614 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | 25749 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9902 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7772 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;1887 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;VAALCO Energy Inc. | 19165 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Ranger Energy Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4474 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7615** |
| **Financials (23.5%)** | **Financials (23.5%)** | **Financials (23.5%)** | **Financials (23.5%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 19298 | &nbsp;&nbsp;&nbsp;&nbsp; 2163 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 23093 | &nbsp;&nbsp;&nbsp;&nbsp; 1983 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5557 | &nbsp;&nbsp;&nbsp;&nbsp; 1740 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8394 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7359 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 17815 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8662 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | 29036 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6070 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 27812 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | 12391 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9993 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 16259 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;9793 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;Enact Holdings Inc. | 16863 | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 12310 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA | 12255 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4980 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | 13749 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 12763 | &nbsp;&nbsp;&nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4568 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 23928 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | 10383 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 454 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 16307 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 15223 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7237 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6453 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | 18598 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5314 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 19614 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | 10287 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | 14002 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6763 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 12209 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3559 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3627 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;7157 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 13330 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 38111 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 10225 | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3928 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6910 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9027 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6807 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;7273 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 10536 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 15768 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8179 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2518 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 13970 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6290 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5543 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2843 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 23451 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | 14813 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5517 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | 12944 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Northrim BanCorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6408 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | 23072 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;1666 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7693 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45630** |
| **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 15817 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp; 1365 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 23642 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 37480 | &nbsp;&nbsp;&nbsp;&nbsp; 965 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7952 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | 33632 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp; 733 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | 11360 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior plc | 14574 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | 36251 | &nbsp;&nbsp;&nbsp;&nbsp; 454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | 20242 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 12318 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4166 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals Inc. | 22044 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | 13553 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | 14538 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TruBridge Inc. | 15459 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | 16908 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;SIGA Technologies Inc. | 51465 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akebia Therapeutics Inc. | 184323 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3908 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AngioDynamics Inc. | 21328 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | 19804 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc. | 10602 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OptimizeRx Corp. | 16237 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorMedix Inc. | 25190 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AdaptHealth Corp. | 24931 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | 14132 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7638 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeMD Inc. | 55916 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 18645 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | 11147 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | 37639 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enhabit Inc. | 20233 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 22309 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4618 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | 19865 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | 18149 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardent Health Inc. | 14099 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | 20449 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Orthofix Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;2519 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fulgent Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26582** |
| **Industrials (11.1%)** | **Industrials (11.1%)** | **Industrials (11.1%)** | **Industrials (11.1%)** |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 17161 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 12935 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 678 |
|  | &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 69128 | &nbsp;&nbsp;&nbsp;&nbsp; 671 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;4794 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2651 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 14233 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | 13929 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd. | 10679 | &nbsp;&nbsp;&nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7011 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Generac Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5112 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | 16228 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2186 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Costamare Inc. | 16958 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BrightView Holdings Inc. | 19793 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6469 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3626 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 19300 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 11362 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 59081 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 25144 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 20916 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;DHT Holdings Inc. | 15385 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Resideo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5989 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Installed Building Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hudson Technologies Inc. | 24388 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vishay Precision Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Kforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4969 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2264 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9254 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4425 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4563 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janus International Group Inc. | 17730 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;LSI Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5344 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;4059 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;I3 Verticals Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3376 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21468** |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5180 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **155** |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Technology (15.7%)** | **Technology (15.7%)** | **Technology (15.7%)** | **Technology (15.7%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5824 | &nbsp;&nbsp;&nbsp;&nbsp; 1865 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp; 1847 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9857 | &nbsp;&nbsp;&nbsp;&nbsp; 1657 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9362 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 28954 | &nbsp;&nbsp;&nbsp;&nbsp; 1174 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NetScout Systems Inc. | 28710 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
|  | &nbsp;&nbsp;&nbsp;Dell Technologies Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp; 588 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4507 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7699 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | 20053 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | 21712 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Daktronics Inc. | 21643 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | 13168 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | 11214 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8866 | &nbsp;&nbsp;&nbsp;&nbsp; 372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | 12724 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4309 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 11939 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3493 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 12270 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | 19422 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;OneSpan Inc. | 24713 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8313 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4515 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc. | 12818 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7415 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UiPath Inc. Class A | 18477 | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | 21305 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8967 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5032 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kimball Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7397 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Adeia Inc. | 16865 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6973 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;8429 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6584 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Clear Secure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Angi Inc. | 13531 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | 10091 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;A10 Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3402 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Climb Global Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mitek Systems Inc. | 12733 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | 12229 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |

---

------

U.S. Multifactor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9912 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4528 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Red Violet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30344** |
| **Telecommunications (4.0%)** | **Telecommunications (4.0%)** | **Telecommunications (4.0%)** | **Telecommunications (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 21463 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 58809 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 29904 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 15659 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp;IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;8382 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | 46435 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | 27104 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8576 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digi International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5004 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6546 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aviat Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3009 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7740** |
| **Total Common Stocks (Cost $148,745)** | **Total Common Stocks (Cost $148,745)** | **Total Common Stocks (Cost $148,745)** | &nbsp;&nbsp;&nbsp;&nbsp;**192622** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.024% **(Cost** $**1,129)** | 11290 | &nbsp;&nbsp;&nbsp;&nbsp; **1129** |
| **Total Investments (100.0%) (Cost $149,874)** | **Total Investments (100.0%) (Cost $149,874)** | **Total Investments (100.0%) (Cost $149,874)** | &nbsp;&nbsp;&nbsp;&nbsp;**193751** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(50)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**193701** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

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

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| Micro E-mini S&P 500 Index | December 2025 | 31 | 1063 | &nbsp;&nbsp;9 |

---

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

------

U.S. Multifactor Fund

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $148,745) | 192622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,129) | &nbsp;&nbsp;&nbsp;&nbsp;1129 |
| Total Investments in Securities | 193751 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Total Assets** | **194175** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**474** |
| **Net Assets** | **193701** |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 146366 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;47335 |
| **Net Assets** | **193701** |
| **Net Assets** |  |
| **Applicable to 4,179,254 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **193701** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$46.35** |

---

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

------

U.S. Multifactor Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;3526 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total Income | &nbsp;&nbsp;3568 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;322 |
| **Net Investment Income** | &nbsp;&nbsp;**3246** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;2910 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**3008** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;3844 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(14) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**3830** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **10084** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $15. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $38, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

U.S. Multifactor Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;3246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23810 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;10084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35558 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(5768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1851) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;77361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96657 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;4882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
| Redeemed | &nbsp;&nbsp;(61972) | &nbsp;&nbsp;&nbsp;&nbsp;(39580) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;20271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58646 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;24587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92353 |
| **Net Assets** |  |  |
| **Beginning of Period** | **169114** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76761** |
| **End of Period** | **193701** | &nbsp;&nbsp;&nbsp;&nbsp;**169114** |

---

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

------

U.S. Multifactor Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$45.60** | &nbsp;&nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;&nbsp;**$33.75** | &nbsp;&nbsp;&nbsp;**$32.99** | &nbsp;&nbsp;&nbsp;**$25.47** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.466 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.423 | &nbsp;&nbsp;&nbsp;&nbsp;11.397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.485 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196 | &nbsp;&nbsp;&nbsp;&nbsp;12.096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.951 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.431) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.688) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.431) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$46.35** | &nbsp;&nbsp;&nbsp;**$45.60** | &nbsp;&nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;&nbsp;**$33.75** | &nbsp;&nbsp;&nbsp;**$32.99** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**5.18%** | &nbsp;&nbsp;&nbsp;**35.74%** | &nbsp;&nbsp;&nbsp;**3.19%** | &nbsp;&nbsp;&nbsp;**4.43%** | &nbsp;&nbsp;&nbsp;**31.39%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$194 | &nbsp;&nbsp;&nbsp;$169 | &nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;$48 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.18% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;1.48% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;62% |

---

---

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

---

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

------

U.S. Multifactor Fund

Notes to Financial Statements

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

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

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

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

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

During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

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

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

------

U.S. Multifactor Fund

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $4,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

At November 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(117) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;2878 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;43878 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;47335 |

---

------

U.S. Multifactor Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;1851 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;2623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;5768 | &nbsp;&nbsp;&nbsp;&nbsp;1851 |

---

\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;149873 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;46740 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2862) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;43878 |

---

**E.** During the year ended November 30, 2025, the fund purchased $173,911,000 of investment securities and sold $155,762,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $1,085,000 and sales were $2,732,000, resulting in net realized loss of $657,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;1818 | &nbsp;&nbsp;2405 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Redeemed | (1464) | &nbsp;&nbsp;&nbsp;(984) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;1461 |

---

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

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

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

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Wellington Fund and Shareholders of Vanguard U.S. Multifactor Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard U.S. Multifactor Fund (one of the funds constituting Vanguard Wellington Fund, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 28, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 98.9%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $2,234,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $20,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund distributed $2,739,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

Q5160 012026

------

![](tm261692d8shrtrmtxexbndi001.jpg)

#### Financial Statements

#### For the year ended November 30, 2025

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

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 55 |
| Tax information<br>| 56 |

---

------

Short-Term Tax-Exempt Bond ETF

Financial Statements

#### Schedule of Investments
As of November 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Tax-Exempt Municipal Bonds (99.2%)** | **Tax-Exempt Municipal Bonds (99.2%)** | **Tax-Exempt Municipal Bonds (99.2%)** | **Tax-Exempt Municipal Bonds (99.2%)** | **Tax-Exempt Municipal Bonds (99.2%)** |
| **Alabama (0.7%)** | **Alabama (0.7%)** | **Alabama (0.7%)** | **Alabama (0.7%)** | **Alabama (0.7%)** |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Fuel Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;Alabama GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1338 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 855 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;Alabama Public School & College Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Birmingham Water Works Board Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1216 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;Jefferson County AL Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 886 |
|  |  |  |  | &nbsp;&nbsp; **10872** |
| **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** | **Alaska (0.1%)** |
| &nbsp;&nbsp;&nbsp;North Borough Slope AK GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;North Borough Slope AK GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;North Borough Slope AK GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;North Borough Slope AK GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 259 |
|  |  |  |  | &nbsp;&nbsp; **1279** |
| **Arizona (1.1%)** | **Arizona (1.1%)** | **Arizona (1.1%)** | **Arizona (1.1%)** | **Arizona (1.1%)** |
| &nbsp;&nbsp;&nbsp;Arizona Board of Regents College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;Arizona Board of Regents College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;Arizona COP, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;Arizona IDA Charter School Aid Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp;Arizona IDA Charter School Aid Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;Arizona Lottery Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Arizona Water Infrastructure Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Mesa AZ Utility System Multiple Utility Revenue | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;Phoenix AZ GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;Phoenix AZ GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 575 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 837 |
| &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp; 1059 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 636 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 552 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 751 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue (Salt River Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Scottsdale Municipal Property Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  |  |  |  |  | &nbsp;&nbsp; **16835** |
| **California (14.1%)** | **California (14.1%)** | **California (14.1%)** | **California (14.1%)** | **California (14.1%)** | **California (14.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 55 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 706 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anaheim Public Financing Authority Lease (Abatement) Revenue (Anaheim Public Improvements Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Antelope Valley Community College District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Antelope Valley-East Kern Water Agency Financing Authority Intergovernmental Agreement Revenue (High Desert Water Bank Program) PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 845 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2131 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue PUT | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 929 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue PUT | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 585 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1117 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue (Central Valley Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 116 |
|  | &nbsp;&nbsp;&nbsp;California Department of Water Resources Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 | &nbsp;&nbsp; 2050 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1239 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1019 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 909 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1303 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 | &nbsp;&nbsp; 2507 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1017 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1351 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1024 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 678 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 581 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 741 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1047 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp; 898 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp; 952 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2255 | &nbsp;&nbsp; 2365 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1667 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2265 | &nbsp;&nbsp; 2457 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1911 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1536 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 687 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2175 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1162 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp; 5089 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1644 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1201 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;California GO | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;California GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 302 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1531 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 479 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1265 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1191 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1994 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 456 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 751 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 778 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1887 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1841 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1600 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2892 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;California GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2520 |
|  | &nbsp;&nbsp;&nbsp;California GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp; 743 |
|  | &nbsp;&nbsp;&nbsp;California GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;California GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;California GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1065 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 734 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Recreational Revenue | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 733 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 559 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 737 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 535 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1115 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue (Various Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 119 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue PUT | 0.550% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue PUT | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Chaffey Community College District GO, Prere. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Chaffey Community College District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 369 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Coast Community College District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Coast Community College District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;Coast Community College District GO, Prere. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;East Bay Municipal Utility District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;East County Advanced Water Purification Joint Powers Authority Water Revenue | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |
|  | &nbsp;&nbsp;&nbsp;East County Advanced Water Purification Joint Powers Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2532 |
|  | &nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency Highway Revenue, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency Highway Revenue, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1092 |
|  | &nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency Highway Revenue, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Glendale Community College District GO, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 551 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp; 1001 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 459 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 677 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 43 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1106 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2938 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 64 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Wastewater System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Facilities Inc. Lease (Abatement) Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 496 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Airports Port, Airport & Marina Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 38 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1281 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1299 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2499 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1295 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp; 812 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 478 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 834 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 556 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 564 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp. Lease (Abatement) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 219 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Merced Union High School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp; 676 |
|  | &nbsp;&nbsp;&nbsp;Mount San Antonio Community College District GO | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Mountain View-Whisman School District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;Oxnard Union High School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Port of Los Angeles Port, Airport & Marina Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 576 |
|  | &nbsp;&nbsp;&nbsp;Poway Unified School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Transportation Commission Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 279 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Sacramento City Financing Authority Lease (Abatement) Revenue (Master Lease Program) | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Sacramento Municipal Utility District Electric Power & Light Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Sacramento Municipal Utility District Electric Power & Light Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;San Bernardino Community College District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;San Bernardino County CA (Arrowhead Project) COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 214 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 53 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;San Diego CA Unified School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp;&nbsp;San Diego Community College District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;San Diego Community College District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;San Diego Community College District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Sewer Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA Public Utilities Commission Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA Public Utilities Commission Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Commission-San Francisco International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Commission-San Francisco International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Public Utilities Commission Wastewater Sewer Revenue PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;San Joaquin Hills Transportation Corridor Agency Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Water District (Water Utility System Improvement Project) COP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Water District Safe Clean Water Revenue COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara Valley Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Silicon Valley Clean Water Sewer Revenue (Wastewater Projects) | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1416 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 464 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 406 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Southern California Metropolitan Water District Water Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue (Windy Point/Windy Flats Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 665 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Electric Power & Light Revenue (Windy Point/Windy Flats Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Intergovernmental Agreement Revenue (Canyon Power Project) PUT | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority Intergovernmental Agreement Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 689 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 744 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 695 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 471 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1122 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 573 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1278 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1755 |
|  | &nbsp;&nbsp;&nbsp;Ventura County Community College District GO | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;Vernon CA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Vernon CA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 417 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;West Contra Costa Unified School District GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 617 |
|  |  |  |  |  | &nbsp;&nbsp; **215504** |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** | **Colorado (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Adams & Arapahoe Counties Joint School District 28J Aurora GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Adams & Arapahoe Counties Joint School District 28J Aurora GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;Adams 12 Five Star Schools GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Adams 12 Five Star Schools GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Arapahoe County School District No. 5 Cherry Creek GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 533 |
|  | &nbsp;&nbsp;&nbsp;Arapahoe County School District No. 5 Cherry Creek GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Arapahoe County School District No. 5 Cherry Creek GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Arapahoe County School District No. 5 Cherry Creek GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Aurora CO Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Aurora CO Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 631 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 341 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Colorado COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1386 |
|  | &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue (Parkview Medical Center Inc. Project), Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Colorado Springs CO Utilities System Multiple Utility Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;Denver CO City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Douglas County School District No. Re-1 Douglas & Elbert Counties GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 150 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 99 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 323 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1048 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax Revenue (Fastracks Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado College & University Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  |  |  |  |  | &nbsp;&nbsp; **12634** |
| **Connecticut (3.3%)** | **Connecticut (3.3%)** | **Connecticut (3.3%)** | **Connecticut (3.3%)** | **Connecticut (3.3%)** | **Connecticut (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;Connecticut Clean Water Fund - State Revolving Fund Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp; 901 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 529 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 406 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp; 984 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 767 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 646 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1419 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1139 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 785 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1375 |
| &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 383 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 535 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 676 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1399 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1149 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1308 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2203 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1704 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Haven CT GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 78 |
|  |  |  |  |  | &nbsp;&nbsp; **51031** |
| **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** | **Delaware (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 773 |
|  | &nbsp;&nbsp;&nbsp;Delaware GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Delaware Transportation Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 571 |
|  |  |  |  |  | &nbsp;&nbsp; **2921** |
| **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** | **District of Columbia (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;District of Columbia College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp; 569 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 758 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 705 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 685 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp; 2243 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp; 911 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 825 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1108 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp; 929 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 829 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 653 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 728 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1254 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 193 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1978 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 520 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 462 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 142 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road Highway Revenue, Prere. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 520 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1322 |
|  | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2353 |
|  | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 174 |
|  |  |  |  |  | &nbsp;&nbsp; **29571** |
| **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** | **Florida (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 491 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1424 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 175 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 784 |
|  | &nbsp;&nbsp;&nbsp;Broward County FL School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp; 902 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp; 824 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 471 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 864 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 377 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 405 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 341 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority Highway Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 319 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp; 1880 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 373 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 413 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 508 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 935 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Duval County Public Schools COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Management Services COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Management Services COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 418 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Management Services COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp;&nbsp;Florida Department of Transportation Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 434 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;Florida GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1276 |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1752 |
|  | &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency Inc. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Florida Lottery Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1200 |
|  | &nbsp;&nbsp;&nbsp;Florida Lottery Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Florida Municipal Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County School Board (Master Lease Program) COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 498 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp; 590 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 125 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 447 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 786 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;JEA Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;JEA Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp;&nbsp;Lee County FL School Board COP | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1035 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 635 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 433 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 282 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 167 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 214 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade FL Water & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;Orange County School Board COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Orange County School Board COP, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1138 |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Electric Power & Light Revenue PUT | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp; 1024 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 281 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Tampa Bay Water Revenue, ETM | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;West Palm Beach Community Redevelopment Agency Tax Increment/Allocation Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1652 |
|  |  |  |  |  | &nbsp;&nbsp; **43025** |
| **Georgia (2.1%)** | **Georgia (2.1%)** | **Georgia (2.1%)** | **Georgia (2.1%)** | **Georgia (2.1%)** | **Georgia (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 349 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 568 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Atlanta GA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 447 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 325 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 507 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 159 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 298 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 738 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 746 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 810 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 674 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1061 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 460 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 626 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1001 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 71 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Georgia Local Government COP | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1752 |
|  | &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 648 |
|  | &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 654 |
|  | &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;Georgia State Road & Tollway Authority Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Gwinnett County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Gwinnett County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp; 828 |
|  | &nbsp;&nbsp;&nbsp;Gwinnett County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1700 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1145 |
|  | &nbsp;&nbsp;&nbsp;Richmond County Board of Education GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Richmond County Board of Education GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Richmond County Board of Education GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1495 |
|  | &nbsp;&nbsp;&nbsp;Sandy Springs Public Facilities Authority Lease (Non-Terminable) Revenue (City Center Project), Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 412 |
|  |  |  |  |  | &nbsp;&nbsp; **32082** |
| **Hawaii (1.0%)** | **Hawaii (1.0%)** | **Hawaii (1.0%)** | **Hawaii (1.0%)** | **Hawaii (1.0%)** | **Hawaii (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 447 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 679 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 535 |

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Short-Term Tax-Exempt Bond ETF

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1422 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 362 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 479 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Hawaii GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 827 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 500 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 975 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 621 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp; 1088 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County (Honolulu Rail Transit Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp; 858 |
|  |  |  |  |  | &nbsp;&nbsp; **15578** |
| **Idaho (0.6%)** | **Idaho (0.6%)** | **Idaho (0.6%)** | **Idaho (0.6%)** | **Idaho (0.6%)** | **Idaho (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Appropriations Revenue RAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1058 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 506 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1259 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 435 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 530 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 858 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp; 2118 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 859 |
|  | &nbsp;&nbsp;&nbsp;Idaho State Building Authority Lease (Appropriation) Revenue (St. Office Campus Project), Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  |  |  |  |  | &nbsp;&nbsp; **9576** |
| **Illinois (5.6%)** | **Illinois (5.6%)** | **Illinois (5.6%)** | **Illinois (5.6%)** | **Illinois (5.6%)** | **Illinois (5.6%)** |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 807 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Chicago IL GO, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Chicago IL GO, ETM | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 197 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Chicago IL Waterworks Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 738 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Chicago Midway International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1471 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1287 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 679 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1235 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1282 |

---

------

Short-Term Tax-Exempt Bond ETF

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 664 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 678 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 656 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Chicago Transit Authority Capital Grant Receipts Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1098 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 309 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 933 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;Cook County IL GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Illinois (Rebuild Illinois Program) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Illinois (Rebuild Illinois Program) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 730 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1259 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 525 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1194 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1189 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 701 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1019 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 799 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 708 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3320 | &nbsp;&nbsp; 3447 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1202 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 366 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2124 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1095 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1160 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 124 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp; 1045 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp; 909 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 981 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 269 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 648 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 346 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 237 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1296 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1656 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp; 1104 |
|  | &nbsp;&nbsp;&nbsp;Illinois GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 512 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 338 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 444 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 451 |
|  | &nbsp;&nbsp;&nbsp;Illinois Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Illinois Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 392 |
|  | &nbsp;&nbsp;&nbsp;Illinois Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1393 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1277 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp; 1006 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1183 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 996 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 679 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 439 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 329 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 238 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority Appropriations Revenue (MCCormick Place Expansion Project) | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 914 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1062 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1529 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;New Lenox IL GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Ogle Lee & DeKalb Counties Township High School District No. 212 Rochelle GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Regional Transportation Authority Sales Tax Revenue | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Regional Transportation Authority Sales Tax Revenue | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1353 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 791 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 369 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 614 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 535 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia GO, ETM | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  |  |  |  |  | &nbsp;&nbsp; **85041** |
| **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Carmel Clay Industry Public Library GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease (Appropriation) Revenue (Stadium Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1117 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Water Revenue (St. Revolving Fund Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Water Revenue (St. Revolving Fund Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 310 |
|  | &nbsp;&nbsp;&nbsp;Indianapolis Department of Public Utilities Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 372 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 226 |
|  |  |  |  |  | &nbsp;&nbsp; **5931** |
| **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Industrial Revenue (Lowa Fertilizer Co. Project) PUT, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 575 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
|  |  |  |  |  | &nbsp;&nbsp; **1443** |
| **Kansas (0.5%)** | **Kansas (0.5%)** | **Kansas (0.5%)** | **Kansas (0.5%)** | **Kansas (0.5%)** | **Kansas (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1242 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Kansas Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp; 1100 |
|  | &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City GO, Prere. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City GO, Prere. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4081 |
|  | &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City GO, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 276 |
|  |  |  |  |  | &nbsp;&nbsp; **7956** |
| **Kentucky (0.6%)** | **Kentucky (0.6%)** | **Kentucky (0.6%)** | **Kentucky (0.6%)** | **Kentucky (0.6%)** | **Kentucky (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3225 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 112) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1389 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1108 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1312 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 130) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 132) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 132) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 132) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission Lease (Appropriation) Revenue (Project No. 133) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 562 |
|  |  |  |  |  | &nbsp;&nbsp; **9192** |
| **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** | **Louisiana (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Louisiana GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Industrial Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Industrial Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue (Ochsner Clinic Foundation Project), Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;New Orleans LA Water System Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1300 |
|  |  |  |  | &nbsp;&nbsp; **4702** |
| **Maryland (3.3%)** | **Maryland (3.3%)** | **Maryland (3.3%)** | **Maryland (3.3%)** | **Maryland (3.3%)** |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp; 1662 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp; 2496 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1904 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 322 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1243 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp; 1539 |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Lottery Revenue (Baltimore City Public Schools Construction & Revitalization Program), Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Lottery Revenue (Baltimore City Public Schools Construction & Revitalization Program), Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Lottery Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;Maryland State Transportation Authority Highway Revenue (Transportation Facilities Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1740 |
| &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;Prince George's County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 127 |
|  |  |  |  | &nbsp;&nbsp; **50375** |
| **Massachusetts (3.0%)** | **Massachusetts (3.0%)** | **Massachusetts (3.0%)** | **Massachusetts (3.0%)** | **Massachusetts (3.0%)** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 872 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 424 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 | &nbsp;&nbsp; 2199 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 239 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 749 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 145 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 420 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 811 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1905 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1288 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 | &nbsp;&nbsp; 2200 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1253 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 574 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 575 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Special Obligation Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 665 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Special Obligation Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 138 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Special Obligation Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Assessment Indirect Ad Valorem Property Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp; 933 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 368 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 284 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Department of Transportation Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 307 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Department of Transportation Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 463 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1348 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 572 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 539 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp; 863 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 474 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  |  |  |  |  | &nbsp;&nbsp; **45330** |
| **Michigan (1.5%)** | **Michigan (1.5%)** | **Michigan (1.5%)** | **Michigan (1.5%)** | **Michigan (1.5%)** | **Michigan (1.5%)** |
| <sup>1,7</sup> | &nbsp;&nbsp;&nbsp;Detroit City School District GO | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1325 |
| <sup>1,7</sup> | &nbsp;&nbsp;&nbsp;Detroit City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 393 |
| <sup>1,7</sup> | &nbsp;&nbsp;&nbsp;Detroit City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 462 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2510 | &nbsp;&nbsp; 2545 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 731 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 555 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;Michigan Appropriations Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1394 |
|  | &nbsp;&nbsp;&nbsp;Michigan Appropriations Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp; 1668 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp; 947 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1548 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1255 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Building Authority Lease (Appropriation) Revenue (Facilities Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp; 1866 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 618 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp; 823 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue (Rebuilding Michigan Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Michigan Trunk Line Fuel Sales Tax Revenue (Rebuilding Michigan Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 388 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
|  |  |  |  |  | &nbsp;&nbsp; **22787** |
| **Minnesota (1.5%)** | **Minnesota (1.5%)** | **Minnesota (1.5%)** | **Minnesota (1.5%)** | **Minnesota (1.5%)** | **Minnesota (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 820 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1280 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 372 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Council GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 248 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2033 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp; 861 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 476 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp; 969 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1634 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 556 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp; 1097 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1833 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 865 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority State Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 383 |
|  |  |  |  |  | &nbsp;&nbsp; **22164** |
| **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** | **Mississippi (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Mississippi Development Bank Special Obligation Revenue (Desoto County Mississippi Highway Refunding Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Development Bank Special Obligation Revenue (Desoto County Mississippi Highway Refunding Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1071 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Mississippi GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;West Rankin Utility Authority Sewer Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
|  |  |  |  |  | &nbsp;&nbsp; **4380** |
| **Missouri (0.5%)** | **Missouri (0.5%)** | **Missouri (0.5%)** | **Missouri (0.5%)** | **Missouri (0.5%)** | **Missouri (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Metropolitan St. Louis Sewer District Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Appropriations Revenue (State Appropriations Mega Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1291 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1057 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Missouri Highway & Transportation Commission Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Missouri State Board of Public Buildings Appropriations Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 279 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;St. Louis MO Airport Port, Airport & Marina Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;University of Missouri of Curators College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp; 1868 |
|  |  |  |  |  | &nbsp;&nbsp; **7015** |
| **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** | **Nebraska (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Douglas County NE College & University Revenue (Creighton University Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 179 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Public Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp; 985 |
|  | &nbsp;&nbsp;&nbsp;Omaha Public Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Omaha Public Power District Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 880 |
|  |  |  |  |  | &nbsp;&nbsp; **2296** |
| **Nevada (0.7%)** | **Nevada (0.7%)** | **Nevada (0.7%)** | **Nevada (0.7%)** | **Nevada (0.7%)** | **Nevada (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 544 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 859 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1515 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 491 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Clark County NV Passenger Facility Charge Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 676 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1270 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Valley Water District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Nevada GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp; 1658 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 591 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 238 |
|  | &nbsp;&nbsp;&nbsp;Nevada Highway Improvement Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 227 |
|  |  |  |  |  | &nbsp;&nbsp; **10720** |
| **New Hampshire (0.0%)** | **New Hampshire (0.0%)** | **New Hampshire (0.0%)** | **New Hampshire (0.0%)** | **New Hampshire (0.0%)** | **New Hampshire (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 688 |
| **New Jersey (6.8%)** | **New Jersey (6.8%)** | **New Jersey (6.8%)** | **New Jersey (6.8%)** | **New Jersey (6.8%)** | **New Jersey (6.8%)** |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Bayonne NJ GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Garden State Preservation Trust Recreational Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;Jersey City NJ Redevelopment Agency Miscellaneous Revenue (Bayfront Redevelopment Project) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 340 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 689 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 751 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 283 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1262 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1114 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1845 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2380 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Lease (Appropriation) Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4545 | &nbsp;&nbsp; 4714 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 619 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1989 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp; 2086 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1249 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3415 | &nbsp;&nbsp; 3455 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp; 1589 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3865 | &nbsp;&nbsp; 4092 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp; 2444 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3180 | &nbsp;&nbsp; 3366 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp; 3157 |
|  | &nbsp;&nbsp;&nbsp;New Jersey GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp; 3207 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1001 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp; 2206 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 591 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1506 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4320 | &nbsp;&nbsp; 4367 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 561 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1660 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp; 899 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1116 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1314 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 374 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 593 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 388 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 577 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp; 839 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp; 1887 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp; 2157 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2275 | &nbsp;&nbsp; 2499 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 582 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1612 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 684 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 | &nbsp;&nbsp; 1960 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 631 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 480 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp; 1361 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 732 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 862 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1621 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1497 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program), Prere. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 882 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 666 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 769 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 349 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 849 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 728 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2979 |
|  |  |  |  | &nbsp;&nbsp; **103186** |
| **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp;New Mexico Finance Authority Intergovernmental Agreement Revenue (Subordinate Lien Public Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2139 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;New Mexico Severance Tax Permanent Fund Severance Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 770 |
|  |  |  |  | &nbsp;&nbsp; **14239** |
| **New York (17.1%)** | **New York (17.1%)** | **New York (17.1%)** | **New York (17.1%)** | **New York (17.1%)** |
| &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;Battery Park City Authority Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1306 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1460 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;Empire State Development Corp. Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 422 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2220 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority Electric Power & Light Revenue PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 579 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Miscellaneous Taxes Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Miscellaneous Taxes Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 354 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 838 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1302 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 548 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 574 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp; 796 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp; 650 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp; 1662 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 648 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 896 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 670 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1312 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1781 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 559 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1398 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 749 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 882 |
|  | &nbsp;&nbsp;&nbsp;Nassau County Interim Finance Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1145 |
|  | &nbsp;&nbsp;&nbsp;Nassau County Interim Finance Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;Nassau County NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1240 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 640 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 251 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 875 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1593 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 462 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2453 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1981 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1490 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 679 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 575 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 695 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 502 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 513 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1872 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1396 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 670 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 | &nbsp;&nbsp; 5531 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 629 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1905 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 648 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2763 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 559 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1232 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1365 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2289 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 940 |
| &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1347 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 545 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 990 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 889 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 891 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 548 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 369 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 559 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp; 862 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 246 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 529 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 439 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 139 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp; 1954 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1135 |
|  | &nbsp;&nbsp;&nbsp;New York Power Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 136 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York Power Authority Electric Power & Light Revenue (Green Transmission Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 300 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York Power Authority Electric Power & Light Revenue (Green Transmission Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 625 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp; 2251 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 493 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1123 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1300 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 488 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1566 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 197 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 853 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 961 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1320 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 758 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp; 2071 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 588 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp; 907 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1137 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1021 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 545 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 203 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 863 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 146 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 163 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 198 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1215 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Revenue Bond Financing Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1147 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 564 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 446 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1690 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease (Appropriation) Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 380 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp; 2037 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp. Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp. Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1712 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority Lease (Appropriation) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp;Suffolk County Water Authority Water Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp; 573 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 | &nbsp;&nbsp; 1659 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1620 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1796 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Transit Revenue BAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1622 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp; 824 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 510 |
|  |  |  |  | &nbsp;&nbsp; **260823** |
| **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** |
| &nbsp;&nbsp;&nbsp;Guilford County NC GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;Guilford County NC GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;Guilford County NC GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2339 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp; 1896 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1224 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue (Build NC Programs) | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 248 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 669 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp; 852 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;North Carolina GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 741 |
|  | &nbsp;&nbsp;&nbsp;North Carolina GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1509 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 664 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1396 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2171 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1 Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;North Carolina State University at Raleigh College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Wake County NC GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1175 |
|  |  |  |  |  | &nbsp;&nbsp; **26786** |
| **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** | **North Dakota (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Cass County Joint Water Resource District Intergovernmental Agreement Revenue | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1181 |
| **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** | **Ohio (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Combination Hydroelectric Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2010 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue (Prairie State Energy Campus Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 289 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Cincinnati City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 242 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Cincinnati City School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1149 |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Cleveland OH Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
|  | &nbsp;&nbsp;&nbsp;Columbus OH GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 127 |
|  | &nbsp;&nbsp;&nbsp;Columbus OH Sewerage Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp; 850 |
|  | &nbsp;&nbsp;&nbsp;Columbus OH Sewerage Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Greater Cleveland Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Greater Cleveland Regional Transit Authority Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hamilton County OH Sales Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
|  | &nbsp;&nbsp;&nbsp;Hamilton County OH Sales Tax Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 899 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 513 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 459 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp; 760 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 132 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp; 1827 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1145 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 647 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Ohio Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 253 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 301 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 173 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Lease Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1228 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 1051 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1970 | &nbsp;&nbsp; 2124 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3435 | &nbsp;&nbsp; 3744 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp;Rickenbacker Port Authority Miscellaneous Revenue | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;Upper Arlington City School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;Willoughby-Eastlake City School District GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  |  |  |  | &nbsp;&nbsp; **31888** |
| **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** |
| &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority Lease (Appropriation) Revenue (Mustang Public School Project) | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority Lease (Appropriation) Revenue (Moore Public Schools Project) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp; 883 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;Grand River Dam Authority Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;Oklahoma City & County Independent School District No. 89 GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 12 Edmond GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Independent School District No. 89 Oklahoma City GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;Oklahoma Industries Authority Lease (Appropriation) Revenue (Oklahoma City Public School Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1448 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 636 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 251 |
|  |  |  |  | &nbsp;&nbsp; **8838** |
| **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** |
| &nbsp;&nbsp;&nbsp;Metro OR GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;Multnomah County OR School District No. 1J Portland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;Oregon (Article XI-Q-State Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;Oregon Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;Oregon Health & Science University Health, Hospital, Nursing Home Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon Miscellaneous Taxes Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon Miscellaneous Taxes Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;Washington County OR GO, Prere. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
|  |  |  |  | &nbsp;&nbsp; **5219** |
| **Pennsylvania (3.6%)** | **Pennsylvania (3.6%)** | **Pennsylvania (3.6%)** | **Pennsylvania (3.6%)** | **Pennsylvania (3.6%)** |
| &nbsp;&nbsp;&nbsp;Allegheny County PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;Allegheny County PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 510 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 741 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp; 979 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 534 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp; 1004 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1743 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1183 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1036 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1166 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1083 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 168 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 820 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1154 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp; 1045 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1085 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 680 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1110 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 722 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 599 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1247 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;Delaware River Port Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp; 857 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Lease Revenue | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2516 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 61 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 698 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1969 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 1015 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp; 805 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 791 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia PA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1249 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Philadelphia PA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 186 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Philadelphia PA Water & Wastewater Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 434 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 834 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 720 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 263 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 300 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority Water Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 350 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority Water Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 116 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Appropriation) Revenue (Philadelphia School District Project) | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 218 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Non-Terminable) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 509 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Non-Terminable) Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1556 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State Public School Building Authority Lease (Non-Terminable) Revenue (School District Philadelphia Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1193 |
|  | &nbsp;&nbsp;&nbsp;University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 | &nbsp;&nbsp; 1793 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1419 |
|  |  |  |  |  | &nbsp;&nbsp; **54603** |
| **Rhode Island (0.2%)** | **Rhode Island (0.2%)** | **Rhode Island (0.2%)** | **Rhode Island (0.2%)** | **Rhode Island (0.2%)** | **Rhode Island (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 747 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp. Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 238 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Health & Educational Building Corp. College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp; 986 |
|  |  |  |  |  | &nbsp;&nbsp; **3205** |
| **South Carolina (0.9%)** | **South Carolina (0.9%)** | **South Carolina (0.9%)** | **South Carolina (0.9%)** | **South Carolina (0.9%)** | **South Carolina (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Charleston Educational Excellence Finance Corp. Intergovernmental Agreement Revenue (Charleston County School District, South Carolina Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;Charleston Educational Excellence Finance Corp. Intergovernmental Agreement Revenue (Charleston County School District, South Carolina Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 | &nbsp;&nbsp; 1642 |
|  | &nbsp;&nbsp;&nbsp;Columbia SC Waterworks & Sewer System Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;Greenville County School District Lease (Appropriation) Revenue (SC Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp; 2075 |
|  | &nbsp;&nbsp;&nbsp;Greenville County School District Lease (Appropriation) Revenue (SC Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1127 |
|  | &nbsp;&nbsp;&nbsp;Greenville County School District Lease (Appropriation) Revenue (SC Project) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1384 |
|  | &nbsp;&nbsp;&nbsp;Horry County SC School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 172 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Piedmont Municipal Power Agency Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 73 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Piedmont Municipal Power Agency Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 12 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Association of Governmental Organizations COP | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2616 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 915 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 658 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1186 |
|  |  |  |  |  | &nbsp;&nbsp; **13284** |
| **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** | **South Dakota (0.0%)** |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Brandon South Dakota Sales Tax Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| **Tennessee (0.4%)** | **Tennessee (0.4%)** | **Tennessee (0.4%)** | **Tennessee (0.4%)** | **Tennessee (0.4%)** | **Tennessee (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Memphis TN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 446 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp; 1008 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 621 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 362 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 95 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 229 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 64 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 475 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 552 |
|  | &nbsp;&nbsp;&nbsp;Nashville & Davidson County TN Metropolitan Government GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1057 |
|  |  |  |  |  | &nbsp;&nbsp; **6069** |
| **Texas (9.4%)** | **Texas (9.4%)** | **Texas (9.4%)** | **Texas (9.4%)** | **Texas (9.4%)** | **Texas (9.4%)** |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 3065 |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 413 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Allen Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| <sup>5,8</sup> | &nbsp;&nbsp;&nbsp;Allen Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 941 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Alvin TX Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 754 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Argyle Independent School District GO PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp; 362 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Argyle Independent School District GO PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 568 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Austin Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;Austin TX Water & Wastewater System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;Austin TX Water & Wastewater System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Bexar County TX GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2335 | &nbsp;&nbsp; 2364 |
|  | &nbsp;&nbsp;&nbsp;Bexar County TX GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1012 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp; 839 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 614 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2255 | &nbsp;&nbsp; 2504 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 537 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1221 |
|  | &nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1148 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Boerne Independent School District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2405 | &nbsp;&nbsp; 2410 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 554 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System Highway Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 145 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Conroe Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 193 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 276 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 551 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 161 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1132 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1348 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 113 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp; 860 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 307 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 146 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 660 |
|  | &nbsp;&nbsp;&nbsp;Dallas County Utility & Reclamation District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 112 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 533 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 461 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 548 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 672 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1096 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp; 893 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 296 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 200 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 319 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 85 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 87 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 209 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 583 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Dallas TX Waterworks & Sewer System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Denton Independent School District GO PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 423 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Denton Independent School District GO PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;Denton TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1995 |
|  | &nbsp;&nbsp;&nbsp;Denton TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp; 1019 |
|  | &nbsp;&nbsp;&nbsp;Denton TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 521 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO PUT | 0.720% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 353 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp; 784 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Fort Bend Independent School District GO PUT | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 878 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Frisco Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 535 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Frisco Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 356 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Garland Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp. Highway Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Gregory-Portland TX Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1296 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. College & University Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 337 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 843 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Toll Road Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Toll Road Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Harris County TX Toll Road Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 1029 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 542 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 292 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp; 777 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority Hotel Occupancy Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp; 1048 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1065 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1226 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1817 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 293 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Houston Independent School District GO PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp; 1004 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Houston Independent School District GO, Prere. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1833 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 681 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Houston TX Airport System Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1179 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1125 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1467 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 108 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 566 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Hotel Occupancy Tax & Special Hotel Occupancy Tax Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Katy Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 513 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Katy Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 514 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Katy Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 300 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Klein Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 233 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lewisville Independent School District GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 440 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lewisville Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1228 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Little Elm Independent School District GO PUT | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Electric Power & Light Revenue PUT | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp; 822 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp; 532 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Midland Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;North East TX Independent School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 186 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;North East TX Independent School District GO | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;North Texas Municipal Water District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;North Texas Municipal Water District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 406 |
|  | &nbsp;&nbsp;&nbsp;North Texas Municipal Water District Water System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 898 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 298 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 411 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 535 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 501 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 131 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1596 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 512 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 451 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 627 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Miscellaneous Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 770 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 245 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Northside Independent School District GO PUT | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1062 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - Texas A&M University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - Texas A&M University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1346 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 525 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp; 801 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 332 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 472 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 185 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp; 594 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 153 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 374 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Plano Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 153 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Richardson Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1005 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Round Rock Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 640 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Round Rock Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1231 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1347 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 441 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1076 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1129 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1500 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue PUT | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1503 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1170 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;San Antonio TX Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1912 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Sherman TX Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 578 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spring Branch Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spring Branch Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp; 909 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spring Branch Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 415 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spring Branch Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp; 729 |
|  | &nbsp;&nbsp;&nbsp;Tarrant Regional Water District Water Supply System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 569 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 303 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1517 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 699 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1667 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1228 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1146 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 861 |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. Highway Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1422 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;Texas State University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1132 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 775 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 863 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1061 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Trinity River Authority Central Regional Wastewater System Sewer Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1306 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Trinity River Authority Central Regional Wastewater System Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;Williamson County TX GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Williamson County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;Williamson County TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 201 |
|  |  |  |  | &nbsp;&nbsp; **143307** |
| **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** | **Utah (0.4%)** |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;Utah GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;Utah Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 307 |
|  |  |  |  | &nbsp;&nbsp; **5373** |
| **Virginia (1.7%)** | **Virginia (1.7%)** | **Virginia (1.7%)** | **Virginia (1.7%)** | **Virginia (1.7%)** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Virginia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp;Fairfax County VA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;Fairfax County VA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission Appropriations Revenue BAN, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission Sales Tax Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission Sales Tax Revenue, Prere. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;Leesburg VA GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;Richmond VA Public Utility Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;Richmond VA Public Utility Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;Richmond VA Public Utility Water Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Appropriations Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority College & University Revenue | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Intergovernmental Agreement Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;Virginia College Building Authority Intergovernmental Agreement Revenue (21st Century College & Equipment Programs) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 143 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Virginia College Building Authority Lease (Appropriation) Revenue (21st Century College & Equipment Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Virginia College Building Authority Lease (Appropriation) Revenue (21st Century College & Equipment Program) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 829 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp; 722 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1756 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 533 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Appropriations Revenue (Transportation Capital Projects) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board Government Fund/Grant Revenue GAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 416 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp; 2792 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public Building Authority Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 968 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public School Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Virginia Public School Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1130 |
|  | &nbsp;&nbsp;&nbsp;Virginia Resources Authority Clean Water Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;Virginia Resources Authority Clean Water Revolving Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 299 |
|  |  |  |  |  | &nbsp;&nbsp; **26703** |
| **Washington (4.2%)** | **Washington (4.2%)** | **Washington (4.2%)** | **Washington (4.2%)** | **Washington (4.2%)** | **Washington (4.2%)** |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp; 780 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 137 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Chelan County Public Utility District No. 1 Electric Power & Light Revenue | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1080 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1528 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp; 793 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1109 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 564 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp; 900 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1227 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1175 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 401 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 634 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1438 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 1) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp; 843 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3 Electric Revenue) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1880 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1324 |
|  | &nbsp;&nbsp;&nbsp;Energy Northwest Nuclear Revenue (Project No. 3) | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 563 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Franklin County School District No. 1 Pasco GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;King & Snohomish Counties School District No. 417 Northshore GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;King County School District No. 411 Issaquah GO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;King County WA GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;King County WA Sewer Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;King County WA Sewer Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp;Pierce County School District No. 10 Tacoma GO, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1100 |
| &nbsp;&nbsp;&nbsp;Port of Seattle WA Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;Port of Seattle WA Port, Airport & Marina Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp;Seattle WA Municipal Light & Power Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;Snohomish County Public Utility District No. 1 Electric System Electric Power & Light Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp;University of Washington College & University Revenue PUT | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2673 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;Washington GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1964 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1948 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1233 |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 167 |
|  |  |  |  |  | &nbsp;&nbsp; **63920** |
| **Wisconsin (1.5%)** | **Wisconsin (1.5%)** | **Wisconsin (1.5%)** | **Wisconsin (1.5%)** | **Wisconsin (1.5%)** | **Wisconsin (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;Dane County WI GO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Green Bay Area Public School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Milwaukee WI GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1500 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Charter School Aid Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1135 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1727 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, ETM | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue, Prere. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 551 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp; 763 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation Miscellaneous Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 115 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 91 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1242 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1397 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1205 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 | &nbsp;&nbsp; 1727 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 947 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 304 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 621 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 559 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 757 |
|  |  |  |  |  | &nbsp;&nbsp; **23628** |
| **Total Tax-Exempt Municipal Bonds (Cost $1,500,848)** | **Total Tax-Exempt Municipal Bonds (Cost $1,500,848)** | **Total Tax-Exempt Municipal Bonds (Cost $1,500,848)** | **Total Tax-Exempt Municipal Bonds (Cost $1,500,848)** | **Total Tax-Exempt Municipal Bonds (Cost $1,500,848)** | **1513235** |

