# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-25-004163
**Filing Date:** 2025-10
**Character Count:** 91866
**Document Hash:** e00b8be6283ff1bb363266fe19c766af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-004163.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0002071691-25-004163

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251429176

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

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

## Series and Classes Contracts Data

### JPMorgan High Yield Municipal ETF (Series ID: S000079813)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000241196 | JPMorgan High Yield Municipal ETF | JMHI            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

- **b. EDGAR series identifier (if any):** S000079813

- **c. LEI of Series:** 54930002QBQKE6982F34

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

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

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $218808930.35

**Total Liabilities:** $2100024.43

**Net Assets:** $216708905.92

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 27.98231000 | **1-Year:** 3564.84726000 | **5-Year:** 19014.14351000 | **10-Year:** 35298.53328000 | **30-Year:** 18389.27417000

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

- **3-Month:** 23.25977000 | **1-Year:** 1298.15084000 | **5-Year:** 6207.91728000 | **10-Year:** 21854.82086000 | **30-Year:** 48712.34291000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241196 | 0.71%                | -0.69%               | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-220566.06              | $690256.22                                 |
| Month 2  | $-569478.00              | $-1527339.34                               |
| Month 3  | $-97042.00               | $465734.17                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                      | Title                                                                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oklahoma Development Finance Authority                                    | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                             | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1511229.44   | 0.70%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                  | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                 | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063842.30   | 0.49%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                              | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1072426.39   | 0.49%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                           | CUSIP: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937711.50    | 0.43%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                                         | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $412064.25    | 0.19%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024A-1                                        | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923590.00    | 0.43%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022BB                                                                | CUSIP: 64613CBG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954850.70    | 0.44%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group                                                                 | CUSIP: 97712JMV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10106.58     | 0.00%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                               | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $994189.20    | 0.46%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2024B                                                                                            | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064905.30   | 0.49%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                              | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2130992.60   | 0.98%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                               | Florida Local Government Finance Commission, Fleet Landing at Nocatee Project                                                                        | CUSIP: 34077UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003872.20   | 0.46%             | 2055-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108107.40   | 0.97%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                          | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project                                                                       | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445394.55    | 0.21%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                          | CUSIP: 13048VCD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953638.00    | 0.44%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2021A                                                                                            | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3038540.40   | 1.40%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                    | Colorado Housing and Finance Authority, Single Family Mortgage, Series 2023L, Class III                                                              | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    855000 | PA      | $918447.84    | 0.42%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Ripple Ranch, LLC Obligate, Series 2021A                                                                                   | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $495053.84    | 0.23%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority                                                                                                                             | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3433183.60   | 1.58%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                             | Central Texas Turnpike System, First Tier, Series 2024B                                                                                              | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077691.90   | 0.50%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                              | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $983243.70    | 0.45%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                   | CUSIP: 97712DQU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007516.00   | 0.46%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                     | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                                         | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000168.20   | 0.46%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        39 | NC      | $1152.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Farmington NM                                                     | City of Farmington, San Juan Project, Series 2010E                                                                                                   | CUSIP: 311450GF1<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1020000 | PA      | $1041108.49   | 0.48%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AF24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065292.90   | 0.49%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                        | City of Chicago, Series 2025A                                                                                                                        | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018050.10   | 0.47%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                               | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $2319977.50   | 1.07%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                        | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                    | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1278980.38   | 0.59%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                   | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024, Class F                                        | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1949571.19   | 0.90%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Series 2025-1, Class A-1                                                                                   | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    996411 | PA      | $937733.56    | 0.43%             | 2041-01-20      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Astro Texas Land Projects                                                                                                  | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    999550 | PA      | $986012.28    | 0.45%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                      | CUSIP: 64985SMS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966268.40    | 0.45%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                           | California Community Choice Financing Authority, Clean Energy Project, Series 2023B-1                                                                | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1350247.81   | 0.62%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Martin County Health Facilities Authority                                 | Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group, Series 2019A                                              | CUSIP: 573903FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1283220.45   | 0.59%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2024B                                                   | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047919.30   | 0.48%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                         | Indiana Housing and Community Development Authority, Vita of Marion Project, Series 2021A                                                            | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1035570.25   | 0.48%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group, Series 2020A                                                            | CUSIP: 74442PQH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $2709615.19   | 1.25%             | 2042-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                                | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966591.30    | 0.45%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No. 4                                | St Vrain Lakes Metropolitan District No. 4, Series 2024A                                                                                             | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $338751.50    | 0.16%             | 2054-09-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                          | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                                        | CUSIP: 13032UNX2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $842818.70    | 0.39%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series 2018B                                                                                                     | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2431530.63   | 1.12%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                         | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025A                                             | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3308396.04   | 1.53%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -27 | NC      | $-14254.67    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Geisinger Authority                                                       | Geisinger Authority, Health System, Series 2020A                                                                                                     | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973256.00    | 0.45%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008225.40   | 0.47%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                      | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018A                                                                                      | CUSIP: 103844AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490597.55    | 0.23%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                  | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $960324.90    | 0.44%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $379938.15    | 0.18%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023                 | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084384.30   | 0.50%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                               | Vancouver Housing Authority, Series 2025                                                                                                             | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944658.60   | 0.90%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                          | CUSIP: 95737TET9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $997034.85    | 0.46%             | 2046-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                                    | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966689.70    | 0.45%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Central Plains Energy Project                                             | Central Plains Energy Project, Gas Project No. 4, Series 2023A-1                                                                                     | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058524.90   | 0.49%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                           | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                                                | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1251781.38   | 0.58%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                           | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                           | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128112.70   | 0.52%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                     | City of Chicago, Waterworks, Second Lien, Series 2001                                                                                                | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069108.20   | 0.49%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                     | Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A                                                                                 | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2200000 | PA      | $423736.06    | 0.20%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                      | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959654.80    | 0.44%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                         | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A                                                                                      | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985271.30    | 0.45%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                         | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                    | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6265000 | PA      | $866358.66    | 0.40%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                           | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010364.70   | 0.47%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                        | Denver Health and Hospital Authority, Series 2025A                                                                                                   | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046109.60   | 0.48%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series 2019A                                                   | CUSIP: 64577B7A6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1526366.40   | 0.70%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                 | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $707952.96    | 0.33%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project, Series 2021B                                      | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877578.10    | 0.40%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                     | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                                 | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1332701.32   | 0.61%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                        | South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing, Series 2025                                                         | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |    500000 | PA      | $495067.20    | 0.23%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                        | City of Detroit, Unlimited Tax, Series 2020                                                                                                          | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2482577.14   | 1.15%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp.                                  | Suffolk Regional Off-Track Betting Corp., Series 2024                                                                                                | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000022.90   | 0.46%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024B                                          | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $831156.90    | 0.38%             | 2062-06-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2020                                                                 | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.46%             | 2045-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Seattle Academy of Arts and Science Project, Series 2023                                                | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    700000 | PA      | $742399.00    | 0.34%             | 2063-07-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                         | State of Illinois, Series 2023B                                                                                                                      | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2481590.07   | 1.15%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Celanese Corp., Series 2016C                                                                                               | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000578.20   | 0.46%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Series 2020                                              | CUSIP: 87638QQQ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $940720.78    | 0.43%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2023D-1                                                                                          | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2154433.11   | 0.99%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                  | Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc.                                                                          | CUSIP: 041807PU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984299.70    | 0.45%             | 2045-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015528.50   | 0.47%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., Urban Resource Institute Project                                                                                           | CUSIP: 12008EWQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761003.85    | 0.35%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                     | City of South Miami Health Facilities Authority, Inc., Baptist Health South                                                                          | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079206.40   | 0.50%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                      | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018B                                                                                      | CUSIP: 103844AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499911.25    | 0.23%             | 2047-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series 2020B                                                 | CUSIP: 59561TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986559.80    | 0.46%             | 2030-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                          | Maricopa County Industrial Development Authority, Ottawa University                                                                                  | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $202260.68    | 0.09%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado     | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                  | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061637.90   | 0.49%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                      | Dominion Water and Sanitation District                                                                                                               | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $523961.10    | 0.24%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                              | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149929.64    | 0.07%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -13 | NC      | $5969.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series B                                                                                                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959757.00    | 0.44%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                     | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $679450.30    | 0.31%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                          | Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply, Series 2024                                                                          | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063844.50   | 0.49%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                               | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                                | CUSIP: 34077EAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997432.00    | 0.46%             | 2055-06-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series B                                                                                                                                | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1780448.46   | 0.82%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Fort Erie Public Bridge Authority                               | Buffalo and Fort Erie Public Bridge Authority, Series 2017                                                                                           | CUSIP: 119427BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000967.50   | 0.46%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                    | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                           | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947271.50    | 0.44%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project, Series 2021A                                                              | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $843204.34    | 0.39%             | 2060-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                  | County of Fort Bend Toll Road, Senior Lien                                                                                                           | CUSIP: 346817FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031766.20   | 0.48%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A                                                                   | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1098982.72   | 0.51%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                   | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994605.80    | 0.46%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                       | California Public Finance Authority, Senior Living The James, Series 2024A                                                                           | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919641.10    | 0.42%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                              | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2019323.25   | 0.93%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board               | Shelby County Health Educational and Housing Facilities Board, Retirement Facility, The Farm at Bailey Station                                       | CUSIP: 82170KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2146954.20   | 0.99%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                            | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $412340.40    | 0.19%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                               | George L Smith II Congress Center Authority, Convention Center Hotel First, Series 2021A                                                             | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $800157.90    | 0.37%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Series 2021A                                                                                                 | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999938.30    | 0.46%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                                                                                          | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3100000 | PA      | $2730257.73   | 1.26%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California School Facilities Financing Authority                          | California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, Series 2009A                                  | CUSIP: 13058RAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $174311.60    | 0.08%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                             | North Texas Tollway Authority, First Tier                                                                                                            | CUSIP: 66285WWC6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904911.60    | 0.42%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System                                                                  | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102785.40   | 0.51%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health & Educational Facilities Board                       | Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of Memphis Project, Series 2024A-1 | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899909.60    | 0.42%             | 2056-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2023, Series 2023A, Subseries