---

------

Short-Term Tax-Exempt Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Investment Company (0.1%)** | **Investment Company (0.1%)** | **Investment Company (0.1%)** | **Investment Company (0.1%)** | **Investment Company (0.1%)** |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Vanguard Municipal Low Duration Fund **(Cost $1,805)** | 2.823% | &nbsp;&nbsp;&nbsp;&nbsp;180524 | &nbsp;&nbsp; **1805** |
| **Total Investments (99.3%) (Cost $1,502,653)** | **Total Investments (99.3%) (Cost $1,502,653)** | **Total Investments (99.3%) (Cost $1,502,653)** | **Total Investments (99.3%) (Cost $1,502,653)** | **1515040** |
| **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;**11245** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **1526285** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc. |
| 2 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 3 | Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co. |
| 4 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 5 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2025. |
| 6 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 7 | Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund. |
| 8 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |
| 9 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2025, the aggregate value was $1,334, representing 0.1% of net assets. |
| 10 | Affiliated short-term municipal bond fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | BAN—Bond Anticipation Note. |
|  | COP—Certificate of Participation. |
|  | ETM—Escrowed to Maturity. |
|  | GAN—Grant Anticipation Note. |
|  | GO—General Obligation Bond. |
|  | IDA—Industrial Development Authority Bond. |
|  | PILOT—Payments in Lieu of Taxes. |
|  | Prere.—Prerefunded. |
|  | PUT—Put Option Obligation. |
|  | RAN—Revenue Anticipation Note. |

---

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

------

Short-Term Tax-Exempt Bond ETF

Statement of Assets and Liabilities

As of November 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $1,500,848) | 1513235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
| Total Investments in Securities | 1515040 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19762 |
| **Total Assets** | **1535981** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9696** |
| **Net Assets** | **1526285** |
| **At November 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1510320 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15965 |
| **Net Assets** | **1526285** |
| **Net Assets** |  |
| **Applicable to 15,025,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1526285** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;**$101.58** |

---

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

------

Short-Term Tax-Exempt Bond ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> November 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | 30418 |
| Total Income | 30418 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;624 |
| **Net Investment Income** | **29794** |
| **Realized Net Gain (Loss) on Investment Securities Sold<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3** |
| **Change in Unrealized Appreciation (Depreciation) of Investment Securities<sup>1</sup>** | &nbsp;&nbsp;**9054** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **38851** |

---

---

| | |
|:---|:---|
| 1 | Interest income and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $424, and ($1), respectively. There was no realized net gain (loss) during the period. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Short-Term Tax-Exempt Bond ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13725 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15258 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(27547) | &nbsp;&nbsp;&nbsp;&nbsp;(13276) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;954398 | &nbsp;&nbsp;&nbsp;&nbsp;228896 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(60834) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;954398 | &nbsp;&nbsp;&nbsp;&nbsp;168062 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;965702 | &nbsp;&nbsp;&nbsp;&nbsp;170044 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**560583** | &nbsp;&nbsp;&nbsp;&nbsp;**390539** |
| **End of Period** | **1526285** | &nbsp;&nbsp;&nbsp;&nbsp;**560583** |

---

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

------

Short-Term Tax-Exempt Bond ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;March 7,<br> 2023<sup>1</sup> to<br> November 30,<br> 2023 |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;March 7,<br> 2023<sup>1</sup> to<br> November 30,<br> 2023 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$101.01** | &nbsp;&nbsp;&nbsp;**$100.78** | &nbsp;&nbsp;&nbsp;**$100.00** |
| **Investment Operations** |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.098 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.252 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350 |
| **Distributions** |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.570) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.570) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$101.58** | &nbsp;&nbsp;&nbsp;**$101.01** | &nbsp;&nbsp;&nbsp;**$100.78** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**3.44%** | &nbsp;&nbsp;&nbsp;**3.26%** | &nbsp;&nbsp;&nbsp;**2.38%** |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1526 | &nbsp;&nbsp;&nbsp;$561 | &nbsp;&nbsp;&nbsp;$391 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.07%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.07%<sup>4</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;2.85%<sup>4</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;24%<sup>5</sup> | &nbsp;&nbsp;&nbsp;21%<sup>5</sup> | &nbsp;&nbsp;&nbsp;9%<sup>5</sup> |

---

---

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

---

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

------

Short-Term Tax-Exempt Bond ETF

Notes to Financial Statements

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

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

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

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

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

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

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

For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

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

Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC. The fund's expense ratios and investment objectives remain unchanged.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $34,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

------

Short-Term Tax-Exempt Bond ETF

The following table summarizes the market value of the fund's investments as of November 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Tax-Exempt Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1513235 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1513235 |
| Temporary Cash Investments | 1805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
| Total | 1805 | &nbsp;&nbsp;&nbsp;1513235 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1515040 |

---

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Tax-Exempt Income | &nbsp;&nbsp;&nbsp;&nbsp;3548 |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;12417 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;15965 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;Year Ended November 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Tax-Exempt Income | &nbsp;&nbsp;&nbsp;27511 | &nbsp;&nbsp;&nbsp;&nbsp;13273 |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;27547 | &nbsp;&nbsp;&nbsp;&nbsp;13276 |

---

\* Includes short-term capital gains, if any.

As of November 30, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1502623 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13188 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12417 |

---

**E.** During the year ended November 30, 2025, the fund purchased $1,082,356,000 of investment securities and sold $238,276,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $71,923,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

------

Short-Term Tax-Exempt Bond ETF

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

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

---

| | | |
|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | 9475 | &nbsp;&nbsp;2275 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(600) |
| Net Increase (Decrease) in Shares Outstanding | 9475 | &nbsp;&nbsp;1675 |

---

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

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

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

At November 30, 2025, one shareholder was the record or beneficial owner of 37% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

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

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Wellington Fund and Shareholders of Vanguard Short-Term Tax-Exempt Bond ETF

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Short-Term Tax-Exempt Bond ETF (one of the funds constituting Vanguard Wellington Fund, referred to hereafter as the "Fund") as of November 30, 2025, the related statements of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the two years in the period ended November 30, 2025 and for the period March 7, 2023 (inception) through November 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the two years in the period ended November 30, 2025 and for the period March 7, 2023 (inception) through November 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 28, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The fund designates 100% of its income dividends as exempt-interest dividends.

QV0140 012026

------

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

Not applicable.

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

Not applicable.

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

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

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

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

A majority of independent trustees of the board of Vanguard Short-Term Tax-Exempt Bond ETF (Trustees) have approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving this advisory arrangement was in the best interests of the fund and its shareholders.

The Trustees based their decision upon an evaluation of VCM's investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decision.

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

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group (FIG), now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha."

The Trustees concluded that VCM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VCM, ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

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

A majority of independent trustees of the board of Vanguard U.S. Minimum Volatility ETF, Vanguard U.S. Momentum Factor ETF, Vanguard U.S. Multifactor ETF, Vanguard U.S. Quality Factor ETF, and Vanguard U.S. Value Factor ETF have approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving the advisory arrangements was in the best interests of each fund and its shareholders.

The Trustees based their decisions upon an evaluation of VPM's investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

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

The Trustees considered the quality of the investment management services to be provided to the funds and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity Group, now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Quantitative Equity Group seeks to generate consistent, risk-controlled alpha through quantitative models that emphasize securities with attractive valuations, good business models, solid growth prospects, and positive market sentiment.

The Trustees concluded that VPM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangements.

**Investment performance**

The Trustees determined that VPM's Quantitative Equity Group, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes.

**Cost**

The Trustees concluded that each fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that each fund's arrangement with Vanguard, and services rendered through VPM, ensure that each fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

Not applicable.

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

Not applicable.

**Item 19: Exhibits.**

[(a)(1)](tm2526775d1_ex99-codeeth.htm) [Code of Ethics filed herewith.](tm2526775d1_ex99-codeeth.htm)

[(a)(2)](tm261692d8_ex99-cert.htm) [Certifications filed herewith.](tm261692d8_ex99-cert.htm)

[(a)(2)](tm261692d8_ex99-906cert.htm) [Certifications filed herewith.](tm261692d8_ex99-906cert.htm)

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

---

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

---

Date: January 29, 2026

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

---

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

---

Date: January 29, 2026

---

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

---

Date: January 29, 2026

---

| | |
|:---|:---|
| \* By: | <u>/s/ Natalie Lamarque&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), Incorporated by Reference.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

---

| | |
|:---|:---|
| **Access Person Code of Conduct**<br> **Effective Date: 01 January 2024 \| Contact:** **The Code of Ethical Conduct Team**<br> **Return to the** **Corporate Policies Page** <br> ****<br> **Policy Coverage**<br>This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. | &nbsp;&nbsp; <br> **Related Items**<br>· **The Code of Ethical Conduct** <br> · **How to Voice Concerns at Vanguard** <br> · **My Compliance and Ethics Resource Center** <br> · **Training Resources & Job Aids** <br> · **Code of Ethical Conduct Policy** <br> · **Conflicts of Interest Policy** <br> · **Insider Trading Policy** <br> · **Outside Business Activity Policy** |

---

*Access Persons* – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning <u>Advisor</u> Access Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

*Household or Family Members* – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the *Defined Terms* section for the definition of Household or Family Member in your region.

*Note:* If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Additional Requirements for Associated Persons:***<br>U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.<br>

**Policy Overview**

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

Page 1 of 19

Person Code of Conduct (APCC)<sup>1</sup>), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

**Policy Requirements**

**Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through *<u>long-term</u>* investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard's funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.**

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. <br>

**Brokerage Firms You May Use** 

The terms in this section apply to all Access Persons.

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the *Defined Terms* section.

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

Page 2 of 19

---

| | |
|:---|:---|
| &nbsp;&nbsp;**All U.S. Crew and their Household or Family Members** **(see parts (a) and (b) of the definition in the defined terms section)** | &nbsp;&nbsp; Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice<br>Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire<br>***Exceptions:*** Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice (MCO) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Non-U.S. Crew and their Household or Family Members** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Contingent Workers** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

**Disclosure Obligations** 

The terms in this section apply to all Access Persons.

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Disclosure of Accounts and Holdings</u> 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Covered Accounts and Reportable Securities held by
you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

Page 3 of 19

to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. *Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.*

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u> 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Required Ongoing Disclosures** | &nbsp;&nbsp;**Required Ongoing Disclosures** |
| &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: | &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: |
| &nbsp;&nbsp;Opens, or intends to open, a Covered Account with any financial institution, including Vanguard | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;<br>Acquires holdings in Reportable Securities or Beneficial Ownership of Securities<br>| &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |

---

**Account Monitoring** 

---

| |
|:---|
| &nbsp;&nbsp;**Vanguard Brokerage Accounts (VBAs)** |
| &nbsp;&nbsp; Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp;**External Covered Accounts** |
| &nbsp;&nbsp;Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see *Appendix B*. |

---

Page 4 of 19

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members and Contingent Workers in Australia:*** <br>You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.<br>

**Investment and Trading Requirements**

The terms in this section apply to all Access Persons.

**General Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 are subject to and must comply with the Insider Trading
 Policy and/or any similar policy of the Vanguard affiliate or region for which you
 work. Each of these policies is considered an integral part of your obligations under this
 policy. Each policy prohibits you from buying or selling any Security while in possession
 of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
 you from communicating any nonpublic information about any Security or issuer of Securities
 to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 must comply with the Confidential Information Policy ,
 including that you may not share information with any third party about any planned, upcoming,
 or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
 information is publicly available through no action by you.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund policies and excessive trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund's
prospectus, or offering document, including policies on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities

Page 5 of 19

or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Beneficial
ownership and discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
circumvention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
and waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard's
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy's requirements are covered through the applicable service provider's
contract with Vanguard.

**Rules regarding specific investments or investment types:**

&nbsp;&nbsp;&nbsp;&nbsp;· Use of derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members are permitted
to trade futures or options on commodities.

&nbsp;&nbsp;&nbsp;&nbsp;· IPOs and ICOs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

Page 6 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

&nbsp;&nbsp;&nbsp;&nbsp;· Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 Currencies and Related Investments – Refer to the Trading
 and Reporting Requirements for Digital Currency Investments and Activities for details
 on which digital currency account and product types are permitted, and what must be disclosed,
 under this policy.

**Trade Pre-clearance** 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

*Note:* In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

**Obtaining Pre-clearance** 

Pre-clearance approval must be obtained via the "Personal Trade Pre-Clearance" path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

**Pre-clearance Expiration**

*In the U.S.:* Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

*Outside the U.S.:* Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

Page 7 of 19

closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

**Pre-clearance Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note:* Investment Access Persons must pre-clear Vanguard
ETF trades as described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction)

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account's portfolio manager regarding the transactions

**Vanguard Digital Advisor and Personal Advisor accounts:** These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

**Vanguard Personal Advisor Select and Vanguard Wealth Management accounts:** Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

Page 8 of 19

**Blackout Periods**

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

**Exception to Blackout Periods**

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

If a Fund Access Person's purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person's sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

**Short-Term Trading**

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example, if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

Page 9 of 19

calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

**Options Trading (Advisor Access Persons Only)**

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits.

&nbsp;&nbsp;&nbsp;&nbsp;· If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions).

**Exceptions** 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

&nbsp;&nbsp;&nbsp;&nbsp;· You face a financial hardship that can be met by liquidating
assets that are subject to this policy's rule (e.g., medical expense, home purchase, life event, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;· You would like to liquidate company stock held in a former
employer's stock plan, or exercise options held in a former employer's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer's stock plan or stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;· You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO.

Page 10 of 19

If you believe you should be afforded an exception to this policy's rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

**Policy Compliance** 

Questions regarding this policy may be submitted to the policy contact for your region.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

Page 11 of 19

**Defined Terms** 

The following definitions apply throughout this policy:

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| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.<br>|

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government (excluding municipal bonds); <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br>Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital |

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Page 13 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |

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Page 14 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information | &nbsp;&nbsp;Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |

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| | |
|:---|:---|
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

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Page 16 of 19

**Appendix A: Access Person Designations and Trading Rules**

The terms and requirements in this appendix are *in addition to* the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

Access Person Designation Hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investment Access Person

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Access Person

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisor Access Person

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trading Rule** | &nbsp;&nbsp;**Advisor Access <br> Persons** | &nbsp;&nbsp;**Fund Access <br> Persons** | &nbsp;&nbsp;**Investment Access<br> Persons** |
| &nbsp;&nbsp; **Trade Pre-clearance**<br>Note: ALL Access Persons must pre-clear Private Placements, as described above | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000 over a rolling 30-day period |
| &nbsp;&nbsp;<br> **Blackout Period** | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) | &nbsp;&nbsp; Yes |

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Page 17 of 19

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Trading <br> (30-Day Hold)** | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| &nbsp;&nbsp;**Prohibited Securities** | &nbsp;&nbsp; IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options<sup>\*</sup><br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions<br> SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options\*<br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs |
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;Trading and Reporting Requirements for Advisor Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Fund Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Investment Access Persons |

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*\* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.*

*\*\*All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.*

*\*\*\*Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.*

**Appendix B: External Account Monitoring**

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· Smaller brokerage firms or investment advisors

&nbsp;&nbsp;&nbsp;&nbsp;· 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds.

Page 18 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Annuity plan providers that offer Vanguard Funds or products

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

&nbsp;&nbsp;&nbsp;&nbsp;1. Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to "Xerox",
Vanguard's third-party service provider, at this address:

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

&nbsp;&nbsp;&nbsp;&nbsp;2. If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details.

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

Page 19 of 19

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: January 29, 2026

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| |
|:---|
| &nbsp;&nbsp;&nbsp;/s/ Salim Ramji |
| &nbsp;&nbsp;&nbsp;Salim Ramji |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: January 29, 2026

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| |
|:---|
| &nbsp;&nbsp;&nbsp;/s/ Christine Buchanan |
| &nbsp;&nbsp;&nbsp;Christine Buchanan |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

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

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

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

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

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

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

Date: January 29, 2026

---

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

---

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

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

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

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

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

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

Date: January 29, 2026

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| |
|:---|
| &nbsp;&nbsp;&nbsp;/s/ Christine Buchanan |
| &nbsp;&nbsp;&nbsp;Christine Buchanan |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer |

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