A-3                                                                                      | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   3800000 | PA      | $3800000.00   | 1.75%             | 2049-09-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                            | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                    | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $868469.40    | 0.40%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2024C                                                                     | CUSIP: 6589098F6<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025945.90   | 0.47%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                             | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $788852.25    | 0.36%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                              | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                                  | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    875000 | PA      | $804212.59    | 0.37%             | 2046-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                              | Commonwealth of Pennsylvania, Series 2024-1                                                                                                          | CUSIP: 70914P4G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1105071.24   | 0.51%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036110.40   | 0.94%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                                              | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070009.70   | 0.49%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                            | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                            | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1170057.88   | 0.54%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                               | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                          | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $1033983.60   | 0.48%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                           | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A                                                           | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1016847.20   | 0.47%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                 | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $561227.02    | 0.26%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                     | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                        | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    400000 | PA      | $367597.24    | 0.17%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| County of Gallatin MT                                                     | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                              | CUSIP: 363671BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $791582.80    | 0.37%             | 2036-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                    | Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project, Series 2023B                                                   | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1076526.40   | 0.50%             | 2048-07-01      | Fixed         | 7.37%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project                                                                 | CUSIP: 64577XBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2949126 | PA      | $2031179.76   | 0.94%             | 2040-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Long Island Power Authority                                               | Long Island Power Authority, Electric System, Series 2024B                                                                                           | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998026.50    | 0.46%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   8230000 | PA      | $2585389.48   | 1.19%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                             | Commonwealth of Massachusetts, Consolidated Loan of 2016, Series 2016J                                                                               | CUSIP: 57582RME3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962615.20    | 0.44%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                         | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                          | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  28093251 | NS      | $28096060.18  | 12.96%            |  |  |  | No            |                  1 | On Loan: No      |
| County of Montgomery OH                                                   | County of Montgomery, Ohio Health care Facilities Solvita Project, Series 2024                                                                       | CUSIP: 613518CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089753.80   | 0.50%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                | Stamford Housing Authority, Mozaic Concierge Living Project, Series 2025A                                                                            | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986251.30    | 0.46%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2016A                | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1891983.60   | 0.87%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                | Alachua County Health Facilities Authority, Continuing Care Retirement Oak Hammock at The university of Florida, Inc., Series 2025B-1                | CUSIP: 010684BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $736687.56    | 0.34%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                   | Montgomery County Higher Education and Health Authority, Series 2022B                                                                                | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951194.00    | 0.44%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                      | New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project, Series 2018A                                                      | CUSIP: 64542UDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $790185.30    | 0.36%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                              | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2037681.80   | 0.94%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                    | New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997B                                    | CUSIP: 649845JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526814.15   | 0.70%             | 2032-08-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                     | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023A                                                              | CUSIP: 197479AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998087.90    | 0.46%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                      | Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-2                                                 | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991423.00    | 0.46%             | 2054-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                        | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1085349.78   | 0.50%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                      | District of Columbia, Georgetown University Issue, Series 2025A                                                                                      | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086343.40   | 0.50%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow    | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                   | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $652506.10    | 0.30%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                         | Plano Independent School District, Unlimited Tax                                                                                                     | CUSIP: 727199G21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917696.10    | 0.42%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                    | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016628.70   | 0.47%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                        | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105490.60   | 0.97%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                         | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                             | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $814199.90    | 0.38%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue    | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                      | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    748000 | PA      | $701949.38    | 0.32%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Rosewell Park Cancer Institute Obligated Group                                                                   | CUSIP: 64985SNG4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040015.10   | 0.48%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                        | New York Counties Tobacco Trust, Series 2016A-2B                                                                                                     | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1238877.00   | 0.57%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                    | Illinois Housing Development Authority, Series 2025A                                                                                                 | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129538.00   | 0.52%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Kahala Nui Project                                                                                                         | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966122.80    | 0.45%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                     | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                          | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $394432.15    | 0.18%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1301265.60   | 0.60%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                          | CUSIP: 95737TEV4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $759129.10    | 0.35%             | 2056-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                    | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1821346.40   | 0.84%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group                                                                 | CUSIP: 97712JMW0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    990000 | PA      | $849267.14    | 0.39%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                      | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                                                   | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1278500.50   | 0.59%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    700000 | PA      | $543473.91    | 0.25%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                          | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1351270.50   | 0.62%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                         | City and County of Denver, Airport System, Series 2018A                                                                                              | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436338.10    | 0.20%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $560678.76    | 0.26%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority     | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                 | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904299.50    | 0.42%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | State of Illinois, Series 2019C                                                                                                                      | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1287759.90   | 0.59%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                      | County of Jefferson sewer                                                                                                                            | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002930.10   | 0.46%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                           | Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project                                                                           | CUSIP: 190760JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044470.30   | 0.48%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                         | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                                          | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1008451.80   | 0.47%             | 2026-07-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                           | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                      | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1515000 | PA      | $1518107.11   | 0.70%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                              | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $874889.00    | 0.40%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer