# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180639
**Filing Date:** 2025-7
**Character Count:** 1594445
**Document Hash:** eea2c27ed63292050d8bf33d72ea8e22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180639.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180639

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**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:** 251154594

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

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

## Nport-Ex

**JPMorgan Ultra-Short Municipal Income ETF**

**Schedule of Portfolio Investments as of May 31, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 91.2% (a)** | **Municipal Bonds — 91.2% (a)** | **Municipal Bonds — 91.2% (a)** |
| **Alabama — 1.5%** | **Alabama — 1.5%** | **Alabama — 1.5%** |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 331372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp;&nbsp; 2370373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 194545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461145 |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Capital improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45173 |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Capital Improvement Series 2020A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 136060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham, Childrens Hospital Health Care Facility Series 2015, <br> Rev., 5.00%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85053 |
| &nbsp;&nbsp;&nbsp; Auburn University Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20435 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25002870 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Supply Series 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 4.29%, <br> 6/6/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25575000 | &nbsp;&nbsp;&nbsp;&nbsp; 25806129 |
| &nbsp;&nbsp;&nbsp; City of Homewood, GO, 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61472 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer Series 2024, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043773 |
| &nbsp;&nbsp;&nbsp; County of Mobile, Warrants, GO, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., <br> 1.00%, 6/26/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99807 |
| &nbsp;&nbsp;&nbsp; Montgomery Water Works and Sanitary Sewer Board Series 2019A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35155 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa City Board of Education Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 568005 |
| &nbsp;&nbsp;&nbsp; University of Alabama (The) Series 2019A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50076 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 58482175 |
| **Alaska — 1.0%** | **Alaska — 1.0%** | **Alaska — 1.0%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Home Mortgage Series 2007A, Rev., VRDO, LIQ : FHLB, 1.63%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28900000 | &nbsp;&nbsp;&nbsp;&nbsp; 28900000 |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., State Capital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II 2015A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II 2015B, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II 2021 A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 959825 |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 484191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56688 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Alaska School General Obligation Series 2025B, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1413631 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 482140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3411887 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope Series 2022A, GO, 5.00%, 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79700 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 330498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 4.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121541 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Alaska — continued** | **Alaska — continued** | **Alaska — continued** |
| &nbsp;&nbsp;&nbsp; Municipality of Anchorage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45196 |
| &nbsp;&nbsp;&nbsp; State of Alaska |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80258 |
| &nbsp;&nbsp;&nbsp; University of Alaska Series 2015T, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502471 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 38656146 |
| **Arizona — 3.0%** | **Arizona — 3.0%** | **Arizona — 3.0%** |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents, State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45077 |
| &nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 1.93%, 6/12/2025 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1796314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., (SIFMA Municipal Swap Index Yield + 0.25%), 1.93%, 6/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7527595 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4004866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2210384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project Series 2022, Rev., 5.00%, <br> 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30622 |
| &nbsp;&nbsp;&nbsp; Arizona Transportation Board, Rev., GAN, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 240375 |
| &nbsp;&nbsp;&nbsp; Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9765000 | &nbsp;&nbsp;&nbsp;&nbsp; 9777408 |
| &nbsp;&nbsp;&nbsp; Arizona Water Infrastructure Finance Authority Series 2024, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5795973 |
| &nbsp;&nbsp;&nbsp; City of Chandler Series 2016, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2091050 |
| &nbsp;&nbsp;&nbsp; City of Glendale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25039 |
| &nbsp;&nbsp;&nbsp; City of Glendale Water and Sewer, Senior Lien Series 2015, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 325524 |
| &nbsp;&nbsp;&nbsp; City of Mesa Series 2021, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25036 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System Series 2017, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1534181 |
| &nbsp;&nbsp;&nbsp; City of Peoria Water and Wastewater Series 2020A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 275635 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Series 2016, GO, 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278305 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 435655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200249 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., NATL - RE, 5.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25724 |
| &nbsp;&nbsp;&nbsp; City of Tempe Series B, GO, 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75050 |
| &nbsp;&nbsp;&nbsp; City of Tucson Water System Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100153 |
| &nbsp;&nbsp;&nbsp; City of Yuma Municipal Property Corp., Senior Lien Series 2015, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017876 |
| &nbsp;&nbsp;&nbsp; County of Navajo, Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20012 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp; County of Pima Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153516 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 5/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2094259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5770000 | &nbsp;&nbsp;&nbsp;&nbsp; 5851754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., 5.00%, 5/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 392307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A3, Rev., 5.00%, 11/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp; 3428804 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 4 Mesa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20028 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 4 Mesa, Project Of 2018 Series 2022E, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40055 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 60 Higley Series 2015, GO, A.G., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75108 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 210-Phoenix, Project of 2023 Series 2025B, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2481649 |
| &nbsp;&nbsp;&nbsp; Pima County Regional Transportation Authority Excise Tax Series 2017, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Municipal Products, Inc. Trust, Floater Certificates Series E-147, Rev., VRDO, LOC : Royal Bank of Canada, 2.00%, <br> 6/12/2025 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2015A, Rev., 5.00%, <br> 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44415000 | &nbsp;&nbsp;&nbsp;&nbsp; 44415000 |
| &nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp. Series 2015, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30044 |
| &nbsp;&nbsp;&nbsp; State of Arizona |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 855372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 503505 |
| &nbsp;&nbsp;&nbsp; State of Arizona Lottery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 199236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 215595 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 112155320 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Rogers Sales and Use Tax Series 2022, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70491 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Fee Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76745 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 147236 |
| **California — 2.1%** | **California — 2.1%** | **California — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community College Financing Authority, West Valley Mission Community College District Series 2016C, Rev., <br> 5.00%, 6/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. Series 2020A, Rev., 5.00%, <br> 6/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103361 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority Series 2019C, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176181 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, St. Joseph Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19280000 | &nbsp;&nbsp;&nbsp;&nbsp; 19361574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Colburn School (The), Rev., (SIFMA Municipal Swap Index <br> Yield + 0.90%), 2.58%, 6/12/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28500000 | &nbsp;&nbsp;&nbsp;&nbsp; 28419596 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5246602 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 4.10%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Rev., AMT, VRDO, <br> 3.70%, 8/15/2025 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7492891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Adventist Health System/West Obligated Group Series <br> 2007A, Rev., 5.00%, 3/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 790285 |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25326 |
| &nbsp;&nbsp;&nbsp; Colton Joint Unified School District, Election of 2008 Series 2010B, GO, A.G., 5.80%, 8/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67315 |
| &nbsp;&nbsp;&nbsp; Desert Community College District Series 2016, GO, 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50734 |
| &nbsp;&nbsp;&nbsp; El Dorado Irrigation District Series 2016C, Rev., 5.00%, 3/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40699 |
| &nbsp;&nbsp;&nbsp; Glendale Community College District, Election of 2016 Series 2016A, GO, 5.25%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26415 |
| &nbsp;&nbsp;&nbsp; Glendale Unified School District Series 2015B, GO, Zero Coupon, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 299718 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp. Series 2015A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26042 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 812587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 815797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 667366 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 10/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10692 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks Series 2024B-2, Rev., 5.00%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424977 |
| &nbsp;&nbsp;&nbsp; Oxnard School District Series D, GO, A.G., 5.00%, 8/1/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20063 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric Series 2019B, Rev., 5.00%, 10/15/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215932 |
| &nbsp;&nbsp;&nbsp; San Diego Association of Governments Series 2019A, Rev., 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100984 |
| &nbsp;&nbsp;&nbsp; Solano County Community College District, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 681993 |
| &nbsp;&nbsp;&nbsp; Sonoma Valley Unified School District Series 2015A, GO, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Series 2016C, <br> GO, 4.00%, 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162666 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority Series 2023-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330611 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1793063 |
| &nbsp;&nbsp;&nbsp; Sunnyvale School District, GO, 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp. Series 2021A <br> CL 1, Class 1, Rev., 5.00%, 6/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 421787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp. Series <br> 2019A, Class 1, Rev., 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 and 2008-1 Series 2008-1, GO, <br> 5.00%, 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30098 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 79271377 |
| **Colorado — 2.3%** | **Colorado — 2.3%** | **Colorado — 2.3%** |
| &nbsp;&nbsp;&nbsp; Adams and Arapahoe Joint School District 28J Aurora, GO, 5.50%, 12/1/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149672 |
| &nbsp;&nbsp;&nbsp; City and County of Denver |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250765 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 979144 |
| &nbsp;&nbsp;&nbsp; City and County of Denver Pledged Excise Tax Series 2016A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 348005 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4795134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071699 |
| &nbsp;&nbsp;&nbsp; City of Aurora |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 297131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 63130 |
| &nbsp;&nbsp;&nbsp; City of Aurora Water, First Lien Series 2016, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225707 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 353269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A-1, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464226 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76114 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventhealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 11/19/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2056430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 11/19/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1572433 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 11/20/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 573330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 11/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424096 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Colorado Project Series C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86495 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-1, Rev., 5.00%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3995000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 346494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5184814 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Obligated Group Series 2022A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 737882 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., VRDO, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28100000 | &nbsp;&nbsp;&nbsp;&nbsp; 28100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 8/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2855441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 8/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5273624 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, NCMC, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-XM1212, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 137249 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical center, Inc. Project, Rev., 4.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 470477 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Sanford Health Series 2019A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 202586 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project |  |  |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Higher Education, Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, <br> 11/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 342811 |
| &nbsp;&nbsp;&nbsp; Colorado Springs School District No. 11 Facilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 398448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 375936 |
| &nbsp;&nbsp;&nbsp; County of Adams, COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252507 |
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Series 2020A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76859 |
| &nbsp;&nbsp;&nbsp; Garfield Pitkin and Eagle Counties School District No. Re-1 Roaring Fork |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25283 |
| &nbsp;&nbsp;&nbsp; Platte River Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series JJ, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series JJ, Rev., 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65770 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2167911 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 965117 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018L, COP, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 150186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80906 |
| &nbsp;&nbsp;&nbsp; Town of Castle Rock, Sales and Use Tax, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; University of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007A, Rev., NATL - RE, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B-1, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007A, Rev., NATL - RE, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112295 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B-1, Rev., 4.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 293122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C-3B, Rev., 2.00%, 10/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6111886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58399 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 87185467 |
| **Connecticut — 1.0%** | **Connecticut — 1.0%** | **Connecticut — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, University System Issue Series L, Rev., 3.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 119669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale University Series 2017C-1, Rev., 5.00%, <br> 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 63012 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015E, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120377 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14625000 | &nbsp;&nbsp;&nbsp;&nbsp; 15060930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6841758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2208133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 538163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E, GO, 5.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, GO, 5.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 274331 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 276382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 221498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 261771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 611699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 48588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102246 |
| &nbsp;&nbsp;&nbsp; Town of Groton, GO, BAN, 4.25%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6953145 |
| &nbsp;&nbsp;&nbsp; University of Connecticut Series 2015A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25038 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 38485504 |
| **Delaware — 0.4%** | **Delaware — 0.4%** | **Delaware — 0.4%** |
| &nbsp;&nbsp;&nbsp; County of New Castle Series 2015, GO, 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, <br> 7/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 713006 |
| &nbsp;&nbsp;&nbsp; Delaware Transportation Authority Series 2016, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033870 |
| &nbsp;&nbsp;&nbsp; State of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127460 |
| &nbsp;&nbsp;&nbsp; University of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12515000 | &nbsp;&nbsp;&nbsp;&nbsp; 12515000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100846 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 14580611 |
| **District of Columbia — 1.3%** | **District of Columbia — 1.3%** | **District of Columbia — 1.3%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5105000 | &nbsp;&nbsp;&nbsp;&nbsp; 5369627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project Series 2023, Rev., <br> FHA, 5.00%, 6/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6275000 | &nbsp;&nbsp;&nbsp;&nbsp; 6311131 |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Paxton Project Series 2022, Rev., 4.00%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051162 |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20768 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water and Sewer Authority Series A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90553 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Children's Hospital Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 232352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 267587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100926 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Federal Highway Series 2020, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47987 |
| &nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, Inc., Issue Series 2016, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25400 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C-2, Rev., VRDO, LOC : TD Bank NA, 1.66%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20100000 | &nbsp;&nbsp;&nbsp;&nbsp; 20100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3724295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road, Second Line Series 2009C, Rev., A.G., 6.50%, <br> 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 601328 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 286226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26005 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 87235 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 48668931 |
| **Florida — 4.9%** | **Florida — 4.9%** | **Florida — 4.9%** |
| &nbsp;&nbsp;&nbsp; Alachua County School Board Series 2020, COP, A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20814 |
| &nbsp;&nbsp;&nbsp; Brevard County School District Series C, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75107 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Sustainability Bonds - The Marie, Rev., 4.00%, 6/15/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 339839 |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45980 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 545131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80502 |
| &nbsp;&nbsp;&nbsp; Central Florida Tourism Oversight District Series 2017A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; City of Gainesville, Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50056 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 281682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 724324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 166019 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville, Health Care Facilities, Baptist Health Series 2019C, Rev., VRDO, 1.68%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18600000 | &nbsp;&nbsp;&nbsp;&nbsp; 18600000 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 314750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A, Rev., A.G., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069241 |
| &nbsp;&nbsp;&nbsp; City of Miami Beach Water and Sewer Series 2017, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125553 |
| &nbsp;&nbsp;&nbsp; City of Orlando Series 2016B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group, Rev., 5.00%, <br> 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46680 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee, Energy System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 89282 |
| &nbsp;&nbsp;&nbsp; Ciy of Jacksonville Sales Tax Series 2016, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25154 |
| &nbsp;&nbsp;&nbsp; Collier County Water-Sewer District Series 2016, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204345 |
| &nbsp;&nbsp;&nbsp; County of Broward, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q-1, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 195173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100168 |
| &nbsp;&nbsp;&nbsp; County of Hillsborough, Community Investment Tax, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161308 |
| &nbsp;&nbsp;&nbsp; County of Lee Series 2015, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85553 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086766 |
| &nbsp;&nbsp;&nbsp; County of Manatee Series 2022, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2414414 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 284859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 198384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20348 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 337155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 699338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 168033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20342 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91780 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Transit System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 725961 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 669347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 216414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47236 |
| &nbsp;&nbsp;&nbsp; County of Seminole Water and Sewer Series 2015A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55367 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 1.60%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 35750000 | &nbsp;&nbsp;&nbsp;&nbsp; 35750000 |
| &nbsp;&nbsp;&nbsp; Duval County Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 423416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42887 |
| &nbsp;&nbsp;&nbsp; Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 369620 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Housing System Series 2016A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090502 |
| &nbsp;&nbsp;&nbsp; Florida Department of Environmental Protection |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3405000 | &nbsp;&nbsp;&nbsp;&nbsp; 3408300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 347779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 199462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 736323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 206915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26528 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 432023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 921852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 54010 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Housing Project Series 2008A, Rev., VRDO, LOC : TD Bank NA, 1.66%, <br> 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp;&nbsp; 8800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, Rollins College Project Series 2012B, Rev., 3.13%, <br> 12/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99630 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4715000 | &nbsp;&nbsp;&nbsp;&nbsp; 4749609 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 603668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 342078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 698181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 173655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2287283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 3087664 |
| &nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority Series 2022A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 182567 |
| &nbsp;&nbsp;&nbsp; FSU Financial Assistance, Inc. Series 2012C, Rev., 3.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99831 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority Series 2017A, Rev., AMT, 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418885 |
| &nbsp;&nbsp;&nbsp; Halifax Hospital Medical Center Series 2015, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, Tampa International Airport Series 2022A, Rev., AMT, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3105215 |
| &nbsp;&nbsp;&nbsp; Hillsborough County School Board, Masteer Lease Program, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3264852 |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7318757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 154469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78037 |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008A-1, Rev., VRDO, LIQ : US Bank NA, 1.50%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12100000 | &nbsp;&nbsp;&nbsp;&nbsp; 12100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25167 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 220051 |
| &nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency Series A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 576889 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Toll System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2882787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6880000 | &nbsp;&nbsp;&nbsp;&nbsp; 6886657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 375454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 263981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25367 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Quail Roost Transit Village Series 2023, Rev., 5.00%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4985000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004435 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Santa Clara II Apartments Series 2023, Rev., 5.00%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp;&nbsp; 5250491 |
| &nbsp;&nbsp;&nbsp; Okaloosa County School Board Series 2022A, COP, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68020 |
| &nbsp;&nbsp;&nbsp; Orange County Convention Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 159178 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 141338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37230 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 59165 |
| &nbsp;&nbsp;&nbsp; Orange County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, COP, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 792470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, COP, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 342522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102143 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 774906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 472994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52542 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 340970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, COP, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 122045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 106126 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1694739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93725 |
| &nbsp;&nbsp;&nbsp; Polk County School District Series 2019, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372468 |
| &nbsp;&nbsp;&nbsp; Sarasota County School Board, Florida Certificates of Participation Master Lease Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 260582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21483 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 535979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2427428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 192011 |
| &nbsp;&nbsp;&nbsp; School District of Broward County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 335440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45059 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 631154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, A.G., 5.00%, 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 495906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, COP, 5.00%, 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 382456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80383 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, Memorial Healthcare System, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 216717 |
| &nbsp;&nbsp;&nbsp; South Florida Water Management District, COP, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 246528 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016E, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 158331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51171 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67435 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27359 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 2.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 3228428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 6.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22343 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation, Indirect Garvees Series 2019A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 172375 |
| &nbsp;&nbsp;&nbsp; State of Florida Lottery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Department of Transportation Roght of Way Acquisition and Bridge Construction Series 2017A, GO, <br> 5.00%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50075 |
| &nbsp;&nbsp;&nbsp; State of Florida, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015F, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016E, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 321770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43216 |
| &nbsp;&nbsp;&nbsp; State of Florida, Right of Way Acquisition and Bridge Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40937 |
| &nbsp;&nbsp;&nbsp; State of Florida, State Board of Education, Lottery Series 2014A, Rev., 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69975 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75500 |
| &nbsp;&nbsp;&nbsp; Tohopekaliga Water Authority, Utility System, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181177 |
| &nbsp;&nbsp;&nbsp; Volusia County School Board, Master Lease Program Series 2021A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150453 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 186698175 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products Series 1999, Rev., 5.20%, <br> 5/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26229 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation Series 2020A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35052 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, Rev., A.G., 5.75%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 147044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, Rev., A.G., 5.75%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1444797 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019A, Rev., 5.00%, <br> 7/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 237385 |
| &nbsp;&nbsp;&nbsp; County of Carroll Series 2021, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 137578 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40406 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20148 |
| &nbsp;&nbsp;&nbsp; Development Authority for Fulton County Series 2017B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2012-2, Rev., 3.30%, <br> 8/21/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3199837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2006-2, Rev., 3.88%, <br> 3/6/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350966 |
| &nbsp;&nbsp;&nbsp; Floyd County Hospital Authority, Floyd Medical Center Project, Rev., GTD, 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20434 |
| &nbsp;&nbsp;&nbsp; Georgia State Road and Tollway Authority Series 2020, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61236 |
| &nbsp;&nbsp;&nbsp; Henry County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 4.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75949 |
| &nbsp;&nbsp;&nbsp; Henry County Water Authority Series 2021, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70937 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Series 2023B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20028 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2017D, Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288894 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia Project Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 267666 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609934 |
| &nbsp;&nbsp;&nbsp; Private Colleges and Universities Authority, Emory University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 672777 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25624 |
| &nbsp;&nbsp;&nbsp; Richmond County Board of Education, Sales Tax, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 553614 |
| &nbsp;&nbsp;&nbsp; State of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016E, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25362 |
| &nbsp;&nbsp;&nbsp; Walton County School District Series 2012, GO, 5.25%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50169 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 13145189 |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |
| &nbsp;&nbsp;&nbsp; City and County Honolulu Wastewater System, First Resolution Series B, Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250181 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, GO, 3.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 174697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111013 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu, Rail Transit Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 355408 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu, Wastewater System Series B, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100152 |
| &nbsp;&nbsp;&nbsp; County of Hawaii Series C, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20290 |
| &nbsp;&nbsp;&nbsp; County of Maui Series 2018, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40187 |
| &nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EY, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EZ, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FN, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FH, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 138913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ET, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016FB, GO, 4.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EO, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40041 |
| &nbsp;&nbsp;&nbsp; State of Hawaii State Highway Fund Series B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35587 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp; 5484493 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ada and Canyon Counties Joint School District No. 2 Meridian Series 2015, GO, 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2515000 | &nbsp;&nbsp;&nbsp;&nbsp; 2524751 |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Series 2015ID, Rev., 5.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95167 |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Federal Highway Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., GRAN, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., GRAN, 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Single Family Mortgage Series 2009A, Class I, Rev., VRDO, 1.86%, <br> 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 565000 |
| &nbsp;&nbsp;&nbsp; Idaho State Building Authority, Sales Tax Series 2024A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 249974 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp; 3752103 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — 3.5%** | **Illinois — 3.5%** | **Illinois — 3.5%** |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 217200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 227302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 313414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 892158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.25%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 129239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181410 |
| &nbsp;&nbsp;&nbsp; City of Chicago Series 1999, GO, NATL - RE, Zero Coupon, 1/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3702708 |
| &nbsp;&nbsp;&nbsp; City of Decatur |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 342197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook Kane Lake and McHenry Counties Community College District No. 512, William Rainey Harper College Series <br> 2017B, GO, 5.00%, 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 393227 |
| &nbsp;&nbsp;&nbsp; County of Cook |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 4.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 117069 |
| &nbsp;&nbsp;&nbsp; County of Will Series 2016, GO, 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121083 |
| &nbsp;&nbsp;&nbsp; Du Page Cook and Will Counties Community College District No. 502 Series 2023, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 606949 |
| &nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, Solid waste Management, Inc. Project, Rev., AMT, 4.25%, 11/3/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10495837 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 288284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2911059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37393 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Edward Elmhurst Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 1/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007130 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20905 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern University Series 2015, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield <br> + 0.70%), 2.38%, 6/12/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5790000 | &nbsp;&nbsp;&nbsp;&nbsp; 5747731 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 4.00%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 535069 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush University Medical Center Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185134 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175111 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series 2015C, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6070000 | &nbsp;&nbsp;&nbsp;&nbsp; 6092288 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 295437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 209580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 175563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 399420 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 388515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.25%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086855 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 218569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 359242 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3097487 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Unitypoint Health Series 2016D, Rev., 4.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5495000 | &nbsp;&nbsp;&nbsp;&nbsp; 5533933 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 27020000 | &nbsp;&nbsp;&nbsp;&nbsp; 27177302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Rev., FHA, 4.00%, 6/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2935000 |
| &nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 355733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155264 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 182199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 189384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 662844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 106977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 75964 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1342777 |
| &nbsp;&nbsp;&nbsp; Railsplitter Tobacco Settlement Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586915 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 275373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003A, Rev., NATL - RE, 5.50%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 2818318 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40227 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6180000 | &nbsp;&nbsp;&nbsp;&nbsp; 6225683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 595034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 794392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 230019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1334113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19825000 | &nbsp;&nbsp;&nbsp;&nbsp; 20306375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 847481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 183219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3010000 | &nbsp;&nbsp;&nbsp;&nbsp; 3110082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 129835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3920154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 69098 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1869198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56325 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 134114503 |
| **Indiana — 0.6%** | **Indiana — 0.6%** | **Indiana — 0.6%** |
| &nbsp;&nbsp;&nbsp; Carmel Local Public Improvement Bond Bank Series 2021A, Rev., 4.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65055 |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Gas Utility, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 396519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 115042 |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 810155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25697 |
| &nbsp;&nbsp;&nbsp; City of Whiting, BP Products North America, Inc. Project Series 2019A, Rev., AMT, 5.00%, 6/5/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925383 |
| &nbsp;&nbsp;&nbsp; GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45471 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 237214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group Series 2016, Rev., 5.00%, <br> 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 240024 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20921 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project, First Lien Series 2022A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26226 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Deaconess Health System Series 2016A, Rev., 4.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078852 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2017B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102627 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health Series 2019B, Rev., 2.10%, 11/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 58411 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 2.25%, 7/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3769213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3540348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., 5.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4025000 | &nbsp;&nbsp;&nbsp;&nbsp; 4333878 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 318789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 171896 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 217924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 293943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 143442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58108 |
| &nbsp;&nbsp;&nbsp; Indiana Health Facility Financing Authority, Ascension Health Credit Group Series 2005A-7, Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30078 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 250051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 992954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81337 |
| &nbsp;&nbsp;&nbsp; Indiana University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20329 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 1/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26794 |
| &nbsp;&nbsp;&nbsp; Ivy Tech Community College of Indiana, Student Fee Series W, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn High School Building Corp., Mishawaka St. Joseph County Indiana, Ad Valorem Property Tax Series 2024B, Rev., <br> 5.00%, 7/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 901649 |
| &nbsp;&nbsp;&nbsp; Purdue University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016CC, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61351 |
| &nbsp;&nbsp;&nbsp; Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40176 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 24181265 |
| **Iowa — 1.8%** | **Iowa — 1.8%** | **Iowa — 1.8%** |
| &nbsp;&nbsp;&nbsp; City of Shenandoah, Iowa Sewer Capital Loan Project, Rev., 4.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17100000 | &nbsp;&nbsp;&nbsp;&nbsp; 17182230 |
| &nbsp;&nbsp;&nbsp; County of Polk Series 2024A, GO, AMT, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2316877 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Iowa — continued** | **Iowa — continued** | **Iowa — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project, Rev., VRDO, 1.55%, <br> 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21600000 | &nbsp;&nbsp;&nbsp;&nbsp; 21600000 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Series 2015, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95309 |
| &nbsp;&nbsp;&nbsp; State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics Series S, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25114 |
| &nbsp;&nbsp;&nbsp; State of Iowa, Ijobs Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 3680365 |
| &nbsp;&nbsp;&nbsp; University of Iowa (The), Parking System Series 2023, Rev., BAN, 3.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24140000 | &nbsp;&nbsp;&nbsp;&nbsp; 24145948 |
| &nbsp;&nbsp;&nbsp; Xenia Rural Water District, Capital Loan Notes, Rev., 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 190768 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 69826611 |
| **Kansas — 0.7%** | **Kansas — 0.7%** | **Kansas — 0.7%** |
| &nbsp;&nbsp;&nbsp; Butler County Unified School District No. 385 Andover |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 4.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045710 |
| &nbsp;&nbsp;&nbsp; City of Derby Series 2024-1, GO, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4180000 | &nbsp;&nbsp;&nbsp;&nbsp; 4195284 |
| &nbsp;&nbsp;&nbsp; City of Wichita Water and Sewer Utility Series 2016B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30180 |
| &nbsp;&nbsp;&nbsp; County of Johnson Series 2018A, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65312 |
| &nbsp;&nbsp;&nbsp; Franklin County Unified School District No. 290 Ottawa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.75%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80324 |
| &nbsp;&nbsp;&nbsp; Geary County Unified School District No. 475 Series 2017A, GO, 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20096 |
| &nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission Series 2015A, GO, 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20120 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Series 2020B, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37127 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9220000 | &nbsp;&nbsp;&nbsp;&nbsp; 9726051 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, State of Kansas Project Series 2019F, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30874 |
| &nbsp;&nbsp;&nbsp; Rice County Unified School District No. 376 Sterling Series 2015, GO, A.G., 4.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1202370 |
| &nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104590 |
| &nbsp;&nbsp;&nbsp; Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25119 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 266220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 107677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2478875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4375000 | &nbsp;&nbsp;&nbsp;&nbsp; 4655305 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 25518756 |
| **Kentucky — 0.8%** | **Kentucky — 0.8%** | **Kentucky — 0.8%** |
| &nbsp;&nbsp;&nbsp; County of Trimble Series 2023A, Rev., AMT, 4.70%, 6/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006322 |
| &nbsp;&nbsp;&nbsp; Kentucky Asset Liability Commission, Federal Highway Trust Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 246177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3805000 | &nbsp;&nbsp;&nbsp;&nbsp; 3823272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 286323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90376 |
| &nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp. Series 2019, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group Series 2019A-1, Rev., <br> 5.00%, 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 686601 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Norton Healthcare, Inc. Series 2000B, Rev., NATL - RE, Zero <br> Coupon, 10/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 212416 |
| &nbsp;&nbsp;&nbsp; Kentucky Housing Corp., Multi Family Housing Beecher Terrace Phase IV Project, Rev., 5.00%, 9/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Series 2016A, Rev., <br> 5.00%, 2/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76050 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C-1, Rev., 4.00%, 6/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 711785 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp;&nbsp; 3189417 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 108 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45954 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 636099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 911536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97193 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 113 Series 2024B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047797 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 115, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1467534 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 122 Series A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047797 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 130 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 185089 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1935520 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2476142 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229161 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority, Revitalization Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 390542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 117644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 208659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 630545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31289 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25502 |
| &nbsp;&nbsp;&nbsp; Scott County School District Finance Corp., Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 31498633 |
| **Louisiana — 1.6%** | **Louisiana — 1.6%** | **Louisiana — 1.6%** |
| &nbsp;&nbsp;&nbsp; City of New Orleans, Water System Series 2015, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 459338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority Series 2017, Rev., <br> 5.00%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Projects, <br> Rev., 5.00%, 10/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005571 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Elementus Minerals, LLC Project Series 2023, Rev., 5.00%, 11/1/2025 (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 14010000 | &nbsp;&nbsp;&nbsp;&nbsp; 14058389 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2002B, Rev., 5.50%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25592 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University of Louisiana Project Series 2016A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72011 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017C, Rev., 3.30%, 7/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979797 |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2558145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081602 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33900000 | &nbsp;&nbsp;&nbsp;&nbsp; 33900000 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 60456128 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank, Transportation Infrastructure Transcap Program Series 2021A, Rev., 5.00%, <br> 9/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175793 |
| &nbsp;&nbsp;&nbsp; Maine School Administrative District No. 51 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, BAN, 4.50%, 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp;&nbsp; 9672206 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1770121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420721 |
| &nbsp;&nbsp;&nbsp; State of Maine Series 2017B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25540 |
| &nbsp;&nbsp;&nbsp; University of Maine System Series 2022, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40572 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 13380974 |
| **Maryland — 0.0% ^** | **Maryland — 0.0% ^** | **Maryland — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40297 |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel Series 2020, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55394 |
| &nbsp;&nbsp;&nbsp; County of Baltimore Series 2015, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20064 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2017B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20425 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Public Facilities Projects Series 2020A, COP, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25163 |
| &nbsp;&nbsp;&nbsp; County of Prince George's Series 2023A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125421 |
| &nbsp;&nbsp;&nbsp; County of Prince George's, Consolidated Public Improvement Series 2020A, GO, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20049 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Medstar Health, Inc. Series 2015, Rev., 5.00%, <br> 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Rev., 5.00%, <br> 5/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142618 |
| &nbsp;&nbsp;&nbsp; Maryland State Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100155 |
| &nbsp;&nbsp;&nbsp; State of Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 4.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25002 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2019, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25725 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Second Issue, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2017 Series 2017A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20064 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2021 Series 2022D, GO, 4.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62556 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., GTD, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., GTD, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 1412429 |
| **Massachusetts — 4.8%** | **Massachusetts — 4.8%** | **Massachusetts — 4.8%** |
| &nbsp;&nbsp;&nbsp; Acton and Boxborough Regional School District, GO, BAN, 4.50%, 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103258 |
| &nbsp;&nbsp;&nbsp; Brockton Area Transit Authority, Rev., RAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3704457 |
| &nbsp;&nbsp;&nbsp; City of Gloucester, GO, BAN, 4.00%, 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45122 |
| &nbsp;&nbsp;&nbsp; City of Pittsfield, GO, BAN, 4.50%, 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4714249 | &nbsp;&nbsp;&nbsp;&nbsp; 4757550 |
| &nbsp;&nbsp;&nbsp; City of Somerville Series 2025B, GO, BAN, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18500000 | &nbsp;&nbsp;&nbsp;&nbsp; 18907392 |
| &nbsp;&nbsp;&nbsp; City of Springfield, GO, BAN, 4.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9435208 | &nbsp;&nbsp;&nbsp;&nbsp; 9528366 |
| &nbsp;&nbsp;&nbsp; City of Woburn, Municipal Purpose Loan, GO, 2.63%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99588 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 547726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3260066 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2019 Series 2019G, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50250 |
| &nbsp;&nbsp;&nbsp; Greater Attleboro-Taunton Regional Transit Authority, Rev., RAN, GTD, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 829628 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., 5.25%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 152066 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150227 |
| &nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23 B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50723 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Caregroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015H-1, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015H-1, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-2, Rev., VRDO, <br> LOC : TD Bank NA, 1.25%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019T-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.28%, 6/12/2025 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O-2, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016Q, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45949 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016Q, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 310959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series M, Rev., <br> 5.25%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45084 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Dedicated Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30034 |
| &nbsp;&nbsp;&nbsp; Merrimack Valley Regional Transit Authority, Rev., RAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7203166 |
| &nbsp;&nbsp;&nbsp; Pioneer Valley Transit Authority, Rev., RAN, GTD, 4.50%, 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18400000 | &nbsp;&nbsp;&nbsp;&nbsp; 18415393 |
| &nbsp;&nbsp;&nbsp; Southeastern Regional Transit Authority, Rev., RAN, 4.25%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3905914 |
| &nbsp;&nbsp;&nbsp; Town of Abington, GO, BAN, 4.50%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2484995 | &nbsp;&nbsp;&nbsp;&nbsp; 2506442 |
| &nbsp;&nbsp;&nbsp; Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8699000 | &nbsp;&nbsp;&nbsp;&nbsp; 8791481 |
| &nbsp;&nbsp;&nbsp; Town of Middleton, Municipal Purpose Loan, GO, 2.50%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39891 |
| &nbsp;&nbsp;&nbsp; Town of Nantucket Series A, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10745000 | &nbsp;&nbsp;&nbsp;&nbsp; 10766456 |
| &nbsp;&nbsp;&nbsp; Town of Northbridge, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp; 8705909 |
| &nbsp;&nbsp;&nbsp; Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5495000 | &nbsp;&nbsp;&nbsp;&nbsp; 5553435 |
| &nbsp;&nbsp;&nbsp; Town of Westford, GO, BAN, 4.25%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17720270 | &nbsp;&nbsp;&nbsp;&nbsp; 17913766 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Rev., 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021473 |
| &nbsp;&nbsp;&nbsp; Worcester Regional Transit Authority, Rev., RAN, GTD, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6503095 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 181672163 |
| **Michigan — 2.7%** | **Michigan — 2.7%** | **Michigan — 2.7%** |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids Sanitary Sewer System Series 2010, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20237 |
| &nbsp;&nbsp;&nbsp; City of Lathrup Village, Limited Tax, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45275 |
| &nbsp;&nbsp;&nbsp; Grand Valley State University Series 2016A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1643157 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System, Senior Lien Series 2024A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153348 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Water Supply System, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50927 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority Series 2018B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50335 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum Series 2022A, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51551 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50382 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Clean Water Revolving Fund Series 2016B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 246644 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 267349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 587926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20390 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Hospital Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 711919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2133730 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 202260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019MI-1, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45078 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020I, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016I, Rev., 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412254 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I, Rev., VRDO, 1.78%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015I, Rev., 5.00%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1726501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 II, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015I, Rev., 5.00%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015I, Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3570208 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Multi Modal Program Series III, Rev., VRDO, 1.78%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8635000 | &nbsp;&nbsp;&nbsp;&nbsp; 8635000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Senior Credit Group Series 2010F-7, Rev., 5.00%, <br> 11/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3631595 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30279 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Rental Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.63%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11250000 | &nbsp;&nbsp;&nbsp;&nbsp; 11187025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.70%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12904731 |
| &nbsp;&nbsp;&nbsp; Michigan State University Series 2015A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25090 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1663790 |
| &nbsp;&nbsp;&nbsp; RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 1.53%, 6/2/2025 (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp; State of Michigan Series 2016, Rev., GAN, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55896 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Series 2021A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25233 |
| &nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program Series 2015A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50516 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority Series C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 215596 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 102085924 |
| **Minnesota — 0.7%** | **Minnesota — 0.7%** | **Minnesota — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis and The Housing and Redevelopment Authority of City of St. Paul, Allina Health System Series <br> 2017A, Rev., 5.00%, 11/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36084 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Allina Health System Series 2023A, Rev., 5.00%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57488 |
| &nbsp;&nbsp;&nbsp; City of St. Cloud, Centracare Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 284510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55810 |
| &nbsp;&nbsp;&nbsp; County of Hennepin Sales Tax Series 2017A, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55612 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, COP, 4.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, COP, 4.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2764379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 413632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System Series 2015A, Rev., <br> 5.00%, 11/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1355316 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25304 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series 2022B, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.00%), 3.89%, <br> 6/6/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14961051 |
| &nbsp;&nbsp;&nbsp; North St Paul-Maplewood-Oakdale Independent School District No. 622 Series 2021A, GO, 4.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 262734 |
| &nbsp;&nbsp;&nbsp; State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 243971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 271488 |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 235737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2983918 |
| &nbsp;&nbsp;&nbsp; University of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80269 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 25625887 |
| **Mississippi — 0.3%** | **Mississippi — 0.3%** | **Mississippi — 0.3%** |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Waste Management, Inc., Project, Rev., 0.70%, 9/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Corrections East Correctional Facility Refunding Bonds Project Series C, <br> Rev., 5.00%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project <br> Series A, Rev., 5.00%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35761 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Mississippi Highway Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2120738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2130492 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Harrison County Series 2013A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213337 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Rankin County School District Project, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Rankin County School District, Limited Tax, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25074 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 4.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015F, GO, 4.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015F, GO, 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 11/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26245 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 9566134 |
| **Missouri — 1.3%** | **Missouri — 1.3%** | **Missouri — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Mass Sales Tax Series 2019, <br> Rev., 5.00%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 143665 |
| &nbsp;&nbsp;&nbsp; City of Kansas City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52750 |
| &nbsp;&nbsp;&nbsp; City of Kansas City Sanitary Sewer System Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30047 |
| &nbsp;&nbsp;&nbsp; City of Kansas City, Missouri Special Obligation Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 452780 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Kansas City, Missouri Special Obligation Refunding and Improvement, Main Streetcar Extension Project Series <br> 2022C, Rev., 5.00%, 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210876 |
| &nbsp;&nbsp;&nbsp; City of St. Louis Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78870 |
| &nbsp;&nbsp;&nbsp; County of Dunklin, Rev., 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398306 |
| &nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4207549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605669 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18210000 | &nbsp;&nbsp;&nbsp;&nbsp; 19086595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series 2021B, Rev., 4.00%, <br> 5/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7135000 | &nbsp;&nbsp;&nbsp;&nbsp; 7176297 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 216663 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 785537 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 223691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc., Rev., 5.00%, <br> 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 400504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Healthh System, Inc. Series 2016, Rev., <br> 5.00%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50432 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Co. Project Series 1999, Rev., 5.20%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 326434 |
| &nbsp;&nbsp;&nbsp; Missouri Highway and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76483 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Iatan Project 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213532 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series 2015A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 |
| &nbsp;&nbsp;&nbsp; Missouri Public Utilities Commission, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9750000 | &nbsp;&nbsp;&nbsp;&nbsp; 9789768 |
| &nbsp;&nbsp;&nbsp; Missouri State Board of Public Buildings Series 2020B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41181 |
| &nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority Series 2015B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25039 |
| &nbsp;&nbsp;&nbsp; St. Louis County Library District, COP, 4.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010582 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 48220569 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 120466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25842 |
| &nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Children's Obligated Group Series 2020B, Rev., 5.00%, 11/15/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105380 |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 187164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35390 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 393453 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District Series 2022B, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21126 |
| &nbsp;&nbsp;&nbsp; Omaha School District Series 2016, GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2774523 |
| &nbsp;&nbsp;&nbsp; Scotts Bluff County School District No. 32 Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60613 |
| &nbsp;&nbsp;&nbsp; University of Nebraska, Lincoln Student Fees and Facilities Series 2015A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50074 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 6466015 |
| **Nevada — 0.3%** | **Nevada — 0.3%** | **Nevada — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 410251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 360220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 337895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 312749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, A.G., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25835 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax, Various Purpose Series 2016F, GO, 3.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99914 |
| &nbsp;&nbsp;&nbsp; Clark County Water Reclamation District, Limited Tax Series 2016, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30043 |
| &nbsp;&nbsp;&nbsp; County of Clark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573902 |
| &nbsp;&nbsp;&nbsp; County of Clark Passenger Facility Charge Series 2022B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 143078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark Passenger Facility Charge, Las Vegas Harry Reid International Airport Facility Series 2022B, Rev., <br> 5.00%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 680988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2019D, Rev., 5.00%, <br> 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport <br> Series 2019A, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71539 |
| &nbsp;&nbsp;&nbsp; County of Clark, Indexed Fuel and Subordinate Motor Vehicle Tax Series 2019, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25551 |
| &nbsp;&nbsp;&nbsp; County of Clark, Motor Vehicle Fuel Tax Series 2020C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, <br> Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 209507 |
| &nbsp;&nbsp;&nbsp; County of Clark, Stadium Improvement, Limited Tax Series 2018A, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 142080 |
| &nbsp;&nbsp;&nbsp; County of Clark, Transportation Improvement, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 227789 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 367781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20333 |
| &nbsp;&nbsp;&nbsp; Nevada System of Higher Education Series 2023, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Republic Services, Inc. Project Series 2001, Rev., AMT, 3.95%, <br> 12/1/2025 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999664 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Capital Improvement and Cultural Affairs Series 2020A, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52075 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — continued** | **Nevada — continued** | **Nevada — continued** |
| &nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043872 |
| &nbsp;&nbsp;&nbsp; Washoe County School District Series 2015A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 12869506 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 3.30%, 8/3/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 3.30%, 8/3/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001971 |
| &nbsp;&nbsp;&nbsp; New Hampshire Municipal Bond Bank Series 2016E, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150599 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 4203935 |
| **New Jersey — 9.5%** | **New Jersey — 9.5%** | **New Jersey — 9.5%** |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Rev., GTD, 4.00%, 5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23223912 |
| &nbsp;&nbsp;&nbsp; Borough of Avalon, GO, BAN, 4.50%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13988000 | &nbsp;&nbsp;&nbsp;&nbsp; 14107162 |
| &nbsp;&nbsp;&nbsp; Borough of Bloomingdale, GO, BAN, 4.50%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3638000 | &nbsp;&nbsp;&nbsp;&nbsp; 3666789 |
| &nbsp;&nbsp;&nbsp; Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10110033 |
| &nbsp;&nbsp;&nbsp; Borough of Demarest, GO, BAN, 4.50%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8080000 | &nbsp;&nbsp;&nbsp;&nbsp; 8153932 |
| &nbsp;&nbsp;&nbsp; Borough of East Rutherford, GO, BAN, 4.00%, 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14130000 | &nbsp;&nbsp;&nbsp;&nbsp; 14231117 |
| &nbsp;&nbsp;&nbsp; Borough of Emerson, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3243000 | &nbsp;&nbsp;&nbsp;&nbsp; 3246561 |
| &nbsp;&nbsp;&nbsp; Borough of Fanwood Series 2025A, GO, BAN, 4.00%, 2/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5907690 | &nbsp;&nbsp;&nbsp;&nbsp; 5940999 |
| &nbsp;&nbsp;&nbsp; Borough of Flemington Series 2025A, GO, BAN, 4.50%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7079000 | &nbsp;&nbsp;&nbsp;&nbsp; 7135769 |
| &nbsp;&nbsp;&nbsp; Borough of Mountain Lakes, GO, BAN, 4.25%, 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3146760 | &nbsp;&nbsp;&nbsp;&nbsp; 3156949 |
| &nbsp;&nbsp;&nbsp; Borough of North Haledon, GO, BAN, 4.50%, 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4402592 |
| &nbsp;&nbsp;&nbsp; Borough of North Plainfield, GO, BAN, 4.25%, 11/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5644105 | &nbsp;&nbsp;&nbsp;&nbsp; 5666109 |
| &nbsp;&nbsp;&nbsp; Borough of Palisades Park, Swimming Pool Utility, GO, BAN, 4.25%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6631872 | &nbsp;&nbsp;&nbsp;&nbsp; 6664875 |
| &nbsp;&nbsp;&nbsp; Borough of Point Pleasant Beach, General Capital Notes Water and Sewer Utility, GO, BAN, 4.00%, 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6343000 | &nbsp;&nbsp;&nbsp;&nbsp; 6363109 |
| &nbsp;&nbsp;&nbsp; Borough of Ramsey, GO, BAN, 4.00%, 2/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7743574 |
| &nbsp;&nbsp;&nbsp; Brick Township Municipal Utilities Authority (The) Series 2016B, Rev., GTD, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201981 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Government Leasing Program Series 2024D, Rev., RAN, 4.25%, 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5725843 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), City Hall Project, Rev., GTD, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30294 |
| &nbsp;&nbsp;&nbsp; City of Long Branch Series 2020A, GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30162 |
| &nbsp;&nbsp;&nbsp; City of Ocean City, General Improvement, GO, 4.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40119 |
| &nbsp;&nbsp;&nbsp; County of Essex Series 2017, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25081 |
| &nbsp;&nbsp;&nbsp; County of Hudson Series B, GO, 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40029 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, Family Court Building Project, Rev., GTD, 5.00%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp;&nbsp; 11909306 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Courthouse Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 200337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31450 |
| &nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority, Water Project Series 2025A, Rev., GTD, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8125570 |
| &nbsp;&nbsp;&nbsp; Monmouth County Improvement Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., GTD, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24500000 | &nbsp;&nbsp;&nbsp;&nbsp; 24667511 |
| &nbsp;&nbsp;&nbsp; New Jersey Building Authority Series 2016A, Rev., 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40873 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority Series A, Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25498 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090660 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RWJ Barnabas Health Series 1997A, Rev., NATL - RE, Zero Coupon, <br> 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911995 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014PP, Rev., A.G. - CR, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10005845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 5.25%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1210948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005N-1, Rev., A.G., 5.50%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023RRR, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 2784529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3595108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 12/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.38%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023RRR, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, Rev., 5.25%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50039 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, College of New Jersey Series 2015G, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 465590 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University Series 2015D, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45072 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. Series 2016, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 385563 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-2, Rev., 5.00%, 7/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 235289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-3, Rev., 5.00%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Series 2017A, <br> Rev., 5.00%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20026 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142464 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51051 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 191146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery Series 2025-2, <br> Rev., AMT, 5.00%, 6/2/2026 (c) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16198662 |
| &nbsp;&nbsp;&nbsp; New Jersey Infrastructure Bank Series 2012A-R, Rev., GTD, 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120284 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority Series 2019BB, Rev., 5.00%, 12/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 166287 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 354133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A-1, Rev., 5.00%, <br> 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66181 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2023AA, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001221 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26734 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-2, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12445000 | &nbsp;&nbsp;&nbsp;&nbsp; 12618426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-3, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 826290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2418649 |
| &nbsp;&nbsp;&nbsp; Penns Grove-Carneys Point Regional School District, GO, GAN, 5.00%, 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6478000 | &nbsp;&nbsp;&nbsp;&nbsp; 6484640 |
| &nbsp;&nbsp;&nbsp; State of New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20840 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 387220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53843 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 490058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 735448 |
| &nbsp;&nbsp;&nbsp; Town of Dover, General Improvement Water Utility, GO, BAN, 4.50%, 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17039000 | &nbsp;&nbsp;&nbsp;&nbsp; 17184413 |
| &nbsp;&nbsp;&nbsp; Town of Guttenberg, GO, BAN, 4.25%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8250767 | &nbsp;&nbsp;&nbsp;&nbsp; 8278245 |
| &nbsp;&nbsp;&nbsp; Town of Morristown, GO, BAN, 4.25%, 6/2/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6360110 | &nbsp;&nbsp;&nbsp;&nbsp; 6432242 |
| &nbsp;&nbsp;&nbsp; Township of Colts Neck, GO, 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40176 |
| &nbsp;&nbsp;&nbsp; Township of Edison, Water Utility Series 2024B, GO, BAN, 4.00%, 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp;&nbsp; 12243613 |
| &nbsp;&nbsp;&nbsp; Township of Hamilton, GO, BAN, 4.25%, 6/5/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 8150000 | &nbsp;&nbsp;&nbsp;&nbsp; 8239513 |
| &nbsp;&nbsp;&nbsp; Township of Harrison, GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50068 |
| &nbsp;&nbsp;&nbsp; Township of Little Egg Harbor Series 2025A, GO, BAN, 4.25%, 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3508000 | &nbsp;&nbsp;&nbsp;&nbsp; 3526625 |
| &nbsp;&nbsp;&nbsp; Township of Little Falls, General Improvement, GO, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30048 |
| &nbsp;&nbsp;&nbsp; Township of Lopatcong, GO, BAN, 4.25%, 3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4959127 | &nbsp;&nbsp;&nbsp;&nbsp; 4986426 |
| &nbsp;&nbsp;&nbsp; Township of Manchester Series 2025A, GO, BAN, 4.50%, 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17123054 | &nbsp;&nbsp;&nbsp;&nbsp; 17314575 |
| &nbsp;&nbsp;&nbsp; Township of Middle, General Improvement Sewer Utility, GO, BAN, 4.25%, 9/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7770000 | &nbsp;&nbsp;&nbsp;&nbsp; 7784584 |
| &nbsp;&nbsp;&nbsp; Township of Nutley, GO, BAN, 4.25%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8063039 |
| &nbsp;&nbsp;&nbsp; Township of Readington, GO, BAN, 4.25%, 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3002000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010899 |
| &nbsp;&nbsp;&nbsp; Township of Weehawken Series 2024A, GO, BAN, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6244500 | &nbsp;&nbsp;&nbsp;&nbsp; 6256272 |
| &nbsp;&nbsp;&nbsp; Township of West Deptford, GO, 3.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99946 |
| &nbsp;&nbsp;&nbsp; Township of Woodbridge, GO, BAN, 4.00%, 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9977000 | &nbsp;&nbsp;&nbsp;&nbsp; 10007227 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 361746599 |
| **New Mexico — 0.2%** | **New Mexico — 0.2%** | **New Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 660814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102236 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — continued** | **New Mexico — continued** | **New Mexico — continued** |
| &nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121054 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1869189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 49267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Health Care Services Series 2015A, Rev., 4.13%, <br> 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, <br> 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 135344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., 3.73%, <br> 12/1/2025 (c) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000205 |
| &nbsp;&nbsp;&nbsp; Santa Fe Public School District Series 2022A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75226 |
| &nbsp;&nbsp;&nbsp; State of New Mexico Series 2023, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 401244 |
| &nbsp;&nbsp;&nbsp; State of New Mexico Severance Tax Permanent Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 803130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27007 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Capital Projects Series A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50790 |
| &nbsp;&nbsp;&nbsp; University of New Mexico (The) Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 8569491 |
| **New York — 18.1%** | **New York — 18.1%** | **New York — 18.1%** |
| &nbsp;&nbsp;&nbsp; Avon Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4352505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, <br> 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8040000 | &nbsp;&nbsp;&nbsp;&nbsp; 8427691 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., YMCA of Greater New York Project Series 2015, Rev., 4.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1917613 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Catholic Healthcare West Series 2015HH, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050723 |
| &nbsp;&nbsp;&nbsp; Camden Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25126854 | &nbsp;&nbsp;&nbsp;&nbsp; 25142656 |
| &nbsp;&nbsp;&nbsp; Candor Central School District, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004115 |
| &nbsp;&nbsp;&nbsp; Charlotte Valley Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4502852 |
| &nbsp;&nbsp;&nbsp; City of Albany, GO, BAN, 4.25%, 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30235998 |
| &nbsp;&nbsp;&nbsp; City of Auburn, GO, BAN, 4.25%, 8/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15216888 | &nbsp;&nbsp;&nbsp;&nbsp; 15241503 |
| &nbsp;&nbsp;&nbsp; City of Hudson, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4522397 | &nbsp;&nbsp;&nbsp;&nbsp; 4524455 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Series 2024B, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12782164 | &nbsp;&nbsp;&nbsp;&nbsp; 12804253 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2004 Series A-2, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35117 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2008 Series 2008 L-6, GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31750 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2013 Series A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75233 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series 2014I-1, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 172070 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 476586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Subseries A-1, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Subseries A-1, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 132608 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 672237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26138 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019E, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100334 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-1, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-1, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31934 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 Subseries A-1, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 Subseries A-1, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20910 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2022 Series 2022C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51233 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 Subseries A-1, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 282292 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 Series 2024E, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1383380 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015FF-1, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 179634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32423 |
| &nbsp;&nbsp;&nbsp; City of Newburgh Series 2024A, GO, BAN, 4.25%, 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5401045 |
| &nbsp;&nbsp;&nbsp; City of Troy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4591812 | &nbsp;&nbsp;&nbsp;&nbsp; 4598040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4402981 | &nbsp;&nbsp;&nbsp;&nbsp; 4438069 |
| &nbsp;&nbsp;&nbsp; City of Utica, GO, BAN, 4.50%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19578012 | &nbsp;&nbsp;&nbsp;&nbsp; 19710091 |
| &nbsp;&nbsp;&nbsp; Cohoes City School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7235000 | &nbsp;&nbsp;&nbsp;&nbsp; 7239450 |
| &nbsp;&nbsp;&nbsp; County of Nassau Series 2016B, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51183 |
| &nbsp;&nbsp;&nbsp; Cuba-Rushford Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001948 |
| &nbsp;&nbsp;&nbsp; East Aurora Union Free School District, GO, BAN, 4.50%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6068451 | &nbsp;&nbsp;&nbsp;&nbsp; 6071269 |
| &nbsp;&nbsp;&nbsp; Edwards-Knox Central School District Series 2024B, GO, BAN, 4.50%, 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp;&nbsp; 5053279 |
| &nbsp;&nbsp;&nbsp; Eldred Central School District, GO, BAN, 4.50%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6665000 | &nbsp;&nbsp;&nbsp;&nbsp; 6668095 |
| &nbsp;&nbsp;&nbsp; Ellenville Central School District, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7960000 | &nbsp;&nbsp;&nbsp;&nbsp; 7964742 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 9/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81423 |
| &nbsp;&nbsp;&nbsp; Evans-Brant Central School District Series 2014B, GO, BAN, 4.50%, 6/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21400000 | &nbsp;&nbsp;&nbsp;&nbsp; 21411269 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Gloversville Enlarged School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26215000 | &nbsp;&nbsp;&nbsp;&nbsp; 26232580 |
| &nbsp;&nbsp;&nbsp; Hamilton Central School District, GO, BAN, 4.50%, 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13219872 | &nbsp;&nbsp;&nbsp;&nbsp; 13231110 |
| &nbsp;&nbsp;&nbsp; Highland Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9701288 | &nbsp;&nbsp;&nbsp;&nbsp; 9707508 |
| &nbsp;&nbsp;&nbsp; Hornell City School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3602231 |
| &nbsp;&nbsp;&nbsp; Iroquois Central School District, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25017 |
| &nbsp;&nbsp;&nbsp; Jasper-Troupsberg Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001521 |
| &nbsp;&nbsp;&nbsp; Lancaster Central School District, GO, BAN, 4.50%, 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5900655 |
| &nbsp;&nbsp;&nbsp; Lansingburgh Central School District at Troy, GO, BAN, 4.50%, 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9617658 | &nbsp;&nbsp;&nbsp;&nbsp; 9629482 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 0.85%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 1.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 312506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125601 |
| &nbsp;&nbsp;&nbsp; Lyons Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp;&nbsp; 8905769 |
| &nbsp;&nbsp;&nbsp; Madison Central School District, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3301760 |
| &nbsp;&nbsp;&nbsp; Malone Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8880000 | &nbsp;&nbsp;&nbsp;&nbsp; 8885647 |
| &nbsp;&nbsp;&nbsp; Medina Central School District, GO, BAN, 4.50%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12516250 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50480 |
| &nbsp;&nbsp;&nbsp; Mount Markham Central School District, Unlimited Tax, GO, BAN, 4.50%, 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7004171 |
| &nbsp;&nbsp;&nbsp; Nassau County Sewer and Storm Water Finance Authority Series A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp., Health System Series 2008C, Rev., VRDO, LOC : TD Bank NA, 1.50%, <br> 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24300000 | &nbsp;&nbsp;&nbsp;&nbsp; 24300000 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., A.G., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2015 Series 2015HH, Rev., 5.00%, <br> 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2020 Series 2020CC-1, Rev., 5.00%, <br> 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2022 Series 2022, Subseries BB-2, <br> Rev., 5.00%, 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 823064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year <br> 2021 Series 2021, Subseries EE2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 1.55%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp; 65000000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015 Series S-1, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015S-2, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-3A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-3A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015 Series S-1, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 424906 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid, Fiscal Year 2018 Series S-1, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20783 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid, Subordinate Series 2016S-1, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30332 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 -1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C-1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Subseries D-1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20170 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Subseries F-1, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Subseries D-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Subseries C-1, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3344785 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2016 Series C, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092668 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021G-1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2016 Series 2016A-1, Rev., 5.00%, <br> 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180566 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-2, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36422 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Series C, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018 -1, Rev., 5.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021-1, Rev., 5.00%, <br> 11/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023, Subseries E-1, Rev., <br> 5.00%, 11/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21377 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5299926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2902088 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15049 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9170000 | &nbsp;&nbsp;&nbsp;&nbsp; 9801463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 2852741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2755000 | &nbsp;&nbsp;&nbsp;&nbsp; 2988328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2850304 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 266576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2668136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1544474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 116315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30584 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Health Facilities Improvement Program Lease Series 2018-1, Rev., 5.00%, <br> 1/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57642 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40008 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35793 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group Series 2019B-3, Rev., 5.00%, 5/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3141056 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Series 2024A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1623595 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017G, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2616637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064663 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Series 2005B, Rev., AMBAC, 5.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76624 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20697 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 9/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30651 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Touro College and University System Group, Rev., 5.00%, 1/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 578967 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. Series 2024A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program Series 2015D, Rev., <br> 5.00%, 9/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.62%, 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, State Personal Income Tax Series 2024A-2, Rev., 3.35%, 6/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2994735 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority Series 2021A-1, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20356 |
| &nbsp;&nbsp;&nbsp; North Collins Central School District Series 2024A, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3202279 |
| &nbsp;&nbsp;&nbsp; North Rose-Wolcott Central School District, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5063303 | &nbsp;&nbsp;&nbsp;&nbsp; 5070248 |
| &nbsp;&nbsp;&nbsp; Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24948845 | &nbsp;&nbsp;&nbsp;&nbsp; 24966439 |
| &nbsp;&nbsp;&nbsp; Otego-Unadilla Central School District, GO, BAN, 4.50%, 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11995000 | &nbsp;&nbsp;&nbsp;&nbsp; 12009087 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 194, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, Rev., AMT, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11723220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 243, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177TH, Rev., AMT, 4.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500092 |
| &nbsp;&nbsp;&nbsp; Romulus Central School District, GO, BAN, 4.50%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4405393 |
| &nbsp;&nbsp;&nbsp; Sidney Central School District, GO, BAN, 4.50%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4405919 |
| &nbsp;&nbsp;&nbsp; Stillwater Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001356 |
| &nbsp;&nbsp;&nbsp; Sullivan West Central School District, GO, BAN, 4.25%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4602304 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Town of Cornwall, GO, BAN, 4.25%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8545000 | &nbsp;&nbsp;&nbsp;&nbsp; 8619865 |
| &nbsp;&nbsp;&nbsp; Town of Cortlandt, GO, BAN, 4.25%, 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3610222 |
| &nbsp;&nbsp;&nbsp; Town of Grand Island, GO, BAN, 4.25%, 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16465845 | &nbsp;&nbsp;&nbsp;&nbsp; 16526156 |
| &nbsp;&nbsp;&nbsp; Town of Hempstead Series 2018A, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20016 |
| &nbsp;&nbsp;&nbsp; Town of Milton, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6608349 |
| &nbsp;&nbsp;&nbsp; Town of Newburgh, GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3831541 |
| &nbsp;&nbsp;&nbsp; Town of Stillwater, GO, BAN, 4.25%, 5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp;&nbsp; 5073990 |
| &nbsp;&nbsp;&nbsp; Town of Wawarsing, GO, BAN, 4.50%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5706646 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 156341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., BAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019058 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-1, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25787 |
| &nbsp;&nbsp;&nbsp; United Nations Development Corp. Series 2019A, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148165 |
| &nbsp;&nbsp;&nbsp; Village of Fairport, GO, BAN, 4.25%, 5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5631750 | &nbsp;&nbsp;&nbsp;&nbsp; 5694511 |
| &nbsp;&nbsp;&nbsp; Village of Farmingdale Series 2024B, GO, BAN, 4.25%, 9/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp;&nbsp; 7823097 |
| &nbsp;&nbsp;&nbsp; Village of Freeport Series 2024E, GO, BAN, 4.25%, 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5036977 |
| &nbsp;&nbsp;&nbsp; Village of Highland Falls, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp; 5616734 |
| &nbsp;&nbsp;&nbsp; Village of Johnson City Series 2024C, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17250878 | &nbsp;&nbsp;&nbsp;&nbsp; 17277349 |
| &nbsp;&nbsp;&nbsp; Wayne Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101857 |
| &nbsp;&nbsp;&nbsp; Yorkshire-Pioneer Central School District, GO, BAN, 4.50%, 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20150700 | &nbsp;&nbsp;&nbsp;&nbsp; 20174631 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 685554403 |
| **North Carolina — 1.2%** | **North Carolina — 1.2%** | **North Carolina — 1.2%** |
| &nbsp;&nbsp;&nbsp; Cape Fear Public Utility Authority, Water and Sewer System Series 2016, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2021C, Rev., 5.00%, <br> 12/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634353 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Series 2024, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225344 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Airport Series C, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50075 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Water and Sewer System Series 2020, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51148 |
| &nbsp;&nbsp;&nbsp; City of Durham, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118330 |
| &nbsp;&nbsp;&nbsp; City of Raleigh Combined Enterprise System Series 2016A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1531617 |
| &nbsp;&nbsp;&nbsp; County of Harnett Series 2020, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 89238 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, New Hanover Regional Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 115099 |
| &nbsp;&nbsp;&nbsp; County of Wake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL - RE, 5.13%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero <br> Series 2024, Rev., AMT, 3.75%, 11/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6001940 |
| &nbsp;&nbsp;&nbsp; North Carolina Capital Facilities Finance Agency, Duke University Project Series 2015B, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7095000 | &nbsp;&nbsp;&nbsp;&nbsp; 7143374 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15500000 | &nbsp;&nbsp;&nbsp;&nbsp; 15500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4435000 | &nbsp;&nbsp;&nbsp;&nbsp; 4432026 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2696652 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Duke University Health System Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 966115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 883497 |
| &nbsp;&nbsp;&nbsp; North Carolina State University at Raleigh Series 2018, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25158 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., A.G., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., A.G., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514087 |
| &nbsp;&nbsp;&nbsp; State of North Carolina Series 2022A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101959 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2013A, Rev., 2.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9892 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 45092642 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; Minot Public School District No. 1, GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25034 |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2020B, Rev., 1.05%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120477 |
| &nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority Series 2022A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 204749 |
| &nbsp;&nbsp;&nbsp; West Fargo Public School District No. 6 Series 2017, GO, 4.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2428429 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2778689 |
| **Ohio — 4.0%** | **Ohio — 4.0%** | **Ohio — 4.0%** |
| &nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 478340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 491912 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., AMP Fremont Energy Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73643 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., City of Wapakoneta Project, Rev., BAN, 4.50%, 6/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000361 |
| &nbsp;&nbsp;&nbsp; Big Walnut Local School District, Unlimited Tax Series 2015, GO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 |
| &nbsp;&nbsp;&nbsp; City of Cincinnati, Unlimited Tax Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 779186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25258 |
| &nbsp;&nbsp;&nbsp; City of Cleveland Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90883 |
| &nbsp;&nbsp;&nbsp; City of Columbus Series 2016A, GO, 4.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90170 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Unlimited Tax Series 2024-1, GO, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770435 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Various Purpose, Unlimited Tax Series 2017-1, GO, 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7010000 | &nbsp;&nbsp;&nbsp;&nbsp; 7279256 |
| &nbsp;&nbsp;&nbsp; City of Hamilton, Limited Tax Various Purpose, GO, BAN, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp;&nbsp; 2528914 |
| &nbsp;&nbsp;&nbsp; City of Huber Heights, GO, BAN, 4.50%, 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103204 |
| &nbsp;&nbsp;&nbsp; City of New Albany, GO, BAN, 4.00%, 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005702 |
| &nbsp;&nbsp;&nbsp; City of Strongsville, Street Improvement, GO, BAN, 4.75%, 6/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300115 |
| &nbsp;&nbsp;&nbsp; Cleveland Department of Public Utilities Division of Water Series 2020FF, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80967 |
| &nbsp;&nbsp;&nbsp; County of Allen Hospital Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115294 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 847726 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2017A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20412 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Convention Hotel Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7490000 | &nbsp;&nbsp;&nbsp;&nbsp; 7551252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5906728 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sales Tax Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516070 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 692040 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Group Project Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25967 |
| &nbsp;&nbsp;&nbsp; County of Lake, GO, 4.00%, 9/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4006695 |
| &nbsp;&nbsp;&nbsp; County of Mahoning, Limited Tax Various Tax, GO, 4.00%, 10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5408879 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital Series 2021, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 311106 |
| &nbsp;&nbsp;&nbsp; County of Muskingum, Limited Tax, GO, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12045824 |
| &nbsp;&nbsp;&nbsp; County of Wayne, Limited Tax, GO, 3.50%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17014713 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority, Carver Park Phase III Project, Rev., FHA, 4.00%, 6/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7638000 | &nbsp;&nbsp;&nbsp;&nbsp; 7638000 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority, Wade Park Apartments, Rev., FHA, 4.75%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4590000 | &nbsp;&nbsp;&nbsp;&nbsp; 4618083 |
| &nbsp;&nbsp;&nbsp; Kings Local School District, Unlimited Tax, GO, BAN, 4.50%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2603546 |
| &nbsp;&nbsp;&nbsp; Miami University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25646 |
| &nbsp;&nbsp;&nbsp; Miamisburg City School District Series 2016, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 393815 |
| &nbsp;&nbsp;&nbsp; Monroe Local School District, GO, BAN, 3.88%, 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3009527 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014D, Rev., 3.20%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2980017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series 2021B, Rev., (SIFMA <br> Municipal Swap Index Yield + 0.23%), 1.91%, 6/12/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5431584 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Riverview San Macro LLC Series 2023, Rev., FHA, 5.00%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3916000 | &nbsp;&nbsp;&nbsp;&nbsp; 3925354 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105385 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998A, Rev., NATL - RE, 5.50%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2873015 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30983 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32750 |
| &nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178605 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Series 2017A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50491 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects Series 2018A, <br> Rev., 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Common School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 517956 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Full Faith and Credit Highway User Receipt Series V, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101968 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12406929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8213893 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Lease Appropriation Adult Correctional Building Fund Projects Series 2017B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30190 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New State Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745268 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Mental Health Facilities Improvement Fund Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79640 |
| &nbsp;&nbsp;&nbsp; State of Ohio, New Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25265 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Rev., 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20618 |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. Series 2016A, Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95965 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Voting System Acquisition Project, COP, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145595 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 151171508 |
| **Oklahoma — 1.5%** | **Oklahoma — 1.5%** | **Oklahoma — 1.5%** |
| &nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, Mustang Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063189 |
| &nbsp;&nbsp;&nbsp; Canadian County Independent School District No. 69 Mustang |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2584943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3584662 |
| &nbsp;&nbsp;&nbsp; City of Oklahoma City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4070000 | &nbsp;&nbsp;&nbsp;&nbsp; 4217038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53036 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1789485 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 147754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 149057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56431 |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Capitol Repair Project Series 2017B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project Series 2020A, Rev., <br> 5.00%, 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130190 |
| &nbsp;&nbsp;&nbsp; Oklahoma City Water Utilities Trust Series 2016, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, Integris Obligated Group Series 2020C, Rev., VRDO, 2.50%, <br> 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14110000 | &nbsp;&nbsp;&nbsp;&nbsp; 14110000 |
| &nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Power Supply System Series 2021A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20621 |
| &nbsp;&nbsp;&nbsp; Oklahoma State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 873563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 792109 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Turnpike System, Second Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 136595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73580 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp;&nbsp; 4443495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 3.50%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5288438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp;&nbsp; 5424801 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 4 Bixby, GO, 5.00%, 6/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 8560000 | &nbsp;&nbsp;&nbsp;&nbsp; 8855227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project, Rev., 5.00%, <br> 9/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35049 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Broken Arrow Public School Project Series 2019A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 177668 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 56784639 |
| **Oregon — 0.4%** | **Oregon — 0.4%** | **Oregon — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Eugene Electric Utility System Series 2016A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205621 |
| &nbsp;&nbsp;&nbsp; City of Portland Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116768 |
| &nbsp;&nbsp;&nbsp; City of Portland Sewer System, Senior Lien Series 2020A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50769 |
| &nbsp;&nbsp;&nbsp; City of Salem Water and Sewer Series 2017, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 46 Oregon Trail Series 2017, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550102 |
| &nbsp;&nbsp;&nbsp; Metro, Oregon Convention Center Hotel Project, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20013 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1 Portland Series 2020, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285187 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 1J Portland Series 2015B, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50033 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Reed College Project Series 2017A, Rev., 4.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127829 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J Series 2018, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50034 |
| &nbsp;&nbsp;&nbsp; State of Oregon Series L, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25080 |
| &nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30277 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-F Project Series 2025F, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2093628 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-G Project Series 2025G, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5315000 | &nbsp;&nbsp;&nbsp;&nbsp; 5563815 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-M, XI-N and XI-P State Grant Program Series 2019D, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51070 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Project Series 2023A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25487 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Interstate 5 Bridge Replacement Project Series 2025E, GO, 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2758156 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 507789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax Series 2017A, Rev., 5.00%, <br> 9/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 984151 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 14958083 |
| **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2016, Rev., <br> 5.00%, 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70876 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112177 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer Series 2016, Rev., A.G., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60603 |
| &nbsp;&nbsp;&nbsp; Bethel Park School District, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35105 |
| &nbsp;&nbsp;&nbsp; Central Dauphin School District Series 2016, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25257 |
| &nbsp;&nbsp;&nbsp; Centre County Hospital Authority, Mount Nittany Medical Center Project Series A, Rev., 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 876869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, Main Line Health System Series 2020A, Rev., 5.00%, <br> 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51155 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 157075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 94614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 235514 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp; 2712858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 199582 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., A.G., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160894 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 903307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2795000 | &nbsp;&nbsp;&nbsp;&nbsp; 2917782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5440000 | &nbsp;&nbsp;&nbsp;&nbsp; 5667711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3579949 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 742894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, A.G. - CR, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 789348 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, A.G., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 677698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1ST, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1357940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 460124 |
| &nbsp;&nbsp;&nbsp; Council Rock School District Series 2019A, GO, 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35137 |
| &nbsp;&nbsp;&nbsp; County of Allegheny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-75, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 297541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-75, GO, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5475000 | &nbsp;&nbsp;&nbsp;&nbsp; 5612021 |
| &nbsp;&nbsp;&nbsp; County of Bucks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40863 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Cabrini University Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899407 |
| &nbsp;&nbsp;&nbsp; Delaware County Industrial Development Authority, United Parcel Service Project, Rev., VRDO, 1.50%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; Delaware River Joint Toll Bridge Commission Series 2019B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50072 |
| &nbsp;&nbsp;&nbsp; East Stroudsburg Area School District Series AA, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 522352 |
| &nbsp;&nbsp;&nbsp; Garnet Valley School District Series 2017, GO, 4.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 135115 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 2/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13940000 | &nbsp;&nbsp;&nbsp;&nbsp; 14201470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2490000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2019E, Rev., VRDO, LIQ : US <br> Bank NA, 1.50%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp; Methacton School District, GO, 4.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75186 |
| &nbsp;&nbsp;&nbsp; Monroeville Finance Authority, University of Pittsburg Medical Center, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161784 |
| &nbsp;&nbsp;&nbsp; Montour School District Series A, GO, A.G., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65400 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 258213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20441 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AT-1, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AT-1, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100649 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, State System Higher Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 205139 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania Health System Series 2016A, Rev., <br> 5.00%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76474 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University (The) Series B, Rev., 5.25%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100451 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC : TD Bank NA, 1.66%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38000000 | &nbsp;&nbsp;&nbsp;&nbsp; 38000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 280257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-3, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 482964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26002 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 512436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20480 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Registration Fee Series 2005A, Rev., A.G., 5.25%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017, Rev., 5.00%, <br> 12/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 177322 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series A-2, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | &nbsp;&nbsp;&nbsp;&nbsp; 5630135 |
| &nbsp;&nbsp;&nbsp; Peters Township School District Washington County, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20229 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., VRDO, LOC : TD Bank NA, 1.66%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19500000 | &nbsp;&nbsp;&nbsp;&nbsp; 19500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 209854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 318048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 429246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Culture and Commercial Corridor Program Series 2016A, Rev., <br> 5.00%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5125000 | &nbsp;&nbsp;&nbsp;&nbsp; 5171345 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13TH, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 179351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 193883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122390 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 358578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30417 |
| &nbsp;&nbsp;&nbsp; Seneca Valley School District Series 2015C, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85118 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 244844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31658 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Series 2017, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, The School District of the City of Harrisburg Project Series 2016A, Rev., A.G., <br> 4.00%, 12/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15249 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 179452162 |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Pawtucket Series 2024-2, GO, BAN, 4.50%, 10/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2904809 |
| &nbsp;&nbsp;&nbsp; Rhode Island Commerce Corp., Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 195117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 418063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 443617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032904 |
| &nbsp;&nbsp;&nbsp; Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Series 2016A, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20130 |
| &nbsp;&nbsp;&nbsp; State of Rhode Island Series 2019E, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20259 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 5223302 |
| **South Carolina — 1.5%** | **South Carolina — 1.5%** | **South Carolina — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Columbia Waterworks and Sewer System Series 2016B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506957 |
| &nbsp;&nbsp;&nbsp; County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9518140 |
| &nbsp;&nbsp;&nbsp; Fort Mill School District No. 4 Series 2025A, GO, BAN, SCSDE, 4.25%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9865000 | &nbsp;&nbsp;&nbsp;&nbsp; 9942800 |
| &nbsp;&nbsp;&nbsp; Greenville County School District Series 2023, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337078 |
| &nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., Lexmed Obligated Group Series 2017, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26083 |
| &nbsp;&nbsp;&nbsp; Parker Sewer and Fire Subdistrict, South Carolina Sewer System, Rev., 4.00%, 4/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 244314 |
| &nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1701906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 939938 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1191443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2385000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387342 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 994811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 11/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7378666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project Series 2024, Rev., AMT, 3.70%, <br> 12/1/2026 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3982261 |
| &nbsp;&nbsp;&nbsp; South Carolina Ports Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., AMT, 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4990000 | &nbsp;&nbsp;&nbsp;&nbsp; 4996127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., AMT, 5.25%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10275000 | &nbsp;&nbsp;&nbsp;&nbsp; 10289650 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252109 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 478355 |
| &nbsp;&nbsp;&nbsp; South Carolina Transportation Infrastructure Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26231 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 57975226 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Sioux Falls School District No. 49-5 Series 2018A, GO, 4.00%, 8/17/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20274 |
| &nbsp;&nbsp;&nbsp; South Dakota Conservancy District Series 2017B, Rev., 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305504 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 1325778 |
| **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Chattanooga, GO, 3.13%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 139926 |
| &nbsp;&nbsp;&nbsp; City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7835000 | &nbsp;&nbsp;&nbsp;&nbsp; 8369785 |
| &nbsp;&nbsp;&nbsp; City of Clarksville Series 2016, Rev., 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 182379 |
| &nbsp;&nbsp;&nbsp; City of Memphis Electric System Series 2016, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 2219330 |
| &nbsp;&nbsp;&nbsp; City of Memphis Gas System Series 2016, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240798 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 2830685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project Series 2012, <br> Rev., 6.25%, 1/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1718673 |
| &nbsp;&nbsp;&nbsp; Johnson City Health and Educational Facilities Board, Ballad Health Series 2023A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 755806 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Industrial Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 226718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project <br> Series 2023B, Rev., 3.60%, 2/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512544 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30682 |
| &nbsp;&nbsp;&nbsp; State of Tennessee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 652141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20170 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 351880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509496 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5025000 | &nbsp;&nbsp;&nbsp;&nbsp; 5068458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30243 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 27167756 |
| **Texas — 7.0%** | **Texas — 7.0%** | **Texas — 7.0%** |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100396 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Maintenance Tax, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 279019 |
| &nbsp;&nbsp;&nbsp; Alamo Regional Mobility Authority, Junior Lien Vehicle Registration Fee, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1246393 |
| &nbsp;&nbsp;&nbsp; Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road Series 2023, Rev., 4.50%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65610 |
| &nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Round Rock Campus Series 2015, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70202 |
| &nbsp;&nbsp;&nbsp; Austin Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 4.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907725 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 J, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 69231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 85233 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien Series A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165257 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinate Lien Series 2021C, Rev., BAN, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191381 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier Series 2002A, Rev., AMBAC, Zero Coupon, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6554511 |
| &nbsp;&nbsp;&nbsp; City of Austin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105502 |
| &nbsp;&nbsp;&nbsp; City of Austin Electric Utility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155902 |
| &nbsp;&nbsp;&nbsp; City of Austin Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 270950 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System Series 2017A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 260106 |
| &nbsp;&nbsp;&nbsp; City of Brownsville, Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200268 |
| &nbsp;&nbsp;&nbsp; City of Copperas Cove, GO, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25038 |
| &nbsp;&nbsp;&nbsp; City of Dallas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 369977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21398 |
| &nbsp;&nbsp;&nbsp; City of Dallas Waterworks and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2271345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180868 |
| &nbsp;&nbsp;&nbsp; City of Denton, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 117956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35807 |
| &nbsp;&nbsp;&nbsp; City of El Paso |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21493 |
| &nbsp;&nbsp;&nbsp; City of El Paso Water Sewer Series 2019A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263517 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Fort Worth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 321330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27132 |
| &nbsp;&nbsp;&nbsp; City of Granbury Series 2016A, GO, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35061 |
| &nbsp;&nbsp;&nbsp; City of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 603877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2680000 | &nbsp;&nbsp;&nbsp;&nbsp; 2759810 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 229295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26019 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 257335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998A, Rev., A.G., Zero Coupon, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7510000 | &nbsp;&nbsp;&nbsp;&nbsp; 7387197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 141748 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37141 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187875 |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2021A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 299580 |
| &nbsp;&nbsp;&nbsp; City of Lubbock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506747 |
| &nbsp;&nbsp;&nbsp; City of Lubbock, Electric Light and Power System Series 2021, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36936 |
| &nbsp;&nbsp;&nbsp; City of McKinney, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25097 |
| &nbsp;&nbsp;&nbsp; City of Missouri City, Combination Tax, Certificates of Obligation Series 2018B, GO, 4.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25008 |
| &nbsp;&nbsp;&nbsp; City of Rockwall Series 2016, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150452 |
| &nbsp;&nbsp;&nbsp; City of Round Rock Series 2019, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311093 |
| &nbsp;&nbsp;&nbsp; City of Rowlett Series 2019, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30424 |
| &nbsp;&nbsp;&nbsp; City of San Antonio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 107301 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040821 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Combination Tax, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053955 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Drainage Utility System, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50084 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems |  |  |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 451205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606174 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, General Improvement Series 2019, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 75556 |
| &nbsp;&nbsp;&nbsp; Collin County Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53077 |
| &nbsp;&nbsp;&nbsp; Colorado River Municipal Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20926 |
| &nbsp;&nbsp;&nbsp; County of Bastrop, Combination Tax, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511657 |
| &nbsp;&nbsp;&nbsp; County of Bexar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 250219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20426 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 4.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 275751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 3082810 |
| &nbsp;&nbsp;&nbsp; County of Dallas, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45172 |
| &nbsp;&nbsp;&nbsp; County of Denton, Permanent Improvement, GO, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20448 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Series B, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60905 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25372 |
| &nbsp;&nbsp;&nbsp; County of Harris |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399625 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 235882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190713 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road, First Lien Series 2021, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35882 |
| &nbsp;&nbsp;&nbsp; County of Harris, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 316729 |
| &nbsp;&nbsp;&nbsp; County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40844 |
| &nbsp;&nbsp;&nbsp; County of Hays Series 2017, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118734 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2014A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410299 |
| &nbsp;&nbsp;&nbsp; County of Travis Series 2019A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71108 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax, GO, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 227774 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 922862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35109 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11805695 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 520138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 262504 |
| &nbsp;&nbsp;&nbsp; Dallas County Park Cities Municipal Utility District, Rev., 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25032 |
| &nbsp;&nbsp;&nbsp; Dallas County Utility and Reclamation District, Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 497064 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1643710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 80033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093786 |
| &nbsp;&nbsp;&nbsp; DeSoto Independent School District Series 2013, GO, PSF-GTD, Zero Coupon, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 496274 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund, First Lien Series 2015D, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25217 |
| &nbsp;&nbsp;&nbsp; El Paso Independent School District Series 2015A, GO, PSF-GTD, 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089095 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7780893 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5070552 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Children's Hospital Series 2015-1, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1860320 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-3, Rev., 5.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3043252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-3, Rev., 5.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3125225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 96783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Childrens Hospital Series 2015-1, Rev., 5.00%, <br> 10/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40200 |
| &nbsp;&nbsp;&nbsp; Harris County Flood Control District Series 2015A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 483445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Health Facilities Development Corp., Sisters of Charity of the Incarnate Word Series 1997B, Rev., 5.75%, <br> 7/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4620000 | &nbsp;&nbsp;&nbsp;&nbsp; 4732613 |
| &nbsp;&nbsp;&nbsp; Houston Community College System, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393008 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Limited Tax Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6998230 |
| &nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District Series 2017A, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115438 |
| &nbsp;&nbsp;&nbsp; Keller Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65248 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, PSF-GTD, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2661642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 948080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 4.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100161 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority Series 2015D, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151277 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 195191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 84639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107306 |
| &nbsp;&nbsp;&nbsp; Magnolia Independent School District, Unlimited Tax Schoolhouse Series 2016, GO, PSF-GTD, 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70264 |
| &nbsp;&nbsp;&nbsp; McKinney Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 187743 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp;&nbsp; 3065407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 236964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 592527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project Series 2020A, Rev., AMT, VRDO, 3.95%, <br> 9/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3999884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Student Housing Texas A&M University Series 2017A, Rev., <br> 5.00%, 4/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25779 |
| &nbsp;&nbsp;&nbsp; North Harris County Regional Water Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 113068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 713821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35893 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 467119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26986 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1551450 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4635000 | &nbsp;&nbsp;&nbsp;&nbsp; 4960168 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 242412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3265000 | &nbsp;&nbsp;&nbsp;&nbsp; 3294419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 432275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6260000 | &nbsp;&nbsp;&nbsp;&nbsp; 6313908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2163357 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Unlimited Tax Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 608641 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Nueces River Authority Series 2015, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20043 |
| &nbsp;&nbsp;&nbsp; Pasadena Independent School District Series 2023B, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605427 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009A, Rev., 5.25%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50080 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2016A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100152 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5699468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9504721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2898744 |
| &nbsp;&nbsp;&nbsp; Robstown Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 305177 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, PSF-GTD, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, PSF-GTD, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30703 |
| &nbsp;&nbsp;&nbsp; San Antonio Public Facilities Corp., Convention Center Facility Project Series 2022, Rev., 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52793 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32261 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Subordinate Lien Series 2024A, Rev., VRDO, LIQ : Truist Bank, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp; Socorro Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1602205 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 526959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 538955 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan Series 2013B, GO, AMT, 4.13%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2350314 |
| &nbsp;&nbsp;&nbsp; State of Texas, Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2168709 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3700149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5140000 | &nbsp;&nbsp;&nbsp;&nbsp; 5489142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023866 |
| &nbsp;&nbsp;&nbsp; State of Texas, Veterans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.60%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9295000 | &nbsp;&nbsp;&nbsp;&nbsp; 9295000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.60%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14830000 | &nbsp;&nbsp;&nbsp;&nbsp; 14830000 |
| &nbsp;&nbsp;&nbsp; Tarrant County College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25096 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., <br> 5.00%, 11/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1816506 |
| &nbsp;&nbsp;&nbsp; Texas A&M University, Financing System Series 2017C, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing and Community Affairs, North Grand Villas Series 2023, Rev., FHA, 5.00%, <br> 8/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1444000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446850 |
| &nbsp;&nbsp;&nbsp; Texas Department of Transportation State Highway Fund, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 0.56%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10135000 | &nbsp;&nbsp;&nbsp;&nbsp; 9821234 |
| &nbsp;&nbsp;&nbsp; Texas Home Collaborative, 1518 Apartments Series 2023, Rev., 5.00%, 10/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4025000 | &nbsp;&nbsp;&nbsp;&nbsp; 4053951 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023A, Rev., 5.50%, 1/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3988596 |
| &nbsp;&nbsp;&nbsp; Texas State Technical College Series 2022A, Rev., A.G., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 143234 |
| &nbsp;&nbsp;&nbsp; Texas State University System Series A, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180251 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission Series 2024, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91564 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20125 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79805 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 770877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 309475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43353 |
| &nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Kensington Apartments, Rev., 3.75%, 8/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1275163 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority Central Regional Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74332 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Central Regional Wastewater System Series 2017, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 196954 |
| &nbsp;&nbsp;&nbsp; University of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31555 |
| &nbsp;&nbsp;&nbsp; Via Metropolitan Transit, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46028 |
| &nbsp;&nbsp;&nbsp; Ysleta Independent School District Series 2016, GO, PSF-GTD, 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 823263 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 263731308 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central Utah Water Conservancy District Series 2017B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50328 |
| &nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. Series 2020B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | &nbsp;&nbsp;&nbsp;&nbsp; 2407603 |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 140185 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B1, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25078 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| &nbsp;&nbsp;&nbsp; Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 843792 |
| &nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20343 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 4.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 410278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75052 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 4177990 |
| **Vermont — 0.0% ^** | **Vermont — 0.0% ^** | **Vermont — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; State of Vermont Series 2024B, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 948793 |
| **Virginia — 0.9%** | **Virginia — 0.9%** | **Virginia — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4 Series 2024, <br> Rev., 3.40%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2499199 |
| &nbsp;&nbsp;&nbsp; City of Alexandria Series 2017C, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80126 |
| &nbsp;&nbsp;&nbsp; City of Hampton Series 2015A, GO, 4.00%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200469 |
| &nbsp;&nbsp;&nbsp; City of Portsmouth Series 2017A, GO, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25058 |
| &nbsp;&nbsp;&nbsp; City of Portsmouth, Tax Exempt Series 2015A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20064 |
| &nbsp;&nbsp;&nbsp; City of Richmond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46727 |
| &nbsp;&nbsp;&nbsp; City of Richmond Public Utility Series 2016A, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 455822 |
| &nbsp;&nbsp;&nbsp; City of Virginia Beach Series 2017A, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25448 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Virginia Series 2024B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; County of Fairfax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 221475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30532 |
| &nbsp;&nbsp;&nbsp; County of Henrico Water and Sewer Series 2016, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25496 |
| &nbsp;&nbsp;&nbsp; Fairfax County Economic Development Authority, Silver Line Phase I Project, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20345 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30720 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District, Subordinate Wastewater Series 2016A, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, <br> 5.00%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11915000 | &nbsp;&nbsp;&nbsp;&nbsp; 12173825 |
| &nbsp;&nbsp;&nbsp; Loudoun County Economic Development Authority Series 2020A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75743 |
| &nbsp;&nbsp;&nbsp; Louisa Industrial Development Authority, Electric and Power Co. Project Series 2008B, Rev., 0.75%, 9/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98935 |
| &nbsp;&nbsp;&nbsp; Upper Occoquan Sewage Authority Series 2014, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400639 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 309242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 300533 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1908552 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Highway Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2165243 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., GAN, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403131 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth University Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56510 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth University Health System Authority Series B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45060 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52326 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, Prince William County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3185000 | &nbsp;&nbsp;&nbsp;&nbsp; 3250395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project, Rev., AMT, <br> 4.00%, 11/20/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651075 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 33806641 |
| **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015S-1, Rev., 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015S-1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 186592 |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2015S-1, Rev., 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 625105 |
| &nbsp;&nbsp;&nbsp; Central Washington University, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270040 |
| &nbsp;&nbsp;&nbsp; City of Kent, Limited Tax Series 2016, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35353 |
| &nbsp;&nbsp;&nbsp; City of Seattle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106852 |
| &nbsp;&nbsp;&nbsp; City of Seattle Municipal Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 188294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87002 |
| &nbsp;&nbsp;&nbsp; City of Seattle Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401923 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Limited Tax Series 2022A, GO, 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25886 |
| &nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 Electric Series 2024, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 722429 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen Series 2019, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65626 |
| &nbsp;&nbsp;&nbsp; County of King |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20383 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; County of King Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 357753 |
| &nbsp;&nbsp;&nbsp; County of King, Limited Tax Series 2024A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61406 |
| &nbsp;&nbsp;&nbsp; County of King, Sewer, Junior Lien Series 2020B, Rev., 0.88%, 1/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 58805 |
| &nbsp;&nbsp;&nbsp; County of Kitsap Series 2015, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Energy Northwest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115165 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Bonneville Power Administative Series 2016A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 560803 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4169831 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3680433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3030224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4261838 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 3 Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 362932 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5020050 |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project Series 2019, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305326 |
| &nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Electric Series 2023 U, Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3630000 | &nbsp;&nbsp;&nbsp;&nbsp; 3645104 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax Series 2017, GO, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35173 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Unlimited Tax Series 2022, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111081 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 287858 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 230466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 97151 |
| &nbsp;&nbsp;&nbsp; Public Utility District No. 1 of Lewis County, Cowlitz Falls Hydroelec Project Series 2013, Rev., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2292424 |
| &nbsp;&nbsp;&nbsp; State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, COP, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, COP, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183925 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax Series R-2016C, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50078 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022C, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017 C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2018 D, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2018C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022C, GO, 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15025000 | &nbsp;&nbsp;&nbsp;&nbsp; 15367376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5920000 | &nbsp;&nbsp;&nbsp;&nbsp; 5981089 |
| &nbsp;&nbsp;&nbsp; University of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Series 2015, Rev., 5.00%, <br> 7/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75086 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 561786 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Providence Health and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030654 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Herons Key Senior Living Series A, Rev., 7.00%, 7/1/2025 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7630000 | &nbsp;&nbsp;&nbsp;&nbsp; 7649176 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 69746522 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| &nbsp;&nbsp;&nbsp; State of West Virginia Series 2015A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; West Virginia Commissioner of Highways |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 145973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 187305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities Series 2012A, Rev., <br> 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project <br> Series 2010A, Rev., 0.63%, 12/15/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, West Virginia University Health System Obligation Series 2016A, Rev., <br> 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 3581541 |
| **Wisconsin — 1.3%** | **Wisconsin — 1.3%** | **Wisconsin — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of De Pere Series 2013A, GO, 3.38%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 309994 |
| &nbsp;&nbsp;&nbsp; City of Madison Series 2021A, GO, 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20320 |
| &nbsp;&nbsp;&nbsp; City of Watertown, Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225257 |
| &nbsp;&nbsp;&nbsp; Lake Mills Area School District, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495330 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 292445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 1, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 515732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 2, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1617842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1542896 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Environmental Improvement Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Annual Appropriation Series 2017B, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305474 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Environmental Improvement Fund Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25540 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015- 1, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3247510 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-2, Rev., 5.00%, 6/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1705250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C1, Rev., 5.00%, 7/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168908 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405912 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9160000 | &nbsp;&nbsp;&nbsp;&nbsp; 9231642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., <br> VRDO, LIQ : US Bank NA, 1.55%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group Series 2014A, <br> Rev., 5.00%, 11/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300366 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc., Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Services, Inc. Series <br> 2018, Rev., 5.00%, 4/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68281 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 780511 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 825546 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 48745623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $3,460,597,714)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3460350855 |
|  | **SHARES** |  |
| **Short-Term Investments — 8.9%** | **Short-Term Investments — 8.9%** | **Short-Term Investments — 8.9%** |
| **Investment Companies — 8.9%** | **Investment Companies — 8.9%** | **Investment Companies — 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (g) (h) <br>(Cost $336,011,858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 335984926 | &nbsp;&nbsp;&nbsp;&nbsp; 336018525 |
| **Total Investments — 100.1%** <br>**(Cost $3,796,609,572)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **3796369380** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(2183662)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3794185718** |

---

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

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

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

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

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

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (f) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3460350855 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3460350855 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 336018525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336018525 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $336018525 | &nbsp;&nbsp;&nbsp;&nbsp; $3460350855 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3796369380 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax <br> Free Money Market Fund <br> Class IM Shares, 2.30% <br> (a) (b)<br>| $366506598 | $822962640 | $853450714 | $1516 | $(1515)<br>| $336018525 | 335984926 | $1931819 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of May 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 Ultra-Short Municipal Income ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-05-31

**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:** $3846006985.93

**Total Liabilities:** $67083730.07

**Net Assets:** $3778923255.86

**Cash Not Reported:** $3.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 16321.37664000 | **1-Year:** 137212.98109000 | **5-Year:** 104259.57178000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 7566.05779000 | **1-Year:** 32702.56462000 | **5-Year:** 149.54480000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205216 | 0.13%                | 0.10%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23475.80                | $-4036060.70                               |
| Month 2  | $1682.04                 | $-6101930.81                               |
| Month 3  | $-31312.70               | $5108744.42                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Series 2025A                                                              | CUSIP: 576553CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3411886.75   | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2022                                                            | CUSIP: 54811BXZ9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81442.69     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series 2020A                                                | CUSIP: 246387SU9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    715000 | PA      | $713006.08    | 0.02%             | 2031-01-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2019S-3A                                                                       | CUSIP: 64972HW99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65150.04     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2016A                                                                                            | CUSIP: 837151PJ2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25260.56     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                                        | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40560.88     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2019A                                                                                                                 | CUSIP: 54641CAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35176.82     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                            | Massachusetts Clean Water Trust (The), Series 2006                                                                                               | CUSIP: 57604PB52<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20065.47     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woburn MA                                                                | City of Woburn, Municipal Purpose Loan                                                                                                           | CUSIP: 977521F32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99587.95     | 0.00%             | 2025-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015A                                                                                                               | CUSIP: 605581ED5<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50324.29     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021D                                                                                                   | CUSIP: 207758F65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252118.30    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine School Administrative District No. 51                                      | Maine School Administrative District No. 51, Series 2025A                                                                                        | CUSIP: 807688KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9600000 | PA      | $9672206.40   | 0.26%             | 2025-12-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, New York University, Series 2019A                                                                            | CUSIP: 64990GJA1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40060.21     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii State Highway Fund                                               | State of Hawaii State Highway Fund, Series B                                                                                                     | CUSIP: 41981CNS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35587.40     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2017C-1                                                                  | CUSIP: 89602RCC7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20173.04     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                               | CUSIP: 115065YY4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356434.33    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge Enterprise                                                       | Colorado Bridge Enterprise, Series 2019A                                                                                                         | CUSIP: 19633SAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76114.19     | 0.00%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                              | City of St. Cloud, Centracare Health System, Series 2016A                                                                                        | CUSIP: 78916VDK3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    280000 | PA      | $284510.18    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                     | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund                                                                | CUSIP: 040649MT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145238.51    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                               | CUSIP: 899525WS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5424801.39   | 0.14%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio                                                                                                                              | CUSIP: 79623PBC8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30096.31     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2015B                                                                                                      | CUSIP: 414005VE5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125507.40    | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018-1                                                                                                | CUSIP: 64990GEW8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    110000 | PA      | $116315.31    | 0.00%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series A                                                                                                | CUSIP: 71884AZR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205308.91    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015B                                                           | CUSIP: 115065YC2<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335440.36    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022A                                                                                                                  | CUSIP: 452153CN7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51421.89     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                               | State of Tennessee, Series 2021A                                                                                                                 | CUSIP: 880541C62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20170.29     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2015- 1                                                                                           | CUSIP: 977123L63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65093.16     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Woodbridge NJ                                                        | Township of Woodbridge                                                                                                                           | CUSIP: 9788622V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9977000 | PA      | $10007227.32  | 0.26%             | 2025-10-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Flemington NJ                                                         | Borough of Flemington, Series 2025A                                                                                                              | CUSIP: 339261GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7079000 | PA      | $7135769.33   | 0.19%             | 2026-01-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Series 2017                                                          | CUSIP: 65830RBF5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514086.50    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2015                                                                                        | CUSIP: 59334DHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $669347.17    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                             | CUSIP: 64577BJY1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135094.46    | 0.00%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2020A                                                                                          | CUSIP: 66285WZQ2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126485.26    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2018 -1                                                                  | CUSIP: 64971W7M6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196660.35    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Madison WI                                                               | City of Madison, Series 2021A                                                                                                                    | CUSIP: 55844RVA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20319.78     | 0.00%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax, Series 2016A                                                                                  | CUSIP: 35880CTP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509942.50   | 0.07%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Sewer & Storm Water Finance Authority                              | Nassau County Sewer and Storm Water Finance Authority, Series A                                                                                  | CUSIP: 63166QBZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000315.00   | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                         | CUSIP: 66285WZJ8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    235000 | PA      | $242411.81    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Regional Transportation Authority Excise Tax Revenue                 | Pima County Regional Transportation Authority Excise Tax, Series 2017                                                                            | CUSIP: 72178RBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76561.47     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2016A                                                                          | CUSIP: 650036GN0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86448.03     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2019A                                                                                                               | CUSIP: 20772KFX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538163.00    | 0.01%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2019A                                                                                                                  | CUSIP: 4521525F4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81886.72     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Federal Highway, Series 2020                                                                                               | CUSIP: 25483VWQ3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47987.05     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Joint Toll Bridge Commission                                      | Delaware River Joint Toll Bridge Commission, Series 2019B                                                                                        | CUSIP: 246343MS3<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50072.30     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                       | CUSIP: 63968AZQ1<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75108.02     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Series 2015A                                                                                                                   | CUSIP: 414005UJ5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1399625.19   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                                                                                 | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  38000000 | PA      | $38000000.00  | 1.01%             | 2039-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                       | CUSIP: 485424TN5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4655305.38   | 0.12%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Newburgh NY                                                              | Town of Newburgh                                                                                                                                 | CUSIP: 65087RBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3831541.52   | 0.10%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016-6                                                                                                                 | CUSIP: 452152D32<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    585000 | PA      | $595033.92    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 115                                                                                 | CUSIP: 49151FTC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1467534.00   | 0.04%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2023B-2                                                                                           | CUSIP: 89602RKY0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25786.90     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                         | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1341013.04   | 0.04%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | Collin County Community College District, Series 2020A                                                                                           | CUSIP: 194741HH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53077.31     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2023A                                                               | CUSIP: 34153QWW2<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrimack Valley Regional Transit Authority                                      | Merrimack Valley Regional Transit Authority                                                                                                      | CUSIP: 590341CU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7203165.84   | 0.19%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series 2018A                                                                                 | CUSIP: 45506DR64<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58107.71     | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $921851.57    | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                              | CUSIP: 342816N84<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    340000 | PA      | $342078.32    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water and Sewer System, Series 2008A-1                                                                                                       | CUSIP: 46613PVW3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12100000 | PA      | $12100000.00  | 0.32%             | 2038-10-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-1                                                                                            | CUSIP: 977123Q50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67926.33     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2016D                                                                                   | CUSIP: 647310Z79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.02     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2016C                                                                      | CUSIP: 1964745K2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1532583.04   | 0.04%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018C                                                                                                  | CUSIP: 696550G22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50161.00     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                              | City of St. Cloud, Centracare Health System, Series 2016A                                                                                        | CUSIP: 78916VDN7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55810.49     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County                                                                                         | CUSIP: 592112SJ6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30622.57     | 0.00%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018B                                                                                                                  | CUSIP: 4521522X8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35198.69     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 1J Portland                                 | Multnomah County School District No. 1 Portland, Series 2020                                                                                     | CUSIP: 625517KT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $285186.79    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series C                                                                                                     | CUSIP: 735389WF1<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2101305.36   | 0.06%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2014A                                                                                                      | CUSIP: 6461394W2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    825000 | PA      | $826289.81    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-1                                                                                                 | CUSIP: 709224PW3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50860.58     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $432023.21    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series A                                                                     | CUSIP: 167593YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72070.45     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2015A                                                                                                        | CUSIP: 29270CG66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30043.00     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series 2017A                                                                                                      | CUSIP: 882854ZT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115863.79    | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, University of Chicago, Series 2020A                                                                                  | CUSIP: 45204FAC9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.58     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2002642.57   | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                | City of Durham                                                                                                                                   | CUSIP: 26678PGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118330.09    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FSU Financial Assistance, Inc.                                                   | FSU Financial Assistance, Inc., Series 2012C                                                                                                     | CUSIP: 302644FA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99831.20     | 0.00%             | 2025-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, State and Local Facilities Loan of 2021, Series 2022D                                                                         | CUSIP: 574193VC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62555.61     | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series A                                                                                                       | CUSIP: 207758TX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75246.76     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockwall TX                                                              | City of Rockwall, Series 2016                                                                                                                    | CUSIP: 774280Q79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150451.62    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2020A                                                                          | CUSIP: 762232BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25450.35     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2018B                                                                                                         | CUSIP: 59447TSV6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50335.53     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                              | City of Chandler, Series 2016                                                                                                                    | CUSIP: 158843XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091049.60   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2023A                            | CUSIP: 92778VMJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60834.42     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                   | Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System, Series 2021C                                                          | CUSIP: 160853VE4<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3634352.78   | 0.10%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery                                                                                                                         | CUSIP: 040624BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $199235.91    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Courthouse Project                                                                                          | CUSIP: 443730PJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120330.19    | 0.00%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Subordinate Lien, Series 2018B                                                                                   | CUSIP: 442349BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229295.41    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 2016                                                                                           | CUSIP: 717893ZZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105648.04    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope, General Purpose, Series 2021C                                                                                            | CUSIP: 662523N39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121540.85    | 0.00%             | 2026-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                 | CUSIP: 888808HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects, Series 2018A                           | CUSIP: 677587DE4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Xenia Rural Water District                                                       | Xenia Rural Water District, Capital Loan Notes                                                                                                   | CUSIP: 98410ADE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $190767.86    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                        | CUSIP: 231266MT1<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605669.15   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland Department of Electric Utilities, Series 2010A                                                                                  | CUSIP: 51166FCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069241.20   | 0.03%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2142729.39   | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                                                     | CUSIP: 542691AE0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125600.99    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | New Mexico Hospital Equipment Loan Council, Presbyterian Health Care Services, Series 2015A                                                      | CUSIP: 647370GW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500567.90    | 0.01%             | 2044-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO Water Revenue                                                  | City of Aurora, Series 2016                                                                                                                      | CUSIP: 051595BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $297130.78    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Series 2015A                                                                                          | CUSIP: 38122NZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                               | CUSIP: 64711RMK9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450297.90    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | County of Montgomery, Public Facilities Projects, Series 2020A                                                                                   | CUSIP: 61334ECG1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25162.60     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2021B                                                                                  | CUSIP: 34153QUY0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43215.84     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                             | Texas A&M University, Financing System, Series 2017C                                                                                             | CUSIP: 88213AJF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82884.19     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                   | FYI Properties, State of Washington District Project, Series 2019                                                                                | CUSIP: 302716BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305325.81    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, Series 2015D                                                                                                     | CUSIP: 54811GC81<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151276.62   | 0.03%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                              | County of Nassau, Series 2016B                                                                                                                   | CUSIP: 63165TRK3<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51183.07     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority            | Missouri State Environmental Improvement and Energy Resources Authority, Series 2015B                                                            | CUSIP: 60636UDA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25039.07     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Series 2016A                                         | CUSIP: 645790FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56167.83     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tempe AZ                                                                 | City of Tempe, Series B                                                                                                                          | CUSIP: 8797094A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75049.85     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018L                                                                                                                  | CUSIP: 19668QJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $150186.40    | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System                                                                                             | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    575000 | PA      | $587925.66    | 0.02%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QW8<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25078.19     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016B                                                                                                               | CUSIP: 59333ND26<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    280000 | PA      | $284859.48    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                             | City of Charlotte, Series 2024                                                                                                                   | CUSIP: 161035NM8<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225343.82    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FH                                                                                                                       | CUSIP: 419792MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138913.16    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System, Series 2009A                                                                            | CUSIP: 882117N26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50079.52     | 0.00%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GCS School Building Corp. One                                                    | GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage                                                                  | CUSIP: 36828VGP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45471.24     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Aurora Union Free School District                                           | East Aurora Union Free School District                                                                                                           | CUSIP: 270555GC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6068451 | PA      | $6071269.19   | 0.16%             | 2025-06-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sarasota County School Board                                                     | Sarasota County School Board, Florida Certificates of Participation Master Lease Program, Series 2022A                                           | CUSIP: 80330QCQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $260581.70    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                       | CUSIP: 59465PEU8<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  11250000 | PA      | $11187024.75  | 0.30%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2025 1                                                                                            | CUSIP: 9771235A2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3247509.60   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Sanford Health, Series 2019A                                                                               | CUSIP: 19648FPG3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    190000 | PA      | $202585.90    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walton County School District                                                    | Walton County School District, Series 2012                                                                                                       | CUSIP: 933420CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50168.69     | 0.00%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-M, XI-N and XI-P State Grant Program, Series 2019D                                                                   | CUSIP: 68609TKD9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51069.70     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2012A                                                                                                       | CUSIP: 686507FL3<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    310000 | PA      | $311975.01    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2019A                                          | CUSIP: 414009ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $96783.14     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Mountain Lakes NJ                                                     | Borough of Mountain Lakes                                                                                                                        | CUSIP: 624199KK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3146760 | PA      | $3156949.21   | 0.08%             | 2025-10-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2018A                                                              | CUSIP: 6461363Y5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73324.77     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Missouri Special Obligation Refunding and Improvement, Main Streetcar Extension Project, Series 2022C                       | CUSIP: 485106YM4<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210876.29    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                       | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                      | CUSIP: 45884AE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $140185.07    | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Building Authority                                                    | New Jersey Building Authority, Series 2016A                                                                                                      | CUSIP: 645771YX8<br>LEI: 549300YJLPPJFRLYB368 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40872.68     | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020B                                                                                            | CUSIP: 2350365S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30210.36     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                    | CUSIP: 64972JTY4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2988327.56   | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2015 Series S-1                                                                | CUSIP: 64972HVF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205268.04    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2016A                                                                       | CUSIP: 576000TT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25236.89     | 0.00%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Water and Wastewater                                                                                                            | CUSIP: 047870MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130208.88    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2018A                                                                                     | CUSIP: 34160WB86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26527.55     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group, Series 2013                                                | CUSIP: 645790RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $191145.76    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority                                                                                                        | CUSIP: 75076PAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1360000.00   | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brockton Area Transit Authority                                                  | Brockton Area Transit Authority                                                                                                                  | CUSIP: 111748BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3704457.39   | 0.10%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2017B                                                                               | CUSIP: 44244CNG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47037.39     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2019, Series A                                                                                                     | CUSIP: 64966MD97<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100333.81    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | Truckee Meadows Water Authority, Series 2017                                                                                                     | CUSIP: 897825HB4<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153419.24    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2016D                                                                                                                 | CUSIP: 5464152V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50252.60     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3110082.20   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573562.40   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                  | CUSIP: 735389YH5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30313.61     | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2021                                                                                   | CUSIP: 153476GL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313017.54    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                  | CUSIP: 7178238D3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    175000 | PA      | $179350.68    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Series 2021C                                                               | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  18210000 | PA      | $19086594.80  | 0.51%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2015A                                                                            | CUSIP: 882723ZM4<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20086.49     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $636098.61    | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series C                                                               | CUSIP: 115065ZM9<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45059.15     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | Massachusetts Bay Transportation Authority Sales Tax, Series B                                                                                   | CUSIP: 575579ZB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150227.30    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | Metropolitan Transportation Authority Dedicated Tax Fund, Series 2016A                                                                           | CUSIP: 59259N2S1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90867.72     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund                                                                                | CUSIP: 45204EXS2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2911058.65   | 0.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miamisburg City School District                                                  | Miamisburg City School District, Series 2016                                                                                                     | CUSIP: 593881LC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $393814.51    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53843.41     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020D                                                                                                                  | CUSIP: 4521527N5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75425.76     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51647.69     | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Health Care Facilities, Baptist Health, Series 2019C                                                                       | CUSIP: 469400DY8<br>LEI: 549300XQE0JVN9WV0J40 | Long             | STIV             | MUN               | US        |  18600000 | PA      | $18600000.00  | 0.49%             | 2036-08-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment                            | Massachusetts Bay Transportation Authority Assessment, Series 2016A                                                                              | CUSIP: 575577ND9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35051.24     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series B                                                               | CUSIP: 115065ZH0<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382455.49    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Norton Healthcare, Inc., Series 2000B                                                           | CUSIP: 49126VCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $212415.78    | 0.01%             | 2028-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | Massachusetts Bay Transportation Authority Sales Tax, Series A                                                                                   | CUSIP: 575579YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35053.04     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Lopatcong NJ                                                         | Township of Lopatcong                                                                                                                            | CUSIP: 543536DD5<br>LEI: 5493005YSTVXIV0T8347 | Long             | DBT              | MUN               | US        |   4959127 | PA      | $4986425.51   | 0.13%             | 2026-03-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2023A                                                               | CUSIP: 34153QWX0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    155000 | PA      | $158331.45    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                             | Colton Joint Unified School District, Election of 2008, Series 2010B                                                                             | CUSIP: 197036JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67315.46     | 0.00%             | 2035-08-01      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2022E                                                                                                               | CUSIP: 20772KSE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37440.24     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Series 2007A                                                                                                             | CUSIP: 91417KJX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112295.17    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2019D                                                                                                                | CUSIP: 939720T99<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183924.95    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities, Series 2012A                                   | CUSIP: 95648MMU0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 0.07%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series A                                                                                                     | CUSIP: 735389YL6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104002.30    | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2014A                                                                                                          | CUSIP: 386442VH7<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015A                                                                                                               | CUSIP: 605581EK9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200645.82    | 0.01%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                               | Indiana University, Series 2015A                                                                                                                 | CUSIP: 455168BZ6<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100157.21    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54010.44     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                               | City of El Paso, Series 2015                                                                                                                     | CUSIP: 283734WQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50189.61     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2004                                                                                                | CUSIP: 047870EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1444796.87   | 0.04%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hillsborough County School Board                                                 | Hillsborough County School Board, Masteer Lease Program                                                                                          | CUSIP: 43232VUZ2<br>LEI: 549300E7JND1K3JLOI29 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3264852.42   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97099.62     | 0.00%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2023D                                                                                                 | CUSIP: 65000BC30<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26187.01     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.02     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansingburgh Central School District at Troy                                     | Lansingburgh Central School District at Troy                                                                                                     | CUSIP: 516498GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9617658 | PA      | $9629481.95   | 0.25%             | 2025-07-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2018-1                                                                                       | CUSIP: 677581GU8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20618.11     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2023-I                                                                             | CUSIP: 594615KQ8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.53%             | 2058-04-15      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020B                                                                                                                  | CUSIP: 4521526P1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40227.07     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln Electric System, Series 2020A                                                                                                    | CUSIP: 534272K81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76984.92     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                               | City of Seattle, Series 2015A                                                                                                                    | CUSIP: 8126263X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | Great Lakes Water Authority Sewage Disposal System, Senior Lien, Series 2024A                                                                    | CUSIP: 39081HFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153347.81    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group                                                             | CUSIP: 645790RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245850.10    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 3                                                                                                   | CUSIP: 01179RSX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56688.38     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                  | CUSIP: 64972JLS5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5299926.50   | 0.14%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                       | CUSIP: 45204EZM3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50100.03     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2016B                                                     | CUSIP: 59333MR23<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25515.23     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816J30<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3087664.09   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021A                                                                                                                     | CUSIP: 213185LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75587.25     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN                                                           | City of Chattanooga                                                                                                                              | CUSIP: 162376AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $139925.90    | 0.00%             | 2025-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Children's Hospital Colorado Project, Series C                                                             | CUSIP: 19648A7V1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86495.35     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2024                                                                                                                | CUSIP: 469487VH2<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    720000 | PA      | $724324.18    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System                                                                                                                      | CUSIP: 721876WD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35050.16     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                         | CUSIP: 66285WZK5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52557.12     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | City of Portland Sewer System, Senior Lien, Series 2020A                                                                                         | CUSIP: 736742B30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50768.86     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Castle DE                                                          | County of New Castle, Series 2015                                                                                                                | CUSIP: 64327TDV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45284.38     | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks and Sewer System, Series 2020C                                                                                         | CUSIP: 23542JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125835.54    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                        | University of Connecticut, Series 2015A                                                                                                          | CUSIP: 914233A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.50     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eugene OR Electric Utility System Revenue                                | City of Eugene Electric Utility System, Series 2016A                                                                                             | CUSIP: 298191L62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205620.62    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hornell City School District                                                     | Hornell City School District                                                                                                                     | CUSIP: 440614LP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3602230.56   | 0.10%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| University of Iowa (The)                                                         | University of Iowa (The), Parking System, Series 2023                                                                                            | CUSIP: 8575364D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24140000 | PA      | $24145948.10  | 0.64%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Auburn NY                                                                | City of Auburn                                                                                                                                   | CUSIP: 050537E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15216888 | PA      | $15241502.84  | 0.40%             | 2025-08-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Carmel Local Public Improvement Bond Bank                                        | Carmel Local Public Improvement Bond Bank, Series 2021A                                                                                          | CUSIP: 143287GQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65055.31     | 0.00%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2023A                                                                                                     | CUSIP: 63968A7W9<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    375000 | PA      | $393452.85    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pawtucket RI                                                             | City of Pawtucket, Series 2024-2                                                                                                                 | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2904808.78   | 0.08%             | 2025-10-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | Idaho Housing and Finance Association, Federal Highway Trust, Series 2015A                                                                       | CUSIP: 45129WMQ0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245511.93    | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2002B                                                           | CUSIP: 546398DH8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25592.11     | 0.00%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2017A                                                                                                               | CUSIP: 717813VK2<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86997.08     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Nations Development Corp.                                                 | United Nations Development Corp., Series 2019A                                                                                                   | CUSIP: 911157LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148165.34    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Via Metropolitan Transit                                                         | Via Metropolitan Transit                                                                                                                         | CUSIP: 92555RAJ5<br>LEI: 549300JAPHDC9HLZQY91 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46028.28     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016B                                                                                                   | CUSIP: 709224PA1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20362.15     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Wawarsing NY                                                             | Town of Wawarsing                                                                                                                                | CUSIP: 944029CC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5706646.20   | 0.15%             | 2025-07-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2016A                                                                                            | CUSIP: 837151PK9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252108.65    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1032903.79   | 0.03%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                             | City of Cleveland, Series 2015                                                                                                                   | CUSIP: 186343L23<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90882.72     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                      | Monmouth County Improvement Authority (The)                                                                                                      | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24500000 | PA      | $24667511.40  | 0.65%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2018A                                                     | CUSIP: 64990F4V3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71028.05     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                        | County of Anne Arundel, Series 2020                                                                                                              | CUSIP: 03588HZH2<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55394.28     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                           | City of Minneapolis, Allina Health System, Series 2023A                                                                                          | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57488.38     | 0.00%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series A                                                                                               | CUSIP: 882724AJ6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36014.52     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | Illinois Housing Development Authority                                                                                                           | CUSIP: 45203LDY6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | STIV             | MUN               | US        |   2935000 | PA      | $2935000.00   | 0.08%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2023RRR                                                        | CUSIP: 64577XEQ5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68355.16     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, National Public Radio, Inc. Issue, Series 2016                                                                             | CUSIP: 25483VRG1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25399.67     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25633.38     | 0.00%             | 2031-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2016, Series C                                                                                                     | CUSIP: 64966L4K4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    170000 | PA      | $172069.77    | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2016A                                                      | CUSIP: 5463986B9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72010.86     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventhealth Obligated Group, Series 2019B                                                                 | CUSIP: 19648FXB5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056430.20   | 0.05%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salem OR Water & Sewer Revenue                                           | City of Salem Water and Sewer, Series 2017                                                                                                       | CUSIP: 794481KC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017C                                                                        | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $979796.60    | 0.03%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series 2015A                                                        | CUSIP: 64990BQA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25006.57     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series E                                                                                     | CUSIP: 45506DZF5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50679.89     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2016A                                                                                                                 | CUSIP: 5464153R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25126.30     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | City of Portland Sewer System, Series 2015A                                                                                                      | CUSIP: 736742WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Bloomingdale NJ                                                       | Borough of Bloomingdale                                                                                                                          | CUSIP: 094401JW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3638000 | PA      | $3666788.95   | 0.10%             | 2026-02-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series A                                                                         | CUSIP: 882854WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $770877.27    | 0.02%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2019C-1                                                                  | CUSIP: 64971XJV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75638.60     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated                                                            | CUSIP: 645790ML7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51050.93     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2022A                                                     | CUSIP: 64990F2C7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20697.38     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3275418.90   | 0.09%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A3                                                                   | CUSIP: 56682HDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3428804.04   | 0.09%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                          | University of Minnesota, Series 2019B                                                                                                            | CUSIP: 914460TA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25165.83     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Series 2020                                                                                                                      | CUSIP: 052397ZM1<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105502.15    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                     | Arizona Transportation Board                                                                                                                     | CUSIP: 040647DY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240375.05    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series 2015B                                                | CUSIP: 880558HV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5043242.00   | 0.13%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2017A                                                               | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20411.93     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Community College System                                                 | Houston Community College System                                                                                                                 | CUSIP: 442368NH5<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1393008.05   | 0.04%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Series 2025A                                                              | CUSIP: 576553CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1462615.36   | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Guttenberg NJ                                                            | Town of Guttenberg                                                                                                                               | CUSIP: 403478FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8250767 | PA      | $8278244.53   | 0.22%             | 2025-10-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sioux Falls School District No. 49-5/SD                                          | Sioux Falls School District No. 49-5, Series 2018A                                                                                               | CUSIP: 829596VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20274.42     | 0.00%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5440000 | PA      | $5667710.78   | 0.15%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2016A                                                                                     | CUSIP: 34160WZJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100152.17    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1                                                        | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66180.79     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $675000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014B                                                                                | CUSIP: 593338AL0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   6880000 | PA      | $6886657.09   | 0.18%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida, State Board of Education, Lottery, Series 2014A                                                                                | CUSIP: 341507M24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69974.67     | 0.00%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Scott County School District Finance Corp.                                       | Scott County School District Finance Corp.                                                                                                       | CUSIP: 809545XN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Series 2007A                                                                                                             | CUSIP: 91417KJW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | Truckee Meadows Water Authority                                                                                                                  | CUSIP: 897825HC2<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043872.40   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2020                                                                      | CUSIP: 8828543X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141051.57    | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2023A                                                                                          | CUSIP: 677523GG1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100249.10    | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 243                                                                              | CUSIP: 73358XKS0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20654.61     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                         | Commonwealth of Virginia, Series 2024B                                                                                                           | CUSIP: 928110CB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2023                                                            | CUSIP: 54811BZZ7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107305.97    | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2018, Series 2018A                                                                                                 | CUSIP: 64966MPE3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26138.13     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016C                                                                                                         | CUSIP: 684517RX5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024009.90   | 0.03%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019B                                                                                         | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $413632.07    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series C                                                                                                         | CUSIP: 63968AN92<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70818.75     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2015                                                                                                        | CUSIP: 70914PYS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $677697.57    | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                         | CUSIP: 45506EEY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    160000 | PA      | $171896.26    | 0.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Big Walnut Local School District                                                 | Big Walnut Local School District, Unlimited Tax, Series 2015                                                                                     | CUSIP: 089707PT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $670000.00    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Capital Facilities Lease Appropriation, Series 2017A                                                                              | CUSIP: 67760ADR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50490.95     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                 | CUSIP: 546417KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2558145.36   | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2023A                                                                                             | CUSIP: 89602HFE2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25696.80     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton, Sales Tax, Series 2016A                                                                                                      | CUSIP: 407287MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40414.10     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Public Improvement, Series 2021A                                                                                                | CUSIP: 4423316F6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    295000 | PA      | $299580.20    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | Hillsborough County Aviation Authority, Tampa International Airport, Series 2022A                                                                | CUSIP: 432308M76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105214.50   | 0.08%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Middleton MA                                                             | Town of Middleton, Municipal Purpose Loan                                                                                                        | CUSIP: 596731FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39890.68     | 0.00%             | 2025-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group, Series 2019B-2                                           | CUSIP: 645790MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235288.51    | 0.01%             | 2042-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hamilton Central School District                                                 | Hamilton Central School District                                                                                                                 | CUSIP: 407744FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13219872 | PA      | $13231110.21  | 0.35%             | 2025-07-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2022A                                                                                                            | CUSIP: 65829QEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101958.87    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Haledon NJ                                                      | Borough of North Haledon                                                                                                                         | CUSIP: 659538JK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4402592.04   | 0.12%             | 2025-06-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2020A                                                                                                                 | CUSIP: 60412ATG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $243970.56    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFA1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    205000 | PA      | $209853.58    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                  | CUSIP: 7178238G6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122389.82    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Reed College Project, Series 2017A                                                                            | CUSIP: 68608JXB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127828.79    | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018, Series 2018 -1                                               | CUSIP: 64971W7N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102975.01    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2020                                                                               | CUSIP: 52882PEB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50190.64     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                             | County of Trimble, Series 2023A                                                                                                                  | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1006322.30   | 0.03%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin, Environmental Improvement Fund, Series 2018A                                                                                 | CUSIP: 97709TBS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25539.81     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                             | McKinney Independent School District, Unlimited Tax, Series 2022                                                                                 | CUSIP: 581664LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187742.75    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pioneer Valley Transit Authority                                                 | Pioneer Valley Transit Authority                                                                                                                 | CUSIP: 724025CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18400000 | PA      | $18415393.44  | 0.49%             | 2025-07-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2015 Series S-1                                                                | CUSIP: 64972HVD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35053.06     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | Kentucky Asset Liability Commission, Federal Highway Trust Fund, Series 2015A                                                                    | CUSIP: 49118NFK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90375.82     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                               | County of Adams                                                                                                                                  | CUSIP: 005596DW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252506.80    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 1999                                                                                                                     | CUSIP: 167484QS6<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3702708.36   | 0.10%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                             | CUSIP: 8827242C0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5140000 | PA      | $5489141.70   | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                   | CUSIP: 45204FJB2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    340000 | PA      | $359242.47    | 0.01%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series A                                                                                   | CUSIP: 70917SPW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100648.57    | 0.00%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | University of Washington, Series 2020C                                                                                                           | CUSIP: 91523NZL3<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5086.14      | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., State Capital Project, Series II 2021 A                                                                            | CUSIP: 011839XH5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    935000 | PA      | $959824.90    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2017A                                                                                               | CUSIP: 047870NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84025.35     | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota                                                                                                                               | CUSIP: 604140WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408200.56    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                  | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252181.13    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series C                                                                                                         | CUSIP: 63968AP33<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20201.89     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2016, Series C                                                                                                     | CUSIP: 64966L5B3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20066.76     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                 | CUSIP: 67766WXB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25244.52     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series A                                                                         | CUSIP: 882854WJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70529.30     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, Various Purpose                                                                                                             | CUSIP: 646039VP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Mental Health Facilities Improvement Fund Projects, Series 2018A                                                                  | CUSIP: 677587DH7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79639.65     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series C                                                                                                     | CUSIP: 64966MJJ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    475000 | PA      | $476585.60    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2025A                                                                      | CUSIP: 343137WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $3228427.68   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015B                                                           | CUSIP: 115065YE8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150274.62    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, State and Local Facilities Loan of 2017, Series 2017A                                                                         | CUSIP: 574193PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20063.47     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 4 Mesa                               | Maricopa County Unified School District No. 4 Mesa, Series 2019A                                                                                 | CUSIP: 566897WQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30041.27     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | Northwest Independent School District, Unlimited Tax, Series 2016A                                                                               | CUSIP: 667825Z89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $608640.60    | 0.02%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2017                                                                                                    | CUSIP: 709224A41<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    465000 | PA      | $482963.79    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018C1                                        | CUSIP: 97712D7Z3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1168908.07   | 0.03%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dunklin MO                                                             | County of Dunklin                                                                                                                                | CUSIP: 265620BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398305.64    | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern University, Series 2015                                                                                 | CUSIP: 45203HZ62<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80723.00     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | County of Jefferson sewer, Series 2024                                                                                                           | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1043772.53   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | Alabama Public School and College Authority, Capital Improvement, Series 2020A                                                                   | CUSIP: 010609FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136060.06    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2017B                                                                                                  | CUSIP: 696550C67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180513.72    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2023 Subseries A-1                                                                                    | CUSIP: 64966QE55<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25126.23     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2015B                                                                                                 | CUSIP: 928172L94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25080.59     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, First Tier, Series 2016B                                                                  | CUSIP: 88283LKX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10135000 | PA      | $9821233.58   | 0.26%             | 2026-04-01      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                 | CUSIP: 546417KF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081602.10   | 0.03%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2015A                                                                          | CUSIP: 650036JU1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85498.33     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2024A                                                                                                      | CUSIP: 646140FQ1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2418649.06   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Point Pleasant Beach NJ                                               | Borough of Point Pleasant Beach, General Capital Notes Water and Sewer Utility                                                                   | CUSIP: 730570HQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6343000 | PA      | $6363109.21   | 0.17%             | 2025-11-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2018B                                                                                                   | CUSIP: 207758YA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82265.94     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Series 2015S-1                                                                                   | CUSIP: 15504RFV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186592.13    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                        | CUSIP: 6582034M3<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    870000 | PA      | $883496.66    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL                                                             | County of Manatee, Series 2022                                                                                                                   | CUSIP: 561852GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2414413.92   | 0.06%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 175                                                                              | CUSIP: 73358WJN5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215166.28    | 0.01%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                                | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   4435000 | PA      | $4432026.33   | 0.12%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Worcester Regional Transit Authority                                             | Worcester Regional Transit Authority                                                                                                             | CUSIP: 981325CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6503094.65   | 0.17%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Alamo Regional Mobility Authority                                                | Alamo Regional Mobility Authority, Junior Lien Vehicle Registration Fee                                                                          | CUSIP: 011432AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1246393.03   | 0.03%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020A                                                                                               | CUSIP: 93974EAC0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70224.48     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges and Universities Authority, Emory University, Series 2019A                                                                      | CUSIP: 74265LR26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25624.10     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2017A                                                                                                               | CUSIP: 605581JS7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26245.43     | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                               | City of Decatur                                                                                                                                  | CUSIP: 243127XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203226.16    | 0.01%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | Canadian County Educational Facilities Authority, Mustang Public Schools Project, Series 2017                                                    | CUSIP: 135521CK6<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105154.11    | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017C                                                                                          | CUSIP: 181059YH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312749.28    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Children's Hospital, Series 2015-1                                                    | CUSIP: 414009JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1860320.04   | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                            | CUSIP: 45204EKE7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    395000 | PA      | $399419.77    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101144.96    | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2019B-3                                                             | CUSIP: 64990GTD4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3141056.25   | 0.08%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                            | City of Portsmouth, Tax Exempt, Series 2015A                                                                                                     | CUSIP: 73723RUQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20064.40     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2017-2                                                                                                  | CUSIP: 709224ZQ5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26002.31     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                        | CUSIP: 64577XET9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2784528.47   | 0.07%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Series EE                                                                                                                     | CUSIP: 746189YZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61351.31     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                          | City of Seattle Water System, Series 2015                                                                                                        | CUSIP: 812728TQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75066.58     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                            | CUSIP: 678519W62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53036.28     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga Electric                                                     | City of Chattanooga Electric, Series A                                                                                                           | CUSIP: 162393EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20093.44     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2024B                                                                                                 | CUSIP: 928173CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40128.94     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seneca Valley School District                                                    | Seneca Valley School District, Series 2015C                                                                                                      | CUSIP: 817207RN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85117.73     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2016A                                                                                | CUSIP: 593338AT3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25366.81     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015D                                                     | CUSIP: 59333MT88<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    190000 | PA      | $192011.19    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2016B                                                                                          | CUSIP: 181059UY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152999.31    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2021A                                                                                                       | CUSIP: 452227RN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20420.85     | 0.00%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2020B                                                                 | CUSIP: 658909YZ3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $120476.64    | 0.00%             | 2026-07-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2015B                                                                                                      | CUSIP: 414005VF2<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60252.37     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority, Series 2017A                                                                                                 | CUSIP: 3922744P8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1418885.42   | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Castle Rock CO Sales & Use Tax Revenue                                   | Town of Castle Rock, Sales and Use Tax                                                                                                           | CUSIP: 14849TDS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFC7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52955.16     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERK6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30988.61     | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series A                                                                                                                          | CUSIP: 67759HGW8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178605.09    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Desoto County Mississippi Highway Project, Series 2024A                                                            | CUSIP: 60534XWR3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2130491.60   | 0.06%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Community Foundation Of Northern Indiana Obligated Group, Series 2016                                                 | CUSIP: 45506DZZ1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240024.32    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                       | Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program                                                 | CUSIP: 574296AW9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    140000 | PA      | $142617.96    | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery                                                                                                                         | CUSIP: 040624BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20853.65     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023AA                                                            | CUSIP: 64613CCY2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001220.60   | 0.05%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                          | CUSIP: 677523KK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12406929.10  | 0.33%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2016A                                                                                                                    | CUSIP: 442331K78<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2221560.75   | 0.06%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Solano County Community College District                                         | Solano County Community College District                                                                                                         | CUSIP: 83412PEG3<br>LEI: 549300P3BIFQULH2R110 | Long             | DBT              | MUN               | US        |    680000 | PA      | $681993.49    | 0.02%             | 2027-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2018                                                                                      | CUSIP: 938782FZ7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25032.09     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton Sales Tax, Series 2016A                                                                                                       | CUSIP: 407287MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1516069.82   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                               | City of Whiting, BP Products North America, Inc. Project, Series 2019A                                                                           | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2925382.54   | 0.08%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project                                                             | CUSIP: 46246SAC9<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  21600000 | PA      | $21600000.00  | 0.57%             | 2051-12-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Lyons Central School District                                                    | Lyons Central School District                                                                                                                    | CUSIP: 552279KY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8900000 | PA      | $8905768.98   | 0.24%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | Deutsche Intermediate Tax-Free Fund, First Lien, Series 2015D                                                                                    | CUSIP: 44244CCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25216.77     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                               | CUSIP: 20772KB73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14625000 | PA      | $15060930.30  | 0.40%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2015B                                                                                                                  | CUSIP: 574193LG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20031.18     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Series 2017A                                                                                                                   | CUSIP: 414005XG8<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80545.38     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series B-1                                                                                                     | CUSIP: 20281PJZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series Q-1                                                                                                    | CUSIP: 114894QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195172.61    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Watertown WI                                                             | City of Watertown                                                                                                                                | CUSIP: 942214E52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1225256.88   | 0.03%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series XX                                                             | CUSIP: 64577BKV5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25009.78     | 0.00%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                             | CUSIP: 8827242B2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3700148.79   | 0.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015C                                                                                                         | CUSIP: 684517QC2<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200625.50    | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Romulus Central School District                                                  | Romulus Central School District                                                                                                                  | CUSIP: 776204DP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4405393.08   | 0.12%             | 2025-07-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Various Purpose, Series 2016F                                                                         | CUSIP: 181059WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99914.26     | 0.00%             | 2026-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX Utilities System Revenue                                  | City of Brownsville, Utilities System                                                                                                            | CUSIP: 116475U44<br>LEI: 549300ZLUVMJ8K0OEK50 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1270765.62   | 0.03%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin Environmental Improvement Fund, Series 2017A                                                                                  | CUSIP: 97709TBJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | Idaho Health Facilities Authority, Trinity Health, Series 2015ID                                                                                 | CUSIP: 451295XL8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95166.37     | 0.00%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glendale Community College District                                              | Glendale Community College District, Election of 2016, Series 2016A                                                                              | CUSIP: 378394GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26415.47     | 0.00%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | Texas State Technical College, Series 2022A                                                                                                      | CUSIP: 88276REY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $143234.26    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                                                                                 | CUSIP: 709224L64<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79435.95     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2019, Series B-1                                      | CUSIP: 64972JLC0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15048.60     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien, Series A                                                                                 | CUSIP: 155498DQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55085.60     | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2019A                                                                                 | CUSIP: 91514AJF3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69231.18     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2016A                                                                                     | CUSIP: 34160WZL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $736323.12    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2023, Subseries F-1                                                      | CUSIP: 64971X6U7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70942.58     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., Home Mortgage, Series 2007A                                                                                        | CUSIP: 01170PBW5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | STIV             | MUN               | US        |  28900000 | PA      | $28900000.00  | 0.76%             | 2041-12-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Electric System Revenue                                       | City of Memphis Electric System, Series 2016                                                                                                     | CUSIP: 586158PD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2219329.59   | 0.06%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 175                                                                              | CUSIP: 73358WJM7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100142.45    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, Yale University, Series 2017C-1                                                   | CUSIP: 20774Y3C9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63011.58     | 0.00%             | 2040-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2015A                                                                                                               | CUSIP: 717813RM3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235513.52    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Clarksville TN Water Sewer & Gas Revenue                                 | City of Clarksville, Series 2016                                                                                                                 | CUSIP: 182618LU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $182378.88    | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Series 2019A                                                                                                   | CUSIP: 677660UT7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183886.65    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2023A                                                                     | CUSIP: 88285ACU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43352.80     | 0.00%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2016B                                                                      | CUSIP: 343137BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19783.58     | 0.00%             | 2026-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Touro College and University System Group, Series 2017                                                       | CUSIP: 64990H6V7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $578966.63    | 0.02%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City, Series 2016                                                                                                               | CUSIP: 678519TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1165643.10   | 0.03%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                  | CUSIP: 7599113A6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2818318.23   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | Idaho Housing and Finance Association, Single Family Mortgage, Series 2009A, Class I                                                             | CUSIP: 45129YXW1<br>LEI: 5493002WM3NYB1LQB744 | Long             | STIV             | MUN               | US        |    565000 | PA      | $565000.00    | 0.01%             | 2038-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, First Lien, Series 2021                                                                                              | CUSIP: 41423PBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35881.66     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2023A                                                          | CUSIP: 68450LGW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59164.57     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series 2010A                                                               | CUSIP: 646136XF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    400000 | PA      | $354133.24    | 0.01%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Series 2019C                                                                                   | CUSIP: 13032UB72<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176181.51    | 0.00%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2017B                                                                                                       | CUSIP: 677522VK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    515000 | PA      | $517956.20    | 0.01%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021A                                                                                                   | CUSIP: 207758B69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611698.62    | 0.02%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System, Series 2020B                                                                                       | CUSIP: 542691DM9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |    125000 | PA      | $123980.83    | 0.00%             | 2050-09-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc.                                                                   | CUSIP: 97712DRK4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    780000 | PA      | $780511.21    | 0.02%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds, Series 2017A-1                                                 | CUSIP: 38122NZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26041.80     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                         | CUSIP: 01728A4K9<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50084.85     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Candor Central School District                                                   | Candor Central School District                                                                                                                   | CUSIP: 137465HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004114.80   | 0.08%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1643710.08   | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2018B                                                                                                    | CUSIP: 517845EK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $367780.79    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Troy NY                                                                  | City of Troy                                                                                                                                     | CUSIP: 897574C80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4591812 | PA      | $4598040.33   | 0.12%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Herons Key Senior Living, Series A                                                                  | CUSIP: 939783SH0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6530000 | PA      | $6546411.20   | 0.17%             | 2050-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Henry County School District                                                     | Henry County School District, Series 2016                                                                                                        | CUSIP: 426362NT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75948.94     | 0.00%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                           | University of Delaware, Series 2019                                                                                                              | CUSIP: 914245BY0<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100845.95    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community College Financing Authority                                 | California Community College Financing Authority, West Valley Mission Community College District, Series 2016C                                   | CUSIP: 13012EW61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25532.94     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Council Rock School District                                                     | Council Rock School District, Series 2019A                                                                                                       | CUSIP: 222263H40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35136.96     | 0.00%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | Metropolitan Transportation Authority Dedicated Tax Fund, Series B-1                                                                             | CUSIP: 59259N3Y7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25241.03     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                           | CUSIP: 665250CK0<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97758.16     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                             | County of Harnett, Series 2020                                                                                                                   | CUSIP: 41333TCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89238.33     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 13TH                                                                                  | CUSIP: 7178237H5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20054.09     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | Alabama Special Care Facilities Financing Authority-Birmingham, Childrens Hospital Health Care Facility, Series 2015                             | CUSIP: 090929GH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85053.18     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, New Infrastructure Project, Series 2022-1                                                                                         | CUSIP: 677581JE1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25265.32     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                               | Tuscaloosa City Board of Education                                                                                                               | CUSIP: 90059RAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511715.70    | 0.01%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                           | CUSIP: 65956NGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113067.99    | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | County of King, Series 2017                                                                                                                      | CUSIP: 49474FSC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102344.04    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2022A                                                                                                                     | CUSIP: 213185MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $372897.10    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                          | University of Minnesota, Series 2017B                                                                                                            | CUSIP: 914460QV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176793.40    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Missouri Special Obligation, Series A                                                                                       | CUSIP: 485106MD7<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    450000 | PA      | $452779.61    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                              | CUSIP: 452252ND7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    180000 | PA      | $189383.98    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                        | Camden County Improvement Authority (The), City Hall Project                                                                                     | CUSIP: 13281NXD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30294.24     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2015A                                                                                                           | CUSIP: 882723J34<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |  14830000 | PA      | $14830000.00  | 0.39%             | 2045-06-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Ciy of Jacksonville FL Sales Tax Revenue                                         | Ciy of Jacksonville Sales Tax, Series 2016                                                                                                       | CUSIP: 469485LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25154.30     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2015I                                                                              | CUSIP: 594615JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3570208.02   | 0.09%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Nebraska                                                           | University of Nebraska, Lincoln Student Fees and Facilities, Series 2015A                                                                        | CUSIP: 9146415A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50073.71     | 0.00%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Weehawken NJ                                                         | Township of Weehawken, Series 2024A                                                                                                              | CUSIP: 948560UG0<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |   6244500 | PA      | $6256272.13   | 0.17%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                  | CUSIP: 02765UNP5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73643.47     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                  | CUSIP: 917567AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55017.70     | 0.00%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | State Public School Building Authority, The School District of the City of Harrisburg Project, Series 2016A                                      | CUSIP: 85732TKK7<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15249.34     | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority, Series 2023B                                                                                       | CUSIP: 591746AQ5<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.10     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District No. 4                                                  | Fort Mill School District No. 4, Series 2025A                                                                                                    | CUSIP: 986525E25<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   9865000 | PA      | $9942800.32   | 0.26%             | 2026-03-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2019B                            | CUSIP: 92778VGY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45625.82     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                       | Central Florida Tourism Oversight District, Series 2017A                                                                                         | CUSIP: 758449RD6<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series AT-1                                                                                | CUSIP: 70917TNL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120081.52    | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, State System Higher Education, Series AQ                                                   | CUSIP: 70917TMQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5002.65      | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2017                                       | CUSIP: 19648FDJ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36334.09     | 0.00%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona, Series 2019A                                                                                                                   | CUSIP: 040588G82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $855371.66    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series C                                                                                                            | CUSIP: 4386702B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2111013.45   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | City of Minneapolis and The Housing and Redevelopment Authority of City of St. Paul, Allina Health System, Series 2017A                          | CUSIP: 603695JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36084.43     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series 2020C                                                                                          | CUSIP: 196632W41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21049.82     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series EO                                                                                                                       | CUSIP: 419792H90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40041.16     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                           | CUSIP: 414005WH7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40844.46     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015F                                                                                                               | CUSIP: 605581GV3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70576.40     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami University/Oxford OH                                                       | Miami University, Series 2017                                                                                                                    | CUSIP: 593791HJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90442.69     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority  | Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero, Series 2024                | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6001940.40   | 0.16%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Indexed Fuel and Subordinate Motor Vehicle Tax, Series 2019                                                                     | CUSIP: 181000QL7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25551.07     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                            | City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group                                              | CUSIP: 838810DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46679.66     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015F                                                                                                               | CUSIP: 605581HA8<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30124.69     | 0.00%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork           | Garfield Pitkin and Eagle Counties School District No. Re-1 Roaring Fork, Series 2016                                                            | CUSIP: 365892MM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25283.25     | 0.00%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte Valley Central School District                                         | Charlotte Valley Central School District                                                                                                         | CUSIP: 161058DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4502851.65   | 0.12%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S82<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     90000 | PA      | $97151.18     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2021B                                                                      | CUSIP: 343137KJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25563.93     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Nutley NJ                                                            | Township of Nutley                                                                                                                               | CUSIP: 670590GB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8063039.20   | 0.21%             | 2026-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JP9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210399.69    | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015C                                                                                                         | CUSIP: 684517QE8<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210656.78    | 0.01%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                         | CUSIP: 45506EEX7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    300000 | PA      | $318789.03    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc.                                                                      | CUSIP: 97710BW40<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160185.54    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2020A                                                                                            | CUSIP: 71884AC56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $435655.50    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                              | County of Mobile, Warrants                                                                                                                       | CUSIP: 6072673Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25074.03     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2022A                              | CUSIP: 60637AVJ8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177838.59    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2017D                                                                            | CUSIP: 5917453Y8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1288894.44   | 0.03%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Broward Hospital District                                                  | South Broward Hospital District, Memorial Healthcare System                                                                                      | CUSIP: 836753LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216717.14    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                 | CUSIP: 727199D99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9504720.90   | 0.25%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-1                                                                                                 | CUSIP: 709224PV5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152628.74    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016                                                                                                    | CUSIP: 709224LN7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40311.37     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2017D                                                                        | CUSIP: 679111YX6<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136594.63    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System                                                                                                                 | CUSIP: 534272J67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25841.62     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                          | University of Minnesota, Series 2015A                                                                                                            | CUSIP: 914468EU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80268.62     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Du Page Cook & Will Counties Community College District No. 502                  | Du Page Cook and Will Counties Community College District No. 502, Series 2023                                                                   | CUSIP: 262615KV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $606949.50    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                | Texas Municipal Gas Acquisition and Supply Corp. IV Gas supply, Series 2023A                                                                     | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3988595.54   | 0.11%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2019B                                                               | CUSIP: 45470YEX5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3769212.93   | 0.10%             | 2058-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                  | CUSIP: 02765UNM2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25343.62     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc.                                                                   | CUSIP: 97712DRG3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24965.08     | 0.00%             | 2035-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                        | Maine Municipal Bond Bank, Transportation Infrastructure Transcap Program, Series 2021A                                                          | CUSIP: 56045PDJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175793.33    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                            | CUSIP: 45204EKD9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20223.79     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2021, Series 2021 Subseries A-1                                                                                    | CUSIP: 64966QMB3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20910.51     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Park Cities Municipal Utility District                             | Dallas County Park Cities Municipal Utility District                                                                                             | CUSIP: 234653BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25032.45     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Rail Transit Project, Series 2019A                                                                                  | CUSIP: 438687GH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175867.51    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | State of Michigan, Environmental Program, Series 2015A                                                                                           | CUSIP: 594612CC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50515.70     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado River Municipal Water District                                          | Colorado River Municipal Water District, Series 2017                                                                                             | CUSIP: 196558SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20926.20     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                         | CUSIP: 560551SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1770120.55   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024 U-2                                              | CUSIP: 57584Y8K8<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 1.06%             | 2048-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope, General Purpose, Series 2020A                                                                                            | CUSIP: 662523K24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330498.40    | 0.01%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2019A                                                                                          | CUSIP: 181059F92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25835.03     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2022, Series 2022C                                                                                                 | CUSIP: 64966QZA1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51233.27     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2017-2                                                                                                                | CUSIP: 97705MJH9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25210.80     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2020, Series 2020C-1                                                                                               | CUSIP: 64966QGS3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31934.33     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2016A                                                                                                     | CUSIP: 63968AH32<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    185000 | PA      | $187163.83    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816H81<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    680000 | PA      | $698181.30    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2016B                                                                                                               | CUSIP: 605581HS9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25798.03     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                         | Arizona Board of Regents, State University, Series 2015B                                                                                         | CUSIP: 04048RMA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125191.93    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | Alabama Public School and College Authority, Capital improvement, Series 2014B                                                                   | CUSIP: 010609AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45173.43     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | Arizona Health Facilities Authority, Banner Health, Series 2015B                                                                                 | CUSIP: 040507QQ1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1497293.70   | 0.04%             | 2046-01-01      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1908552.18   | 0.05%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax, Series A                                                                      | CUSIP: 41422EFP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236964.04    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Occoquan Sewage Authority                                                  | Upper Occoquan Sewage Authority, Series 2014                                                                                                     | CUSIP: 916277LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20031.95     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                     | Missouri Highway and Transportation Commission, First Lien, Series A                                                                             | CUSIP: 60636WRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76482.82     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RQ1<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    130000 | PA      | $131297.23    | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                           | Round Rock Independent School District, Series 2019A                                                                                             | CUSIP: 779240NM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60193.62     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | Tulsa County Industrial Authority, Broken Arrow Public School Project, Series 2019A                                                              | CUSIP: 89952PFD2<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    170000 | PA      | $177667.85    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                         | CUSIP: 01728A4L7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112177.16    | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Highway Transportation                                                                       | CUSIP: 92778UAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71680.71     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Series 2017                                                                                                                     | CUSIP: 088281A26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $250218.92    | 0.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 113, Series 2024B                                                                   | CUSIP: 49151F3A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047796.80   | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | County of King, Limited Tax, Series 2024A                                                                                                        | CUSIP: 49474F5K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61406.42     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Grand Island NY                                                          | Town of Grand Island                                                                                                                             | CUSIP: 385712RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16465845 | PA      | $16526156.10  | 0.44%             | 2025-10-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 4 Bixby                             | Tulsa County Independent School District No. 4 Bixby                                                                                             | CUSIP: 899576HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8560000 | PA      | $8855226.70   | 0.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2019A                                                                                                 | CUSIP: 9281723H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70225.65     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2023A                                                                                                                     | CUSIP: 235219UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62074.59     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sidney Central School District                                                   | Sidney Central School District                                                                                                                   | CUSIP: 826101HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4405919.32   | 0.12%             | 2025-07-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series EY                                                                                                                       | CUSIP: 419792CD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55363.60     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tohopekaliga Water Authority                                                     | Tohopekaliga Water Authority, Utility System                                                                                                     | CUSIP: 88906REH9<br>LEI: 549300IZ325ZGEHGR946 | Long             | DBT              | MUN               | US        |    180000 | PA      | $181176.68    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                       | City of Richmond Public Utility, Series 2016A                                                                                                    | CUSIP: 765433KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $455822.19    | 0.01%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162953.49    | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Water Reclamation District                                          | Clark County Water Reclamation District, Limited Tax, Series 2016                                                                                | CUSIP: 181070EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30042.50     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2015B                                                                                                  | CUSIP: 696550ZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50148.06     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Stroudsburg Area School District                                            | East Stroudsburg Area School District, Series AA                                                                                                 | CUSIP: 275381BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $522351.49    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Association of Governments                                             | San Diego Association of Governments, Series 2019A                                                                                               | CUSIP: 797258AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100983.75    | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2021                                                                                          | CUSIP: 052477ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20180.46     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $194544.61    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer, Series 2016                                                                                          | CUSIP: 017357B60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60603.32     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lathrup Village MI                                                       | City of Lathrup Village, Limited Tax                                                                                                             | CUSIP: 518264EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45274.74     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                               | CUSIP: 64711RMP8<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49267.03     | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron, Series 2022A                                    | CUSIP: 009730QD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $478339.87    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series A                                                                                                          | CUSIP: 882854WM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20125.11     | 0.00%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                    | Monroeville Finance Authority, University of Pittsburg Medical Center                                                                            | CUSIP: 611530AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161784.45    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Occoquan Sewage Authority                                                  | Upper Occoquan Sewage Authority, Series 2014                                                                                                     | CUSIP: 916277LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305487.24    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                              | CUSIP: 452252PG8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75963.53     | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bastrop TX                                                             | County of Bastrop, Combination Tax                                                                                                               | CUSIP: 070307SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511656.70    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Series 2016                                                                                                                 | CUSIP: 7962373H6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    105000 | PA      | $107301.15    | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Farmingdale NY                                                        | Village of Farmingdale, Series 2024B                                                                                                             | CUSIP: 311081HX4<br>LEI: 549300E6G47IEV5U1G34 | Long             | DBT              | MUN               | US        |   7800000 | PA      | $7823097.36   | 0.21%             | 2025-09-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2015                                                                                                | CUSIP: 047870MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95144.45     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Palisades Park NJ                                                     | Borough of Palisades Park, Swimming Pool Utility                                                                                                 | CUSIP: 696395GD8<br>LEI: 549300SF9JNNWFAZGA56 | Long             | DBT              | MUN               | US        |   6631872 | PA      | $6664874.85   | 0.18%             | 2026-03-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, St. Joseph Health System, Series 2013A                                                         | CUSIP: 13032UB64<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80069.58     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Pledged Excise Tax Revenue                            | City and County of Denver Pledged Excise Tax, Series 2016A                                                                                       | CUSIP: 24917DAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $348005.23    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2016                                                                           | CUSIP: 19648A6A8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60999.57     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Development Finance Authority, Solid waste Management, Inc. Project                                                                     | CUSIP: 451889AT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |  10500000 | PA      | $10495836.75  | 0.28%             | 2044-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona, Series 2019A                                                                                                                   | CUSIP: 040588G90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $503504.74    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WN3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56430.52     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A                                         | CUSIP: 70917SPP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100648.57    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series C                                                                                                            | CUSIP: 4386702W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508145.75   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Mental Health Facilities Improvement Fund Projects, Series 2020A                                                                  | CUSIP: 67759HLR3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60796.01     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                             | CUSIP: 64577BJZ8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45031.49     | 0.00%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1                                                                           | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.16%             | 2043-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                                | Delaware Transportation Authority, Series 2016                                                                                                   | CUSIP: 246428B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1033869.43   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                          | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project, Series 2020B                                                | CUSIP: 97401DBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40026.78     | 0.00%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2021, Series 2021F-1                                                 | CUSIP: 64971XYZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205950.02    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Interstate 5 Bridge Replacement Project, Series 2025E                                                                           | CUSIP: 68609UTB1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2758156.01   | 0.07%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series 2016A                                                                               | CUSIP: 491552J89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $630544.84    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series 2015C                                                              | CUSIP: 45203HY22<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $3969521.57   | 0.11%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series 2013C                                                                                                  | CUSIP: 114894UZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100168.12    | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission services Corp. Project, Series 2023                                                            | CUSIP: 54811BZY0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84639.08     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Morristown NJ                                                            | Town of Morristown                                                                                                                               | CUSIP: 618533K36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6360110 | PA      | $6432241.92   | 0.17%             | 2026-06-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series 2016C                                     | CUSIP: 70917SYF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20065.36     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                    | State of Iowa, Ijobs Program, Series 2016A                                                                                                       | CUSIP: 46257TEE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3680365.04   | 0.10%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46999.06     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, Series 2020B                                                                                               | CUSIP: 48542RGR9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37126.78     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                         | Arizona Board of Regents, State University, Series 2015B                                                                                         | CUSIP: 04048RMB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45076.97     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712JMC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   5910000 | PA      | $5956223.29   | 0.16%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RM0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201995.74    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 2017A                                                                                        | CUSIP: 67760HLD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131761.51    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Higher Education                                                        | Colorado Higher Education, Capital Construction, Lease Purchase Financing Program, Series 2014A                                                  | CUSIP: 196734CC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $342810.47    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                                  | Tarrant County College District, Series 2020                                                                                                     | CUSIP: 87638KBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35134.88     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Attleboro-Taunton Regional Transit Authority                             | Greater Attleboro-Taunton Regional Transit Authority                                                                                             | CUSIP: 391602BQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $829627.83    | 0.02%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017C                                                                                                                  | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3920154.10   | 0.10%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series A                                                                                                          | CUSIP: 882854WL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115878.73    | 0.00%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2020A                                                                                                                   | CUSIP: 373385GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160515.76    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | County of Prince George's, Series 2023A                                                                                                          | CUSIP: 741702AX2<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125421.20    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                            | City of Portsmouth, Series 2017A                                                                                                                 | CUSIP: 73723RYH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25058.25     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                  | CUSIP: 452153AE9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151928.42    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                    | Loudoun County Economic Development Authority, Series 2020A                                                                                      | CUSIP: 54589SFW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75743.03     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20390.47     | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake OH                                                                | County of Lake                                                                                                                                   | CUSIP: 5094266D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4006694.80   | 0.11%             | 2025-09-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, New Infrastructure Project, Series 2019-1                                                                                         | CUSIP: 677581HD5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20212.26     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Series 2015C                                                                                                                   | CUSIP: 29270CP66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115164.82    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2023B                                                                                                   | CUSIP: 207758R47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31896.84     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                                | Auburn University, Series 2016A                                                                                                                  | CUSIP: 050589NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                           | Oklahoma Capitol Improvement Authority, Capitol Repair Project, Series 2017B                                                                     | CUSIP: 679088CT9<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70798.50     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2020A                                                                                                        | CUSIP: 677632K42<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105384.61    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series A                                                                                                          | CUSIP: 57582RDT0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35055.56     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project                                                                                        | CUSIP: 19648A6B6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352573.45    | 0.01%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | County of Wake, Hospital System                                                                                                                  | CUSIP: 930866CG1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55711.23     | 0.00%             | 2026-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                          | Cuyahoga Metropolitan Housing Authority, Wade Park Apartments                                                                                    | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4590000 | PA      | $4618083.46   | 0.12%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2015                                                                                       | CUSIP: 7962533Z3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    270000 | PA      | $273764.56    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                        | CUSIP: 6582034L5<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    230000 | PA      | $233676.99    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                  | Lexington County Health Services District, Inc., Lexmed Obligated Group, Series 2017                                                             | CUSIP: 529050EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26083.34     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2016A                                                               | CUSIP: 45471APH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    210000 | PA      | $211799.09    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport, Series 2019A                   | CUSIP: 18085PRH9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71538.92     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series B                                                                                                         | CUSIP: 63968AV44<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20233.93     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                               | State of Tennessee, Series A                                                                                                                     | CUSIP: 880541VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $612009.28    | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2021A                                                                                                   | CUSIP: 709225BL9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42820.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 177TH                                                                            | CUSIP: 73358WME1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500092.20    | 0.01%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, State Revolving, Series 2015                                                                                             | CUSIP: 46246K2P6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95309.40     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                      | University of Alabama (The), Series 2019A                                                                                                        | CUSIP: 914026UD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50076.36     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RU2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45449.04     | 0.00%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2016A                                                                       | CUSIP: 576000TV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20189.51     | 0.00%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson City Health & Educational Facilities Board                               | Johnson City Health and Educational Facilities Board, Ballad Health, Series 2023A                                                                | CUSIP: 478271KG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $755805.74    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2018A                                                             | CUSIP: 64990GAR3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25651.92     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series B                                                                                          | CUSIP: 010268CB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.98     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | Texas Department of Housing and Community Affairs, North Grand Villas, Series 2023                                                               | CUSIP: 88275AEN6<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1444000 | PA      | $1446850.02   | 0.04%             | 2026-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series E                                                                     | CUSIP: 167593WX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129238.71    | 0.00%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Utica NY                                                                 | City of Utica                                                                                                                                    | CUSIP: 917747CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19578012 | PA      | $19710091.14  | 0.52%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                | City of Aurora                                                                                                                                   | CUSIP: 051556KC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60589.76     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                             | Town of Hempstead, Series 2018A                                                                                                                  | CUSIP: 424672XB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20015.66     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garnet Valley School District                                                    | Garnet Valley School District, Series 2017                                                                                                       | CUSIP: 366268RV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135114.78    | 0.00%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, Historic Front Street, Series 2003A                                                                       | CUSIP: 64986MQP3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.58%             | 2036-11-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TA0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1138893.96   | 0.03%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Series 2022A                                                          | CUSIP: 19648FWC4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    700000 | PA      | $737882.46    | 0.02%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Norman Public Schools Project, Series 2023A                                                   | CUSIP: 18604TEX2<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1789485.11   | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax, Series 2017B                                                                  | CUSIP: 41422EHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3065407.10   | 0.08%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2018A                                                                      | CUSIP: 343137DE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127819.66    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERF7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     90000 | PA      | $92965.84     | 0.00%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019B                                                                                              | CUSIP: 452252NS4<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182199.11    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2016A                                                                                                  | CUSIP: 409327HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30720.30     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2015D                                                                          | CUSIP: 59333FTM2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46014.02     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2015B                                                                          | CUSIP: 59333FPG9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270408.97    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series 2016A                                                                               | CUSIP: 491552J71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56264.31     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Demarest NJ                                                           | Borough of Demarest                                                                                                                              | CUSIP: 248033EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8080000 | PA      | $8153932.00   | 0.22%             | 2026-03-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds, Series 2015A                                                   | CUSIP: 38122NA28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130197.82    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WWY8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3294418.96   | 0.09%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WL7<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147754.22    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority Central Regional Wastewater System, Series 2021                                                                          | CUSIP: 89658HXV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74331.71     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                              | El Paso Independent School District, Series 2015A                                                                                                | CUSIP: 283770HS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40150.97     | 0.00%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | Delaware County Authority, Cabrini University                                                                                                    | CUSIP: 245913MH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1413460.91   | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2023A                                                                    | CUSIP: 89602RHY4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25786.90     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series ET                                                                                                                       | CUSIP: 419792AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25124.49     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Series 2018                                                                                                                 | CUSIP: 79623PAG0<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20064.21     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2015A                                                               | CUSIP: 34153P6X1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35026.81     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2015A                                                                                            | CUSIP: 71884AYT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200249.36    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Series 2015                                                                      | CUSIP: 80585TCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1191443.35   | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Series 2019                                                                                      | CUSIP: 574204N25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25724.66     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | Halifax Hospital Medical Center, Series 2015                                                                                                     | CUSIP: 405815HS3<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville Utilities System, Series B                                                                                                   | CUSIP: 362848SW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50055.82     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2016B                                                                                                      | CUSIP: 57582RKL9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    230000 | PA      | $235386.09    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2016B                                                                                   | CUSIP: 544495U77<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1638448.66   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                            | CUSIP: 6785192J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4217037.70   | 0.11%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2023A                                                                                                 | CUSIP: 65000BYG7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352395.26    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2020A                            | CUSIP: 92778VJG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21112.07     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2021C-3B                                                                                       | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6111886.25   | 0.16%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series AAA                                                            | CUSIP: 64577BTL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77454.14     | 0.00%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816J22<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2287283.04   | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | San Antonio Water System, Junior Lien, Series 2016A                                                                                              | CUSIP: 79642BX99<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106963.05    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series A                                                                                              | CUSIP: 91417KH79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                | CUSIP: 454898UK1<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    975000 | PA      | $992953.55    | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma State University                                                        | Oklahoma State University, Series 2020A                                                                                                          | CUSIP: 679191HB5<br>LEI: 254900M845UI413F1O58 | Long             | DBT              | MUN               | US        |    870000 | PA      | $873562.91    | 0.02%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                            | City of Alexandria, Series 2017C                                                                                                                 | CUSIP: 0153025K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80126.19     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2015MI                                                                  | CUSIP: 59447P7M7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2133730.27   | 0.06%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                | South Carolina Transportation Infrastructure Bank, Series 2021B                                                                                  | CUSIP: 837152VY0<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26230.64     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2013, Series A                                                                                                     | CUSIP: 64966LW23<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75232.71     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2016B                                                                                               | CUSIP: 93974DUH9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5920000 | PA      | $5981089.07   | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Sanitary Sewer System Revenue                             | City of Kansas City Sanitary Sewer System, Series 2016A                                                                                          | CUSIP: 48507TFM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30046.61     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B-2                                                             | CUSIP: 45470YFM8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4333877.70   | 0.11%             | 2060-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2017A                                     | CUSIP: 70870JAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25648.94     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2017E                                                                                                      | CUSIP: 646140BY8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41934.56     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District                                                                                                                 | CUSIP: 75913TLC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2167910.78   | 0.06%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                  | CUSIP: 196711QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20196.25     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022B                                                                                                                  | CUSIP: 452153DH9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52035.46     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $331372.50    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | Illinois Municipal Electric Agency, Power Supply System, Series 2015A                                                                            | CUSIP: 452024HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155264.10    | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                           | CUSIP: 65956NGR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $713821.23    | 0.02%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Highway Transportation                                                                       | CUSIP: 92778UAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2165242.67   | 0.06%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                       | County of Henrico Water and Sewer, Series 2016                                                                                                   | CUSIP: 426170MR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25496.05     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017D                                                                                                                   | CUSIP: 76541VTA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46727.30     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project                                              | CUSIP: 89952PEJ0<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35049.06     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Home Collaborative                                                         | Texas Home Collaborative, 1518 Apartments, Series 2023                                                                                           | CUSIP: 88248CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4053950.62   | 0.11%             | 2041-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                  | CUSIP: 442349ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127386.34    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 1998A                                                                                            | CUSIP: 4424365Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7510000 | PA      | $7387197.23   | 0.20%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Unlimited Tax, Series 2024-1                                                                                                   | CUSIP: 1994928L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3770435.37   | 0.10%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017A-MI                                                                         | CUSIP: 59447TQE6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46339.12     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax, Series 2018                                                                   | CUSIP: 41422EHX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $592527.44    | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Motor Vehicle Fuel Tax, Series 2020C                                                                                            | CUSIP: 181000QV5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76653.20     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2015D                                                                          | CUSIP: 59333FTP5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     90000 | PA      | $91779.68     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax, Series 2017                                                                                   | CUSIP: 35880CXF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5070551.50   | 0.13%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WM5<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149057.13    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2020A                                                                                                               | CUSIP: 469487QL9<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    280000 | PA      | $281681.62    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020B                                                                                                                  | CUSIP: 4521526Q9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1334112.59   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Floyd County Hospital Authority                                                  | Floyd County Hospital Authority, Floyd Medical Center Project                                                                                    | CUSIP: 343575JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20434.45     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series 2015C                                                              | CUSIP: 45203HY48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2122765.65   | 0.06%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2016A                                                                                         | CUSIP: 264474HA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50237.29     | 0.00%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark                                                                                                                                  | CUSIP: 181000PS3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51102.13     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2017A                                                                                          | CUSIP: 341602F47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75342.90     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2024D                                                                     | CUSIP: 19648FYT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | STIV             | MUN               | US        |  28100000 | PA      | $28100000.00  | 0.74%             | 2064-05-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26611.13     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015A                                                                 | CUSIP: 67766WWY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56187.59     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2017A                                                                                                 | CUSIP: 928172X75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52326.40     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                                | Adams and Arapahoe Joint School District 28J Aurora                                                                                              | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4149672.40   | 0.11%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, College of New Jersey, Series 2015G                                                                 | CUSIP: 646066NX4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    465000 | PA      | $465590.04    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Avalon NJ                                                             | Borough of Avalon                                                                                                                                | CUSIP: 053375PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13988000 | PA      | $14107162.37  | 0.37%             | 2026-02-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Series A                                                                                                                        | CUSIP: 088281YB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20426.03     | 0.00%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series 2015A                                                                                          | CUSIP: 196632WD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353268.72    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2021A                                                                                                       | CUSIP: 452227RP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56324.93     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washoe County School District/NV                                                 | Washoe County School District, Series 2015A                                                                                                      | CUSIP: 9408585M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                                     | City of Tallahassee, Energy System, Series 2020                                                                                                  | CUSIP: 874476LC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130832.56    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195116.84    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2015B                                                                                | CUSIP: 64990ADV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95570.66     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Transportation Improvement, Limited Tax, Series 2018B                                                                           | CUSIP: 180848XR9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35352.68     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Princeton University, Series 2015D                                                                  | CUSIP: 646066JD3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45072.05     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Series 2022F                                    | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1816506.44   | 0.05%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                              | Los Angeles Unified School District                                                                                                              | CUSIP: 544648XE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10692.05     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                | CUSIP: 454898UL9<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81336.51     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston, Combined Utility System, First Lien, Series 2024A                                                                               | CUSIP: 44244CS24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25228.96     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                          | Tobacco Securitization Authority of Northern California, Series 2021A CL 1                                                                       | CUSIP: 888794BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421787.16    | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2021C                                                                                          | CUSIP: 181059Z82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56099.75     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QT5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190594.23    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Series 2019A                                                                                                   | CUSIP: 677660UU4<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30983.39     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Water                       | Cleveland Department of Public Utilities Division of Water, Series 2020FF                                                                        | CUSIP: 186427GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80967.10     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021C                                                                                                                  | CUSIP: 452153BH1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178035.27    | 0.00%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2024D, Subseries D-1                                                     | CUSIP: 64971XVX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20170.29     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County School Board                                                      | Alachua County School Board, Series 2020                                                                                                         | CUSIP: 01069SGM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20814.30     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project, Series 2018                                                 | CUSIP: 59447TRX3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50382.28     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2018A                                                                                                       | CUSIP: 709144NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52046.04     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series A-2                                                                                                     | CUSIP: 709224ZF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70687.32     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2023 II                                                                            | CUSIP: 594615KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25709.23     | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2021A                                                                                                               | CUSIP: 717813YM5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203659.04    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016B                                                                                                         | CUSIP: 684517RG2<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102142.88    | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2023C                                                                                                                | CUSIP: 93972ACY0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25280.85     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                   | E-470 Public Highway Authority, Series 2020A                                                                                                     | CUSIP: 26822LMN1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76858.73     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 2014A                                                                                          | CUSIP: 717893YS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2712858.24   | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S58<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    225000 | PA      | $230465.79    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ellenville Central School District                                               | Ellenville Central School District                                                                                                               | CUSIP: 288372EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $7964741.77   | 0.21%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Duke University Health System, Series 2016A                                                              | CUSIP: 65821DUH2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Granbury TX                                                              | City of Granbury, Series 2016A                                                                                                                   | CUSIP: 385050SH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35061.41     | 0.00%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2016-2                                                                                                                | CUSIP: 97705MEL5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    290000 | PA      | $292445.22    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | Kentucky Asset Liability Commission, Federal Highway Trust Fund, Series 2015A                                                                    | CUSIP: 49118NFH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $246176.51    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2020A                                                                                              | CUSIP: 79642GHC9<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26500.64     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                              | CUSIP: 452252NB1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60733.04     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                         | New York City Health and Hospitals Corp., Health System, Series 2008C                                                                            | CUSIP: 649674GS1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  24300000 | PA      | $24300000.00  | 0.64%             | 2031-02-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| County of Seminole FL Water & Sewer Revenue                                      | County of Seminole Water and Sewer, Series 2015A                                                                                                 | CUSIP: 816705HZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55366.86     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2016                                                                                                        | CUSIP: 70914PE32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1357940.16   | 0.04%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2022A                                                                                   | CUSIP: 6473103Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50074.03     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TD4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50890.36     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $206914.85    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2022C, Subseries C-1                                                     | CUSIP: 64971XJ66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36232.09     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System                                                  | CUSIP: 013493HH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1121054.40   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax, Series 2017A                                                 | CUSIP: 89546RNY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $984150.82    | 0.03%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2015I                                                                              | CUSIP: 594615JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1706367.01   | 0.05%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019A, Class 1              | CUSIP: 888804CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                 | CUSIP: 727199D81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5699467.95   | 0.15%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2016C                                                                                                          | CUSIP: 45470RCU8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $235695.72    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wayne OH                                                               | County of Wayne, Limited Tax                                                                                                                     | CUSIP: 945880EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17014713.50  | 0.45%             | 2025-12-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2018C                                                                                               | CUSIP: 047870RC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31545.38     | 0.00%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2016A                                                                                          | CUSIP: 677522HM9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25123.18     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series 2015A                                                        | CUSIP: 64990BPX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270155.22    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ysleta Independent School District                                               | Ysleta Independent School District, Series 2016                                                                                                  | CUSIP: 9881688E3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $823263.35    | 0.02%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014B                                                                                | CUSIP: 593338AN6<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001211.50   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Series 2015S-1                                                                                   | CUSIP: 15504RFW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115946.94    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2018A                                                                                          | CUSIP: 812643RD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70852.01     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2013A                                                                                                               | CUSIP: 59333FRE2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85129.89     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln Electric System, Series 2018                                                                                                     | CUSIP: 534272J34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150719.51    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project                                           | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4650000 | PA      | $4651074.62   | 0.12%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series 2018A-1                                                                                        | CUSIP: 196632J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36087.56     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2015D                                                             | CUSIP: 64990BJU8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50342.18     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Series 2016A                                                                                                      | CUSIP: 66285WSG2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1551449.52   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Parkview Medical center, Inc. Project                                                                      | CUSIP: 19648FBB9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    465000 | PA      | $470477.10    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Series 2016CC                                                                                                                 | CUSIP: 746189XK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30675.66     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017B                                                                                                                   | CUSIP: 76541VRT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25058.25     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | City of Mesa Utility System, Series 2017                                                                                                         | CUSIP: 590545XT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534180.65   | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Caregroup, Series 2015H-1                                                                              | CUSIP: 57584Y7F0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165216.15    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Mental Health Facilities Improvement Fund Projects, Series 2018A                                                                  | CUSIP: 677587DF1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102060.05    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Iatan Project 2, Series 2023                                                               | CUSIP: 606092LV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21007.02     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2024B                                                                                             | CUSIP: 89602HHD2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2019058.28   | 0.05%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iroquois Central School District                                                 | Iroquois Central School District                                                                                                                 | CUSIP: 463352HT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25017.45     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                               | Metropolitan Water District of Southern California, Waterworks, Series 2024B-2                                                                   | CUSIP: 59266TXQ9<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1424977.11   | 0.04%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | Arizona Health Facilities Authority, Banner Health, Series 2015B                                                                                 | CUSIP: 040507QS7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    300000 | PA      | $299019.60    | 0.01%             | 2046-01-01      | Floating      | 3.03%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TMD2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25527.94     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Groton CT                                                                | Town of Groton                                                                                                                                   | CUSIP: 3993525U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6953144.49   | 0.18%             | 2026-04-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015F                                                                                                               | CUSIP: 605581HB6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190789.68    | 0.01%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnson KS                                                             | County of Johnson, Series 2018A                                                                                                                  | CUSIP: 47844PKL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65311.79     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Dover NJ                                                                 | Town of Dover, General Improvement Water Utility                                                                                                 | CUSIP: 260237LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17039000 | PA      | $17184412.53  | 0.45%             | 2026-01-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016B                                                                                                               | CUSIP: 59333ND42<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20348.49     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                             | City of Charlotte Airport, Series C                                                                                                              | CUSIP: 161036NP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50074.72     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2016B                                                                               | CUSIP: 44244CGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2187874.87   | 0.06%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Markham Central School District                                            | Mount Markham Central School District, Unlimited Tax                                                                                             | CUSIP: 621895AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7004171.30   | 0.19%             | 2025-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue          | City of Indianapolis Department of Public Utilities Gas Utility, Second Lien, Series 2017A                                                       | CUSIP: 455398NM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $396518.78    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nevada System of Higher Education                                                | Nevada System of Higher Education, Series 2023                                                                                                   | CUSIP: 641496TA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20029.72     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                              | Crowley Independent School District, Unlimited Tax, Series B                                                                                     | CUSIP: 228130DX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35108.88     | 0.00%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016B                                                                                                               | CUSIP: 59333ND34<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177949.38    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2020                                                                                  | CUSIP: 842039EP0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31658.34     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | State of Delaware, Series 2023B                                                                                                                  | CUSIP: 246381SY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45145.06     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado River Municipal Water District                                          | Colorado River Municipal Water District, Series 2017                                                                                             | CUSIP: 196558SH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51576.98     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2014C                                                                                                               | CUSIP: 20772JUN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150102.08    | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018A                                                                                                  | CUSIP: 696550D74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300856.20    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation, Series 2017                                                                  | CUSIP: 92778UBX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30171.34     | 0.00%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020B                                                                                                                  | CUSIP: 4521526S5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183218.58    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                     | CUSIP: 938782FE4<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70089.84     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Unitypoint Health, Series 2016D                                                                                      | CUSIP: 45204ECM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5495000 | PA      | $5533933.17   | 0.15%             | 2046-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Polk IA                                                                | County of Polk, Series 2024A                                                                                                                     | CUSIP: 731197Z77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2316876.88   | 0.06%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                       | King County School District No. 403 Renton, Unlimited Tax, Series 2017                                                                           | CUSIP: 495080UJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35172.56     | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2022D                                                                 | CUSIP: 1675932Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30887.33     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2024 1                                                                                                                | CUSIP: 97705MH81<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30587.66     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, New York University, Series 2016A                                                                            | CUSIP: 64990CEH0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35793.27     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78275.63     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2017                                                                                   | CUSIP: 153476CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51772.38     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | City of Atlanta Department of Aviation, Series 2020A                                                                                             | CUSIP: 04780MWX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35051.73     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2016, Series 2016A-1                                                | CUSIP: 64971WVQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180565.96    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156570.65    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scotts Bluff County School District No. 32                                       | Scotts Bluff County School District No. 32, Series 2015                                                                                          | CUSIP: 810181DZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60613.57     | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority Central Regional Wastewater System, Series 2017                                                                          | CUSIP: 89658HUZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088336.00   | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97069.25     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2016B                                                                                          | CUSIP: 812643MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188293.91    | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | Georgia State Road and Tollway Authority, Series 2020                                                                                            | CUSIP: 37358MEH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61236.03     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2015                                                                                                                | CUSIP: 469495DF9<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20130.47     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Central School District                                                  | Madison Central School District                                                                                                                  | CUSIP: 558027CS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3301759.56   | 0.09%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Series 2015                                                                      | CUSIP: 80585TCE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2387341.59   | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2021A                                                                                              | CUSIP: 79642GMJ8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42401.03     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, Series 2021-2                                                                                  | CUSIP: 45505MKC9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70439.51     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | Desert Community College District, Series 2016                                                                                                   | CUSIP: 250375GA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25366.83     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | New York State Thruway Authority, Series 2021A-1                                                                                                 | CUSIP: 650028WL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20355.80     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $313414.28    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County School Board                                                     | Sarasota County School Board, Florida Certificates of Participation Master Lease Program, Series 2023A                                           | CUSIP: 80330QDH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21483.20     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series 2018A                                                                                           | CUSIP: 882724JB4<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50333.87     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brick Township Municipal Utilities Authority (The)                               | Brick Township Municipal Utilities Authority (The), Series 2016B                                                                                 | CUSIP: 107897JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201981.40    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                          | CUSIP: 702528MX5<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1694738.93   | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $418062.86    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                      | CUSIP: 010268AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2267980.59   | 0.06%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2022D                                                                 | CUSIP: 1675932P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217200.10    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Prepay Project No. 4, Series 2019A-1                                                                         | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25002870.00  | 0.66%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Uchicago Medicine, Series 2022B-2                                                                                    | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3097486.80   | 0.08%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | Development Authority for Fulton County, Series 2017B                                                                                            | CUSIP: 36005FAF2<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100845.95    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston, Combined Utility System, First Lien, Series 2024A                                                                               | CUSIP: 44244CS32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031217.40   | 0.03%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Milton NY                                                                | Town of Milton                                                                                                                                   | CUSIP: 602117AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6608349.00   | 0.17%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Subordinate Wastewater, Series 2016A                                                                          | CUSIP: 409327HJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56320.54     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien, Series A                                                                                 | CUSIP: 155498DR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110171.20    | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                   | CUSIP: 49151F2Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176229.48    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series 2016FB                                                                                                                   | CUSIP: 419792HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125791.25    | 0.00%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                          | City of Seattle Water System, Series 2022                                                                                                        | CUSIP: 812728WY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401922.96    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Egg Harbor NJ                                                 | Township of Little Egg Harbor, Series 2025A                                                                                                      | CUSIP: 537089ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3508000 | PA      | $3526625.02   | 0.09%             | 2026-01-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cohoes City School District                                                      | Cohoes City School District                                                                                                                      | CUSIP: 192540KJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7235000 | PA      | $7239450.25   | 0.19%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                              | CUSIP: 342816P25<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156589.20    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018D                                                                                  | CUSIP: 442349CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203818.14    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017D                                                                                                               | CUSIP: 25476FUZ9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068824.20   | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | Ohio Housing Finance Agency, Riverview San Macro LLC, Series 2023                                                                                | CUSIP: 676900WD1<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3916000 | PA      | $3925354.15   | 0.10%             | 2026-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2018A                                                              | CUSIP: 342816Q24<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    115000 | PA      | $116211.82    | 0.00%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 3 Electric, Series 2018C                                                                                               | CUSIP: 29270C2B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225322.47    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Gas Revenue                                                   | City of Memphis Gas System, Series 2016                                                                                                          | CUSIP: 58616PAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2240798.13   | 0.06%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, First Tier, Series 2016A                                                                  | CUSIP: 88283LKJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100707.63    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                       | CUSIP: 49151F3R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1935520.14   | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Subordinate, Series A-2                                                                                        | CUSIP: 709224NH8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5530000 | PA      | $5630135.03   | 0.15%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Beaumont Spectrum, Series 2022A                                                                                      | CUSIP: 59447T3G6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51550.63     | 0.00%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation                                                                                                    | CUSIP: 34160KBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27358.55     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                          | County of Williamson, Limited Tax                                                                                                                | CUSIP: 969888CS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $227774.04    | 0.01%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                           | CUSIP: 665250CN4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1342776.61   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                                | South Dakota Conservancy District, Series 2017B                                                                                                  | CUSIP: 837545LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1305503.64   | 0.03%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series A                                                                                                            | CUSIP: 438687AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25123.93     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2018A                                                                                                | CUSIP: 60412APE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2983917.58   | 0.08%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                            | City of Columbia Waterworks and Sewer System, Series 2016B                                                                                       | CUSIP: 198504WJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506957.15    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2016S-1                                                                        | CUSIP: 64972HYK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $424905.89    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                               | City of El Paso, Series 2020A                                                                                                                    | CUSIP: 283734R78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21492.72     | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penns Grove-Carneys Point Regional School District                               | Penns Grove-Carneys Point Regional School District                                                                                               | CUSIP: 708356FY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6478000 | PA      | $6484639.95   | 0.17%             | 2025-07-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2020                                                                        | CUSIP: 45204FFH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37392.66     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center                                                   | CUSIP: 70869PLG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $258213.41    | 0.01%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2016A                                                                                                 | CUSIP: 64990HU57<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250407.13    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Louis County Library District                                                 | St. Louis County Library District                                                                                                                | CUSIP: 79152QAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2010582.30   | 0.05%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2020                                                                                 | CUSIP: 8828542W1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225669.15    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                   | CUSIP: 49151F3D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $185089.30    | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alaska                                                             | University of Alaska, Series 2015T                                                                                                               | CUSIP: 914046ZF7<br>LEI: 549300HX0P0XT4OEJZ25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502470.60    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eldred Central School District                                                   | Eldred Central School District                                                                                                                   | CUSIP: 284718CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6665000 | PA      | $6668095.23   | 0.18%             | 2025-06-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Missouri City TX                                                         | City of Missouri City, Combination Tax, Certificates of Obligation, Series 2018B                                                                 | CUSIP: 6060205M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25007.50     | 0.00%             | 2025-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                       | CUSIP: 938782EQ8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26004.75     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FN                                                                                                                       | CUSIP: 419792SE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25165.27     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group                                                             | CUSIP: 645790RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1128957.08   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Water Infrastructure Finance Authority                                   | Arizona Water Infrastructure Finance Authority, Series 2024                                                                                      | CUSIP: 040688PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $5795972.95   | 0.15%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, RWJ Barnabas Health, Series 1997A                                                                     | CUSIP: 645905S68<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1911995.12   | 0.05%             | 2026-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018B-2                                       | CUSIP: 97712JGW7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1705250.06   | 0.05%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | District of Columbia Income Tax, Series 2020A                                                                                                    | CUSIP: 25477GRG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20767.69     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kitsap WA                                                              | County of Kitsap, Series 2015                                                                                                                    | CUSIP: 4980352X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seward County Unified School District No. 480 Liberal                            | Seward County Unified School District No. 480 Liberal, Series 2017-B                                                                             | CUSIP: 818461JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25119.57     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                                                   | New Jersey Infrastructure Bank, Series 2012A-R                                                                                                   | CUSIP: 645791CY8<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120284.02    | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TMA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    265000 | PA      | $267348.67    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                              | City of Hamilton, Limited Tax Various Purpose                                                                                                    | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2528913.74   | 0.07%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2017A, Subseries A-1                                                                                  | CUSIP: 64966MFP9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132607.64    | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2017                                                                                                     | CUSIP: 684545A89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $141337.79    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                              | CUSIP: 646039WQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20840.45     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presbyterian Homes Obligated Group, Series 2021B                                                                     | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   5790000 | PA      | $5747731.26   | 0.15%             | 2042-05-01      | Floating      | 2.67%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2020A                                                                                   | CUSIP: 6473103F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $803129.58    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100701.20    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, St. Joseph Health System, Series 2019C                                                         | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  19280000 | PA      | $19361573.68  | 0.51%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX Utilities System Revenue                                  | City of Brownsville, Utilities System, Series 2013A                                                                                              | CUSIP: 116475K78<br>LEI: 549300ZLUVMJ8K0OEK50 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200268.34    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | City of Austin Electric Utility, Series 2020A                                                                                                    | CUSIP: 052414TN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25222.18     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 2017B                                                                                            | CUSIP: 44244CMV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $257335.39    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                     | CUSIP: 882854N24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $309474.79    | 0.01%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series B                                                                                                | CUSIP: 71884AA82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $235218.10    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | Southern California Public Power Authority, Series 2023-1                                                                                        | CUSIP: 84247PMQ1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1330611.41   | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series A-1                                                                        | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1424096.37   | 0.04%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2008, Series 2008 L-6                                                                                              | CUSIP: 64966QBS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31750.23     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2018A                                                                                                               | CUSIP: 605581LA3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36052.22     | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                               | Cape Fear Public Utility Authority, Water and Sewer System, Series 2016                                                                          | CUSIP: 139391DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125375.45    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2015A                                                                            | CUSIP: 882723ZE2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256150.63   | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Gas Supply, Series 2020A                                                                                       | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    710000 | PA      | $711785.15    | 0.02%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2017C                                                               | CUSIP: 34153QLG9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2024A                                                                      | CUSIP: 343137RR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22342.66     | 0.00%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2016E                                                               | CUSIP: 34153QFH4<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                 | City of Derby, Series 2024-1                                                                                                                     | CUSIP: 249776KX2<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4195284.17   | 0.11%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2021, Series 2021, Subseries EE2 | CUSIP: 64972GZB3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  65000000 | PA      | $65000000.00  | 1.72%             | 2045-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                          | CUSIP: 386442WK9<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6180000 | PA      | $6225682.56   | 0.16%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                           | State of West Virginia, Series 2015A                                                                                                             | CUSIP: 956553XW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015C                                                                                                         | CUSIP: 684517QF5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    755000 | PA      | $757361.26    | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hawaii HI                                                              | County of Hawaii, Series C                                                                                                                       | CUSIP: 419722P72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20289.84     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                              | CUSIP: 646039WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Texas Childrens Hospital, Series 2015-1                                               | CUSIP: 414009JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40220.18     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                              | Pennsylvania State University (The), Series B                                                                                                    | CUSIP: 709235RB3<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100450.65    | 0.00%             | 2025-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                              | CUSIP: 646039WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45981.08     | 0.00%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hamilton NJ/Atlantic County                                          | Township of Hamilton                                                                                                                             | CUSIP: 408000GJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8150000 | PA      | $8239513.08   | 0.22%             | 2026-06-05      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Township of Readington NJ                                                        | Township of Readington                                                                                                                           | CUSIP: 755664MR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3002000 | PA      | $3010899.13   | 0.08%             | 2025-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Project No. 6, Series 2021B                                                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59871.04     | 0.00%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Series 2019A-1                                             | CUSIP: 49126PFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $686600.91    | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | County of Wake, Series 2020A                                                                                                                     | CUSIP: 930864CW1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71249.65     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                               | CUSIP: 64711RML7<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1869188.72   | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018402.20   | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                               | CUSIP: 115065YX6<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1091272.99   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook Kane Lake & McHenry Counties Community College District No. 512             | Cook Kane Lake and McHenry Counties Community College District No. 512, William Rainey Harper College, Series 2017B                              | CUSIP: 216181GF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $393226.58    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2021A                                                              | CUSIP: 6461367Q8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101997.38    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona                                                                                                                                 | CUSIP: 040588K95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95439.60     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WM52<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260364.57    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                               | Memphis-Shelby County Industrial Development Board, Series 2017B                                                                                 | CUSIP: 586108AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46261.57     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series A                                                                                                            | CUSIP: 438687AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20522.93     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 108, Series B                                                                       | CUSIP: 49151FHJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45954.48     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181409.67    | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                               | Oklahoma Municipal Power Authority, Power Supply System, Series 2021A                                                                            | CUSIP: 67910HQU7<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20620.74     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                        | CUSIP: 231266MS3<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4207549.20   | 0.11%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERG5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    140000 | PA      | $144613.53    | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Drainage Utility System                                                                                                     | CUSIP: 796311CV8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50084.47     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2019C                            | CUSIP: 92778VHU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30417.21     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2018B                                                                                                               | CUSIP: 495290AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55080.62     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2024A                                                                                                   | CUSIP: 709225JG2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21410.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025 2                                                                                                                | CUSIP: 97705MM77<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1617841.95   | 0.04%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2021A                                                                                                                    | CUSIP: 4423316H2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21083.41     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2022                                                            | CUSIP: 54811BYB1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52754.33     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2025-XM1212                                                                    | CUSIP: 19648A6E0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    180000 | PA      | $181323.49    | 0.00%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RJ7<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25249.47     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                              | CUSIP: 646039VG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                          | CUSIP: 762232AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $443616.65    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series A-1                                                                                                     | CUSIP: 709224HC6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2017A                                                                                                               | CUSIP: 59333NF81<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    195000 | PA      | $198384.28    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grant County Public Utility District No. 2 Electric Revenue                      | Grant County Public Utility District No. 2 Electric, Series 2023 U                                                                               | CUSIP: 387874YX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3630000 | PA      | $3645104.43   | 0.10%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County School District                                                     | Henry County School District, Series 2016                                                                                                        | CUSIP: 426362MH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50161.83     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019A                                                                                                               | CUSIP: 25476FXC7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60450.18     | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                            | Sacramento Municipal Utility District, Electric, Series 2019B                                                                                    | CUSIP: 786005ZW1<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1215931.78   | 0.03%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series B                                                                                                     | CUSIP: 346766TW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25372.08     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | Texas State University System, Series A                                                                                                          | CUSIP: 88278PUJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180251.12    | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue          | City of Indianapolis Department of Public Utilities Gas Utility, Second Lien, Series 2017A                                                       | CUSIP: 455398NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115041.98    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series B                                                                 | CUSIP: 64990CWS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50297.34     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2014D                                                        | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2980017.30   | 0.08%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2015A                                                                        | CUSIP: 64461XJX4<br>LEI: 549300CNCK7OT82W5653 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3005913.60   | 0.08%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                   | CUSIP: 45204FJA4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    210000 | PA      | $218569.39    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                                                    | CUSIP: 924397EJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25325.93     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                     | CUSIP: 34160WA53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102287.99    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami University/Oxford OH                                                       | Miami University, Series 2017                                                                                                                    | CUSIP: 593791HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25645.79     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Unified School District                                                   | Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 and 2008-1, Series 2008-1                                     | CUSIP: 901072HZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30098.31     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                     | County of DeKalb, Water and Sewerage, Series 2006B                                                                                               | CUSIP: 240523UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20147.69     | 0.00%             | 2025-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen Hospital Facilities, Series 2017A                                                                                                | CUSIP: 01757LFQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115293.60    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-F Project, Series 2025F                                                                                              | CUSIP: 68609URE7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093627.60   | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Limited Obligation, Series 2013A                                                                                        | CUSIP: 65829QAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9892.05      | 0.00%             | 2026-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Miami Beach Redevelopment Agency                                                 | Miami Beach Redevelopment Agency, Series A                                                                                                       | CUSIP: 593237FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $576889.22    | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2015B                                                                                                      | CUSIP: 414005VG0<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90327.91     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group, Series 2021B                                     | CUSIP: 97712D8W9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.53%             | 2048-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                    | State of Iowa, Ijobs Program, Series 2016A                                                                                                       | CUSIP: 46257TEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $590000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Westford MA                                                              | Town of Westford                                                                                                                                 | CUSIP: 960266P99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17720270 | PA      | $17913766.49  | 0.47%             | 2026-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Gloversville Enlarged School District                                            | Gloversville Enlarged School District                                                                                                            | CUSIP: 379874JE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26215000 | PA      | $26232579.78  | 0.69%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Subordinate Lien, Series 2024A                                                                                         | CUSIP: 79642GQR6<br>LEI: 549300S7VENCVRZAA322 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.40%             | 2054-05-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TB8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358578.26    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                               | State of Tennessee, Series B                                                                                                                     | CUSIP: 880541XG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30097.20     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2023A                                                                                                               | CUSIP: 469487UH3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100600.58    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                       | CUSIP: 485424TM7<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2478875.19   | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Irrigation District                                                    | El Dorado Irrigation District, Series 2016C                                                                                                      | CUSIP: 283062CA3<br>LEI: 54930090GZM9I8KVSN04 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40698.72     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2019B                                                          | CUSIP: 68450LFZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1126722.46   | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District       | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Mass Sales Tax, Series 2019                            | CUSIP: 088632BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143665.19    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, University Hospitals Health System, Inc., Series 2016A                                                                            | CUSIP: 67756CCJ5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95964.82     | 0.00%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2014PP                                                         | CUSIP: 64577BAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10005845.00  | 0.26%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN Sales Tax Revenue                                          | County of Hennepin Sales Tax, Series 2017A                                                                                                       | CUSIP: 425538CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55612.43     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2022E                                                                                   | CUSIP: 544532GB4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1929894.41   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2016                                      | CUSIP: 70869PLH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20441.30     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2019                                                                        | CUSIP: 45204EW20<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    285000 | PA      | $288284.03    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2015, Series 2015HH                                              | CUSIP: 64972GJC9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25018.03     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                                 | RIB Floater Trust Various States, Series 2022-046                                                                                                | CUSIP: 76252PXR5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.79%             | 2058-03-01      | Variable      | 3.08%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2019A                                                              | CUSIP: 6461366D8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31424.90     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                          | CUSIP: 759151AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $965116.97    | 0.03%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3724295.05   | 0.10%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | Miami-Dade County Housing Finance Authority, Santa Clara II Apartments, Series 2023                                                              | CUSIP: 593344BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5250490.69   | 0.14%             | 2026-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2020A                                                               | CUSIP: 64711RMJ2<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40027.52     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | Wayne County Airport Authority, Series C                                                                                                         | CUSIP: 944514XZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $215596.44    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Manchester NJ                                                        | Township of Manchester, Series 2025A                                                                                                             | CUSIP: 562462PV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17123054 | PA      | $17314575.36  | 0.46%             | 2026-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power, Series 2024C                                                                                          | CUSIP: 544532MC5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    625000 | PA      | $667365.88    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                       | Maricopa County Union High School District No. 210-Phoenix, Project of 2023, Series 2025B                                                        | CUSIP: 567505SL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2481648.90   | 0.07%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kings Local School District                                                      | Kings Local School District, Unlimited Tax                                                                                                       | CUSIP: 496026NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2603545.88   | 0.07%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                  | CUSIP: 452153BS7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52607.08     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, University System Issue, Series L                                                 | CUSIP: 20774YGN1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    120000 | PA      | $119668.79    | 0.00%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                 | North Carolina Capital Facilities Finance Agency, Duke University Project, Series 2015B                                                          | CUSIP: 65819GKW7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2109283.71   | 0.06%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                     | CUSIP: 23225PAW5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   7490000 | PA      | $7551251.72   | 0.20%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                      | Clark County Public Utility District No. 1 Electric, Series 2024                                                                                 | CUSIP: 181108E64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $722429.42    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                         | University of Utah (The), Series 2017A                                                                                                           | CUSIP: 915183YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100313.48    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2015B                                                                                                        | CUSIP: 267169FU9<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.66     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Abington MA                                                              | Town of Abington                                                                                                                                 | CUSIP: 003518QK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2484995 | PA      | $2506442.00   | 0.07%             | 2026-04-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK                                                     | Municipality of Anchorage, Series D                                                                                                              | CUSIP: 0331614G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45196.12     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2024-1                                                                                                                | CUSIP: 97705MH99<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    495000 | PA      | $515732.38    | 0.01%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series B                                                                                                | CUSIP: 71884AA74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.67     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities and Community Development Authority, Series 2017                                             | CUSIP: 54628CCP5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205127.52    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2021A                                                                                      | CUSIP: 34160DAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62665.41     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020B                                                                                                 | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13940000 | PA      | $14201469.79  | 0.38%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                  | CUSIP: 452153BT5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69098.26     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Second Issue                                                                                     | CUSIP: 574204ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2017A, Subseries A-1                                                                                  | CUSIP: 64966MEW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40853.05     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $892157.61    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017A                                                                                                     | CUSIP: 052398ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $260105.79    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Senior Lien, Series C                                                                           | CUSIP: 39081JAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50926.83     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia Beach VA                                                        | City of Virginia Beach, Series 2017A                                                                                                             | CUSIP: 927734G72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25448.38     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QS7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180562.95    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Courthouse Project, Series 2020                                                                             | CUSIP: 443730PK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $200336.94    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                              | Scottsdale Municipal Property Corp., Series 2015                                                                                                 | CUSIP: 810489RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30044.23     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                          | CUSIP: 644804FB7<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47086.02     | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St. Paul Metropolitan Airports Commission, Series A                                                                                  | CUSIP: 603827WR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60385.70     | 0.00%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                                      | CUSIP: 14052WDZ7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    340000 | PA      | $339838.53    | 0.01%             | 2025-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Town of Cortlandt NY                                                             | Town of Cortlandt                                                                                                                                | CUSIP: 220741NT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3610222.20   | 0.10%             | 2025-10-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Series 2021A                                                                                    | CUSIP: 45528UR78<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System                                                                                                       | CUSIP: 052477MJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270950.28    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2015I                                                                              | CUSIP: 594615BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20122.19     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014A                                                                                | CUSIP: 59334KJG4<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150161.51    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                     | CUSIP: 23225PAX3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5906728.33   | 0.16%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-2                                                                                                    | CUSIP: 646139ZW8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  12445000 | PA      | $12618426.05  | 0.33%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority, Series 2017                                                                                           | CUSIP: 75076PAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $979703.23    | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31289.38     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                       | Canadian County Independent School District No. 69 Mustang, Series 2024C                                                                         | CUSIP: 135591JG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2584942.62   | 0.07%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Carlstadt NJ                                                          | Borough of Carlstadt                                                                                                                             | CUSIP: 142825HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10110033.00  | 0.27%             | 2026-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2016C                                                                                              | CUSIP: 79642B3Q4<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101869.57    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Adventist Health System/West Obligated Group, Series 2007A                               | CUSIP: 13080SYC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    775000 | PA      | $790285.17    | 0.02%             | 2037-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2019B                                                                                     | CUSIP: 34160WE26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $199461.58    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Unity Point Health, Series 2014A                                                          | CUSIP: 97670FBA8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    825000 | PA      | $825546.15    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2015-1                                                                                    | CUSIP: 914440QG0<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85735.11     | 0.00%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $300532.90    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                  | CUSIP: 196711QW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25746.01     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ivy Tech Community College of Indiana                                            | Ivy Tech Community College of Indiana, Student Fee, Series W                                                                                     | CUSIP: 46603AGM7<br>LEI: 5493009IUA8Z7VS7RL86 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205302.97    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS Water & Sewer Utility Revenue                                 | City of Wichita Water and Sewer Utility, Series 2016B                                                                                            | CUSIP: 967338A20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30180.17     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                            | CUSIP: 2350365D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80033.14     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2024D                                                                                      | CUSIP: 79625GLC5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1606173.60   | 0.04%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | City of Austin Electric Utility, Series 2015A                                                                                                    | CUSIP: 052414PJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155901.70    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | Metropolitan Washington Airports Authority Dulles Toll Road, Second Line, Series 2009C                                                           | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $601328.50    | 0.02%             | 2041-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks and Sewer System, Series 2015A                                                                                         | CUSIP: 2354166N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2271344.97   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Northbridge MA                                                           | Town of Northbridge                                                                                                                              | CUSIP: 663804NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $8705909.04   | 0.23%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                          | Louisa Industrial Development Authority, Electric and Power Co. Project, Series 2008B                                                            | CUSIP: 546068AV9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $98934.66     | 0.00%             | 2035-11-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2016A                                                                                                      | CUSIP: 414005WG9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    310000 | PA      | $316729.08    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centre County Hospital Authority                                                 | Centre County Hospital Authority, Mount Nittany Medical Center Project, Series A                                                                 | CUSIP: 156273FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $876868.74    | 0.02%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $388514.96    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883XS6<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50976.33     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2017                                                                                                        | CUSIP: 088281ZX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3082810.47   | 0.08%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stillwater NY                                                            | Town of Stillwater                                                                                                                               | CUSIP: 860792DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5073990.10   | 0.13%             | 2026-05-29      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                  | CUSIP: 64972JLR7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4995565.44   | 0.13%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015A                                                     | CUSIP: 115065XP4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    535000 | PA      | $535979.48    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group, Series 2014A                            | CUSIP: 97712DHK5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300365.94    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                | Utah Telecommunication Open Infrastructure Agency, Series 2022                                                                                   | CUSIP: 91756SAD5<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20342.80     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                                   | Idaho State Building Authority, Sales Tax, Series 2024A                                                                                          | CUSIP: 451446AB4<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |    245000 | PA      | $249974.28    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2015                                                 | CUSIP: 93978HQN8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75085.93     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019A                                                           | CUSIP: 54811BTH4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178155.88    | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                       | North Carolina State University at Raleigh, Series 2018                                                                                          | CUSIP: 658289F99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25158.36     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County School District                                                | Greenville County School District, Series 2023                                                                                                   | CUSIP: 396066JD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1337078.44   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-2                                                                  | CUSIP: 56682HDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $392306.89    | 0.01%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | District of Columbia Water and Sewer Authority, Series A                                                                                         | CUSIP: 254845LM0<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90553.15     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2019B-3                                        | CUSIP: 414009MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3043252.08   | 0.08%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                          | Washington Suburban Sanitary Commission, Series 2017-2                                                                                           | CUSIP: 940157U65<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2017C                                                                                          | CUSIP: 812643PQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105525.76    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collier County Water-Sewer District                                              | Collier County Water-Sewer District, Series 2016                                                                                                 | CUSIP: 222642JX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204344.52    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate, Series 2017                                                         | CUSIP: 709224A33<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    170000 | PA      | $177321.49    | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County, Series 2016                                                                            | CUSIP: 592112RL2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30682.19     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No. 383 Manhattan-Ogden                     | Riley County Unified School District No. 383, Manhattan-Ogden, Series 2018A                                                                      | CUSIP: 766651RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104589.64    | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                | City of Aurora                                                                                                                                   | CUSIP: 051556KE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63129.92     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Annual Appropriation, Series 2017B                                                                                           | CUSIP: 977100EW2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203649.04    | 0.01%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2A                                                                                                                     | CUSIP: 574193RP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40996.40     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 1ST                                                                                                         | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20546.97     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025A                                                                                                                 | CUSIP: 97705MS71<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1542896.17   | 0.04%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Health Facilities Improvement Program Lease, Series 2018-1                                                   | CUSIP: 64990GEX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57641.80     | 0.00%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-2                                                                           | CUSIP: 546475VW1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  33900000 | PA      | $33900000.00  | 0.90%             | 2043-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope, Series 2022A                                                                                                             | CUSIP: 662523P94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79700.00     | 0.00%             | 2028-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2020B                                                                                          | CUSIP: 6775222S2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41010.31     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville                                                                                                                             | CUSIP: 469495DE2<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50300.29     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Platte River Power Authority                                                     | Platte River Power Authority, Series JJ                                                                                                          | CUSIP: 727818HQ2<br>LEI: 549300UBIE8RGXXJ1090 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series B                                                                                                     | CUSIP: 928172Q65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190612.47    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                                                     | CUSIP: 090888GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20435.40     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                | CUSIP: 454898UJ4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    245000 | PA      | $250050.94    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2020A                                                                                          | CUSIP: 812643UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87001.59     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Annual Appropriation, Series 2017B                                                                                           | CUSIP: 977100EX0<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101824.52    | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2016                                                                      | CUSIP: 882854YD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56024.52     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2016A                                                                                                                      | CUSIP: 677523AH5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25080.59     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of De Pere WI                                                               | City of De Pere, Series 2013A                                                                                                                    | CUSIP: 241361G99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $309993.96    | 0.01%             | 2026-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Avon Central School District                                                     | Avon Central School District                                                                                                                     | CUSIP: 054200KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4352505.17   | 0.12%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Vermont                                                                 | State of Vermont, Series 2024B                                                                                                                   | CUSIP: 9242587S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $948793.04    | 0.03%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Registration Fee Revenue                        | Pennsylvania Turnpike Commission Registration Fee, Series 2005A                                                                                  | CUSIP: 709222CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20951.50     | 0.00%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                       | CUSIP: 938782EP0<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104174.36    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2021B                                                                      | CUSIP: 343137KH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400608.68    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | State of Rhode Island, Series 2019E                                                                                                              | CUSIP: 76222RZV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20259.04     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-1                                                                  | CUSIP: 56682HDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5770000 | PA      | $5851753.98   | 0.15%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                 | Virginia Public School Authority, Prince William County, Series 2019A                                                                            | CUSIP: 92817TJP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45300.48     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                            | CUSIP: 23503CCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1093786.21   | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Iatan Project 2, Series 2023                                                               | CUSIP: 606092LW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213532.04    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                          | CUSIP: 34160PEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42600.96     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2016A                                                                                                              | CUSIP: 9143016B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75058.99     | 0.00%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                            | City of Cincinnati, Unlimited Tax Various Purpose, Series 2016A                                                                                  | CUSIP: 172217XH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $779186.40    | 0.02%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2015MI                                                                           | CUSIP: 59447P7K1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100227.41    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series A                                                                                                                   | CUSIP: 469487MB5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25674.31     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155215.48    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                            | CUSIP: 45506ELT8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1427439.29   | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2015-1                                                                                    | CUSIP: 914440QD7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3021473.40   | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2015B                                                                                | CUSIP: 64990ADX0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25150.17     | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 114 Evergreen                                   | Clark County School District No. 114 Evergreen, Series 2019                                                                                      | CUSIP: 181234N76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65626.04     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series 2015-1                                              | CUSIP: 414009JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40199.60     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Indirect Garvees, Series 2019A                                                                    | CUSIP: 34160DAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $172375.26    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                               | Essex County Improvement Authority, Family Court Building Project                                                                                | CUSIP: 296807ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11900000 | PA      | $11909305.80  | 0.32%             | 2025-06-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Gas Supply, Series 2018C-1                                                                                     | CUSIP: 74440DBR4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.08%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland Department of Electric Utilities, Series 2016                                                                                   | CUSIP: 51166FDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80488.43     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2017B                                                                                   | CUSIP: 5444952F0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    800000 | PA      | $815797.20    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miami Beach FL Water & Sewer Revenue                                     | City of Miami Beach Water and Sewer, Series 2017                                                                                                 | CUSIP: 593241BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125552.79    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Utilities System, Series 2017A                                                                                              | CUSIP: 362848UA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048802.40   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Limited Tax, Series 2017                                                                                       | CUSIP: 011415RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100395.65    | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New State Infrastructure Project, Series 2024-1                                                                             | CUSIP: 677581JU5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1745268.01   | 0.05%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue          | City of Indianapolis Department of Public Utilities Gas Utility, Second Lien, Series 2017A                                                       | CUSIP: 455398NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35879.86     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Housing Finance Corp.                                                  | Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road, Series 2023                                                             | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65609.50     | 0.00%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | Desert Community College District, Series 2016                                                                                                   | CUSIP: 250375GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25366.83     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                      | CUSIP: 010268BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102391.90    | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                           | County of Allegheny, Series C-75                                                                                                                 | CUSIP: 01728VSK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $297541.39    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Methacton School District                                                        | Methacton School District                                                                                                                        | CUSIP: 591506N30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75186.32     | 0.00%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27131.71     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, Various Purpose                                                                                                             | CUSIP: 646039VF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Washington University                                                    | Central Washington University                                                                                                                    | CUSIP: 155839EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270040.45    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                  | CUSIP: 7178238F8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    190000 | PA      | $193883.39    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                            | CUSIP: 2350365A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151051.80    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunnyvale School District                                                        | Sunnyvale School District                                                                                                                        | CUSIP: 867578SP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30160.73     | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2013A                                                                                | CUSIP: 59334KHR2<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2882786.69   | 0.08%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2019                                                                                 | CUSIP: 882854T93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79804.71     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2018B                                                                      | CUSIP: 19648FGN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    570000 | PA      | $573330.40    | 0.02%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2023A                                                          | CUSIP: 68450LGV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58415.84     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, Series 2021-2                                                                                  | CUSIP: 45505MKE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20920.95     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series A                                                                                              | CUSIP: 64577BC93<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25498.15     | 0.00%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Essex NJ                                                               | County of Essex, Series 2017                                                                                                                     | CUSIP: 296804C47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25080.50     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2017A                                                                                   | CUSIP: 6473102N0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40923.80     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Seekonk MA                                                               | Town of Seekonk                                                                                                                                  | CUSIP: 815730NB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5495000 | PA      | $5553434.93   | 0.15%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2017A                                                                                               | CUSIP: 047870NR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63019.01     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority, West Virginia University Health System Obligation, Series 2016A                                        | CUSIP: 956622K37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $420000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Payroll Development Authority                                   | Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products, Series 1999                                                     | CUSIP: 012192AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26228.62     | 0.00%             | 2028-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series C                                                                                                          | CUSIP: 57582P7C8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30098.20     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PT32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20342.33     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2016, Series E                                                                                                     | CUSIP: 64966MAT6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250834.53    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | County of Muskingum, Limited Tax                                                                                                                 | CUSIP: 628076NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12045824.40  | 0.32%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series B                                                                                     | CUSIP: 709221UV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20497.99     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority, Series 2015                                                                                                            | CUSIP: 560551NW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190289.12    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 183                                                                              | CUSIP: 73358WRR7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.62     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                      | Monmouth County Improvement Authority (The), Series 2019B                                                                                        | CUSIP: 60956PVP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30312.06     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2022                                                                                  | CUSIP: 842039EW5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153027.35    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series A                                                                                                | CUSIP: 837151ME6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2017A                                                                          | CUSIP: 89546RPE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62692.33     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQB7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35886.73     | 0.00%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series A                                                                                     | CUSIP: 709221UE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128337.05    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series E                                                                     | CUSIP: 167593WV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227302.43    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $903307.46    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2020                                                                        | CUSIP: 45204FFC4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76675.68     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                        | CUSIP: 6582034K7<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45865.08     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, University of Chicago, Series 2015A                                                                                  | CUSIP: 45204FHD0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  27020000 | PA      | $27177302.33  | 0.72%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                   | Minnesota Municipal Gas Agency, Series 2022B                                                                                                     | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $14961051.00  | 0.40%             | 2052-12-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, New York University, Series 2015B                                                                            | CUSIP: 64990BUS0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25038.09     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden Central School District                                                   | Camden Central School District                                                                                                                   | CUSIP: 133123MG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25126854 | PA      | $25142656.28  | 0.67%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2016B                                                                                  | CUSIP: 34153QCU8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    475000 | PA      | $475000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series U                                                                                                                          | CUSIP: 677522RL0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71377.59     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2017B                                                               | CUSIP: 34153QKM7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30644.80     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Troy NY                                                                  | City of Troy                                                                                                                                     | CUSIP: 897574D22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4402981 | PA      | $4438068.80   | 0.12%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100926.18    | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2021                                                            | CUSIP: 54811BWH0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21384.21     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712DQF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2088066.04   | 0.06%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | County of Hays, Series 2017                                                                                                                      | CUSIP: 421020B31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118734.23    | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2015D                                                                                                | CUSIP: 60412AEX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235736.91    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Water and Wastewater, Series 2017A                                                                                              | CUSIP: 047870PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52515.85     | 0.00%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series B-2                                                                                    | CUSIP: 71781QEJ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | STIV             | MUN               | US        |  19500000 | PA      | $19500000.00  | 0.52%             | 2030-10-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Oxnard School District                                                           | Oxnard School District, Series D                                                                                                                 | CUSIP: 692020J50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20063.55     | 0.00%             | 2040-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                        | CUSIP: 29270C6X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4261838.40   | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Lucie FL                                                            | County of St. Lucie, Power and Light Co., Project                                                                                                | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  35750000 | PA      | $35750000.00  | 0.95%             | 2028-09-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                  | CUSIP: 452152X22<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129835.05    | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa Board of Regents                                                   | State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics, Series S                                                              | CUSIP: 46256QJJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25113.61     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2019B                                                                                | CUSIP: 592647GW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30808.73     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida Lottery, Series 2016A                                                                                                           | CUSIP: 341507P54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90140.64     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shenandoah IA                                                            | City of Shenandoah, Iowa Sewer Capital Loan Project                                                                                              | CUSIP: 82311CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17100000 | PA      | $17182230.48  | 0.45%             | 2026-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25285.95     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2023A                                                                                                                     | CUSIP: 235219US9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $369976.70    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2018A                                                                                                                  | CUSIP: 574193QA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86398.79     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2016A-1                                                                  | CUSIP: 64971WWK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45145.80     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Fargo Public School District No. 6                                          | West Fargo Public School District No. 6, Series 2017                                                                                             | CUSIP: 952734PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2428429.19   | 0.06%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2021A                                                                                                                  | CUSIP: 196711TR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26738.08     | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2016B                                                                                                                     | CUSIP: 4952894F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20382.64     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Fiscal Year 2018, Series S-1                                                          | CUSIP: 64972HZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20782.52     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Industrial Development Authority                                 | Delaware County Industrial Development Authority, United Parcel Service Project                                                                  | CUSIP: 245903AB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 1.06%             | 2045-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2015A                                                                                     | CUSIP: 34160WZA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500785.40    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018A                                                                                                                    | CUSIP: 180848WT6<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Desoto County Mississippi Highway Project, Series 2024A                                                            | CUSIP: 60534XWQ5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2120738.01   | 0.06%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERJ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51647.69     | 0.00%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERE0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    320000 | PA      | $330545.22    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 1                                                                                                   | CUSIP: 01179RE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $484191.12    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rice County Unified School District No. 376 Sterling                             | Rice County Unified School District No. 376 Sterling, Series 2015                                                                                | CUSIP: 762669CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1202370.12   | 0.03%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                      | CUSIP: 34160DAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40893.70     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2019, Series B-1                                      | CUSIP: 64972JKY3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5015.72      | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2016A                                                                                             | CUSIP: 89602N5C4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    155000 | PA      | $156341.06    | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington Motor Vehicle Fuel Tax, Series R-2016C                                                                                       | CUSIP: 93974DTM0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50077.73     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                | South Carolina Transportation Infrastructure Bank, Series 2021B                                                                                  | CUSIP: 837152VW4<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100654.45    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                          | Cuyahoga Metropolitan Housing Authority, Carver Park Phase III Project                                                                           | CUSIP: 23239TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7638000 | PA      | $7638000.00   | 0.20%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2018A                                                                                                                   | CUSIP: 373385CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56287.98     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QV0<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90281.48     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Series L                                                                                                                        | CUSIP: 68609BV95<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25079.76     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                     | CUSIP: 167593C42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61673.72     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2015A                                                                                   | CUSIP: 647310U82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.02     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-2                                                                                            | CUSIP: 977123T81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150234.41    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2016A                                                                                                 | CUSIP: 64990CDS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30583.95     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2015A                                                                                                               | CUSIP: 25476FQE1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    385000 | PA      | $385000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-3                                                                                                 | CUSIP: 709224RD3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148774.57    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma State University                                                        | Oklahoma State University, Series 2020A                                                                                                          | CUSIP: 679191HD1<br>LEI: 254900M845UI413F1O58 | Long             | DBT              | MUN               | US        |    760000 | PA      | $792108.78    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Albany OH                                                            | City of New Albany                                                                                                                               | CUSIP: 641840GE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4005702.00   | 0.11%             | 2025-09-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | City of Portland Sewer System, Series 2019A                                                                                                      | CUSIP: 736742A72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116768.37    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin Environmental Improvement Fund, Series 2017A                                                                                  | CUSIP: 97709TBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | County of Baltimore, Series 2015                                                                                                                 | CUSIP: 05914FXQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20064.40     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Utility System, Series 2013A                                                                                       | CUSIP: 686507GB4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    770000 | PA      | $774905.67    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $911535.86    | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Senior Lien, Series C                                                                           | CUSIP: 39081JAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127789.84    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Peoria AZ Water & Wastewater Revenue                                     | City of Peoria Water and Wastewater, Series 2020A                                                                                                | CUSIP: 712851BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275635.50    | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts, Series 2017                                                          | CUSIP: 842039DT3<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71412.76     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2020A                                                                                                                 | CUSIP: 60412ATC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45145.06     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2020A                                                                                                              | CUSIP: 914302FY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31554.69     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Harrison NJ                                                          | Township of Harrison                                                                                                                             | CUSIP: 415513GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50067.85     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | County of Clark Passenger Facility Charge, Las Vegas Harry Reid International Airport Facility, Series 2022B                                     | CUSIP: 181006HU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $680988.18    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2019T-1                                                       | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |   1075000 | PA      | $1074919.16   | 0.03%             | 2049-07-01      | Floating      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Alaska School General Obligation, Series 2025B                                                                     | CUSIP: 5765444E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1413630.76   | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montour School District                                                          | Montour School District, Series A                                                                                                                | CUSIP: 614707SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65399.98     | 0.00%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                  | State of Alaska, Series 2023A                                                                                                                    | CUSIP: 0117705G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80257.88     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                           | Permanent University Fund - University of Texas System, Series 2016A                                                                             | CUSIP: 9151156T1<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100151.89    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                   | South Carolina Ports Authority, Series 2015                                                                                                      | CUSIP: 837123KW7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |  10275000 | PA      | $10289650.10  | 0.27%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Norman Public Schools Project                                                                 | CUSIP: 18604TDV7<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2019A                                                                                                 | CUSIP: 64990GNB4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    265000 | PA      | $266575.90    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Subordinate Lien, Series 2021C                                                                        | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2191381.23   | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County, Series 2021A                                                                           | CUSIP: 592112TV8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35056.36     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Education                                         | State of Florida Department of Education, Series 2018A                                                                                           | CUSIP: 34161CDU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67434.80     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2019A                                                                      | CUSIP: 343137EJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30045.65     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority                                            | North Dakota Public Finance Authority, Series 2022A                                                                                              | CUSIP: 65887PXA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $204749.04    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2021, Series 2021 Subseries A-1                                                                                    | CUSIP: 64966QLZ1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50166.91     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                   | CUSIP: 49151F2Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128245.69    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2020A                                                                                                        | CUSIP: 677632K34<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36098.71     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2023-1                                                                                                | CUSIP: 64966Q3J7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    270000 | PA      | $282291.83    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                | County of Utah, IHC Health Services, Inc., Series 2020B-2                                                                                        | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2407602.64   | 0.06%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                             | CUSIP: 95649ACM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145972.96    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2017B                                                                                       | CUSIP: 59334DJZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47235.94     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2020                                                                                  | CUSIP: 842039EM7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244843.75    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Student Housing Texas A&M University, Series 2017A                                         | CUSIP: 64542RFF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25778.53     | 0.00%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2019MI-1                                                                         | CUSIP: 59447TTX1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21212.21     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                  | CUSIP: 452153GD5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78317.46     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                    | Fairfax County Economic Development Authority, Silver Line Phase I Project                                                                       | CUSIP: 30383BCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20345.35     | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Santee Cooper, Series A                                                                                 | CUSIP: 837151MF3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1495000.00   | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, Series 2018A                                                                  | CUSIP: 455412BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $810155.46    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, Series 2018A                                                                  | CUSIP: 455412BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25697.45     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2018B                                                                                                      | CUSIP: 57582RTH9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25585.45     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2015A                                                                                                               | CUSIP: 25476FB56<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220000.00    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2018A                                                                                       | CUSIP: 485424SE6<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20928.79     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                          | CUSIP: 720424ZN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $247456.91    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group, Series 2019B-3                                           | CUSIP: 645790MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016799.10   | 0.03%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                          | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project, Series 2020A                                                | CUSIP: 97401DAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110483.60    | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Deaconess Health System, Series 2016A                                                                                 | CUSIP: 45506DXT7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1078851.50   | 0.03%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Maintenance Tax                                                                                                | CUSIP: 011415TJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279019.21    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2019A                                                                                          | CUSIP: 66285WYQ3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52620.81     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018B                                                                                                  | CUSIP: 696550F49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $122044.83    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 108, Series A                                                                       | CUSIP: 49151FGH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75228.33     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series A                                                                                                            | CUSIP: 438670V65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70470.23     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                              | El Paso Independent School District, Series 2015A                                                                                                | CUSIP: 283770HT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1048944.14   | 0.03%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | District of Columbia Income Tax, Series 2022C                                                                                                    | CUSIP: 25477GVG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56801.09     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                  | CUSIP: 442349EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52038.02     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Series 2016I                                                                                                  | CUSIP: 594615FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1412253.64   | 0.04%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017A                                                                                                          | CUSIP: 45470RDJ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52152.94     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2015                                                                                       | CUSIP: 7962534N9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177439.99    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2016Q                                                         | CUSIP: 57584XHR5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    305000 | PA      | $310959.21    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Strongsville OH                                                          | City of Strongsville, Street Improvement                                                                                                         | CUSIP: 863370WY4<br>LEI: 549300LHSNZ8QAGXUZ59 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300115.18   | 0.03%             | 2025-06-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | North Texas Municipal Water District Water System, Series 2021A                                                                                  | CUSIP: 662903C50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26986.01     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                   | CUSIP: 54659LBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25501.94     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dallas TX                                                              | County of Dallas                                                                                                                                 | CUSIP: 234650NJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45171.58     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2017A-2                                                                                        | CUSIP: 91417NJM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58399.45     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                              | City of Glendale, Series 2015A                                                                                                                   | CUSIP: 378307AH5<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35054.18     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2017A                                                                                               | CUSIP: 93974DYA0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70224.48     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                              | City of Glendale, Series 2023                                                                                                                    | CUSIP: 378280XL0<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25038.70     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | County of Hamilton, Trihealth, Inc. Group Project, Series 2020A                                                                                  | CUSIP: 407272Y56<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25966.59     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2018A                                                                       | CUSIP: 576000VS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30033.72     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Malone Central School District                                                   | Malone Central School District                                                                                                                   | CUSIP: 561319HG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8880000 | PA      | $8885646.79   | 0.24%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Department of Transportation Roght of Way Acquisition and Bridge Construction, Series 2017A                                    | CUSIP: 3411502C3<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50075.26     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metro/OR                                                                         | Metro, Oregon Convention Center Hotel Project                                                                                                    | CUSIP: 59165CAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20013.26     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A                                                       | CUSIP: 64971PKV6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514346.20    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                       | CUSIP: 59465PEV6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12904730.80  | 0.34%             | 2030-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, College Student Loan, Series 2013B                                                                                               | CUSIP: 882723DK2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2350313.49   | 0.06%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project, Series 2023                                       | CUSIP: 25477PPY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6275000 | PA      | $6311130.82   | 0.17%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc., Series 2020B                                                 | CUSIP: 83703EMP7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    990000 | PA      | $994811.10    | 0.03%             | 2048-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021A                                                                                             | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   5250000 | PA      | $5246602.20   | 0.14%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series O-2                                                           | CUSIP: 57583UY85<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210300.97    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                  | CUSIP: 735389YF9<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30402.09     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Series 2016B-1                                                                                                           | CUSIP: 91417KS36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Cleveland Clinic Health System, Series 2019F                                                                                      | CUSIP: 677561LD2<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.26%             | 2052-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania Health System, Series 2016A                                     | CUSIP: 70917SVW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76474.41     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series XX                                                             | CUSIP: 64577XEJ1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55043.37     | 0.00%             | 2027-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                               | CUSIP: 64711RMA1<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153212.19    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2015B                                                                                       | CUSIP: 485424QF5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155713.37    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2015A                                                                            | CUSIP: 882723ZF9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1306052.28   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery, Series 2025-2                                  | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16198662.40  | 0.43%             | 2056-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Homewood AL                                                              | City of Homewood                                                                                                                                 | CUSIP: 437884NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61472.27     | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015A                                                           | CUSIP: 115065XS8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60109.85     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona                                                                                                                                 | CUSIP: 040588J63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35167.40     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                         | CUSIP: 560551SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1420720.99   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO Water Revenue                                                  | City of Aurora Water, First Lien, Series 2016                                                                                                    | CUSIP: 051595AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225707.36    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series B-2                                                                                                     | CUSIP: 709224XA2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280256.68    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                          | CUSIP: 181059WW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509997.70    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                  | CUSIP: 64972JLT3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2695000 | PA      | $2902087.84   | 0.08%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series A-1                                                                                            | CUSIP: 196632ZA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1464225.67   | 0.04%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2005B                                                                      | CUSIP: 649902AW3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76623.73     | 0.00%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QQ1<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240750.60    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2024B                                                                                         | CUSIP: 66285WS31<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2163357.00   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | Canadian County Educational Facilities Authority, Mustang Public Schools Project, Series 2017                                                    | CUSIP: 135521CM2<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1063188.96   | 0.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Series 2019BB                                                                                    | CUSIP: 64613CFE3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    155000 | PA      | $166287.47    | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                               | City of Decatur                                                                                                                                  | CUSIP: 243127XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $342197.28    | 0.01%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership, Series 52-C                                                                                | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |  15500000 | PA      | $15500000.00  | 0.41%             | 2049-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority, Series 2017                                                                                           | CUSIP: 75076PAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $607211.90    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle, Series 2016B                                                                                                                    | CUSIP: 812643MX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106851.57    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                              | Los Angeles Unified School District                                                                                                              | CUSIP: 544648WQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10700.83     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Evans-Brant Central School District                                              | Evans-Brant Central School District, Series 2014B                                                                                                | CUSIP: 299083NH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21400000 | PA      | $21411269.24  | 0.57%             | 2025-06-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien                                                                                                               | CUSIP: 735389YG7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80862.62     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                      | CUSIP: 646039YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $387220.11    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                           | CUSIP: 65956NGS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35893.46     | 0.00%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Emerson NJ                                                            | Borough of Emerson                                                                                                                               | CUSIP: 291065HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3243000 | PA      | $3246561.46   | 0.09%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series B-2                                                                                                     | CUSIP: 709224XC8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30997.96     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield MA                                                           | City of Springfield                                                                                                                              | CUSIP: 850752XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9435208 | PA      | $9528365.58   | 0.25%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Utility District No. 1 of Lewis County                                    | Public Utility District No. 1 of Lewis County, Cowlitz Falls Hydroelec Project, Series 2013                                                      | CUSIP: 527839DN1<br>LEI: 549300GUJWR2C89RVS54 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2292424.19   | 0.06%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2017A-MI                                                                | CUSIP: 59447TQF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62713.18     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series B                                                                                                 | CUSIP: 89602N7V0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77360.70     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series 2019A                                                                                 | CUSIP: 45506DV69<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    290000 | PA      | $293943.36    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2021B                                                               | CUSIP: 34115PBA2<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51170.89     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2018C                                                                                                   | CUSIP: 207758YZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $261770.68    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series EZ                                                                                                                       | CUSIP: 419792CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85561.93     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                 | CUSIP: 65000BW53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544473.95   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project                                                                  | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23223911.90  | 0.61%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A                                                       | CUSIP: 64971PKW4<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1308636.00   | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | Piedmont Municipal Power Agency, Series 2015A                                                                                                    | CUSIP: 720175XW3<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1701906.04   | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach NY                                                            | City of Long Beach, Series 2024B                                                                                                                 | CUSIP: 542519FY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12782164 | PA      | $12804252.86  | 0.34%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp.                                              | Travis County Housing Finance Corp., Kensington Apartments                                                                                       | CUSIP: 89438UBP2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1275000 | PA      | $1275163.20   | 0.03%             | 2026-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2016                                                                                                                     | CUSIP: 549188XB1<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |    130000 | PA      | $131754.32    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin                                                                                                                                   | CUSIP: 052397AK2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140669.54    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia Water and Wastewater, Series 2019A                                                                                          | CUSIP: 717813WP0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    195000 | PA      | $199581.53    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Second Lien, Series 2018A                                                                       | CUSIP: 39081JBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45946.37     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                        | CUSIP: 29270C6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567357.20   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                 | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2898744.03   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Highland Central School District                                                 | Highland Central School District                                                                                                                 | CUSIP: 430398KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9701288 | PA      | $9707508.47   | 0.26%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University Health System Authority                         | Virginia Commonwealth University Health System Authority, Series B                                                                               | CUSIP: 92778LCM0<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45059.85     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Providence Health and Services, Series 2012A                                                        | CUSIP: 93978HFP5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1030653.84   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2013A                                                                                                       | CUSIP: 677521F84<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40229.61     | 0.00%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series A                                                                                     | CUSIP: 709221UG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512435.70    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2019C                                                                                               | CUSIP: 93974D6F0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152079.41    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31310.25     | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stillwater Central School District                                               | Stillwater Central School District                                                                                                               | CUSIP: 860797ND7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001356.20   | 0.05%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Fee, Series 2020A                                                                                        | CUSIP: 914115R93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76745.09     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series O-2                                                           | CUSIP: 57583UZ43<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35050.16     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                          | CUSIP: 249182UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4795134.11   | 0.13%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2017C                                                                                                              | CUSIP: 914302ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25297.34     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series 2015B                                                | CUSIP: 880558HU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25216.21     | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RN8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25249.47     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                         | Arizona Board of Regents, State University, Series 2016A                                                                                         | CUSIP: 04048RPG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180276.37    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | Kentucky Asset Liability Commission, Federal Highway Trust Fund, Series 2015A                                                                    | CUSIP: 49118NFJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $286322.66    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL Community Investment Tax Revenue                       | County of Hillsborough, Community Investment Tax                                                                                                 | CUSIP: 43231YGC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161307.87    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                | CUSIP: 64990AUM5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51462.92     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                  | CUSIP: 917567BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75050.81     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | City of Austin Electric Utility, Series 2015A                                                                                                    | CUSIP: 052414PH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70670.22     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117643.55    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System, Series 2017                                     | CUSIP: 013493HG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153354.74    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                         | CUSIP: 45203HN81<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175111.16    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2917781.56   | 0.08%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                       | Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project, Series 2019A                                                      | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $237384.94    | 0.01%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Columbia Generating Station, Series 2025A                                                                                      | CUSIP: 29270C6H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4169830.67   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Services, Inc., Series 2018                     | CUSIP: 97712DS80<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68281.32     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169HB9<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58110.98     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2014A                                                                                                          | CUSIP: 386442VJ3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310453.19    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                               | CUSIP: 115065YW8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40806.92     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | Arizona Health Facilities Authority, Banner Health, Series 2015B                                                                                 | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7600000 | PA      | $7527594.80   | 0.20%             | 2046-01-01      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                      | CUSIP: 249015C30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35807.18     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project, Series A                     | CUSIP: 60534WBZ0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35761.23     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group, Series 2017B                                                              | CUSIP: 45470YDR9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102627.46    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Collins Central School District                                            | North Collins Central School District, Series 2024A                                                                                              | CUSIP: 658714JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3202279.04   | 0.08%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc.                                             | CUSIP: 60637AKT8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    395000 | PA      | $400504.17    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                  | CUSIP: 7599112W9<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275372.76    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2017A                                                                          | CUSIP: 89546RPC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $507788.86    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business and Industry, Republic Services, Inc. Project, Series 2001                                                | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $4999664.50   | 0.13%             | 2026-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | Piedmont Municipal Power Agency, Series 2021B                                                                                                    | CUSIP: 720175ZB7<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |    915000 | PA      | $939938.23    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series A                                                                                              | CUSIP: 66285WVQ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55589.40     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2016                                                                         | CUSIP: 6446145T2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45451.56     | 0.00%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln Electric System, Series 2015A                                                                                                    | CUSIP: 534272D71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200931.62    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FG                                                                                                                       | CUSIP: 419792LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25165.27     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series B                                                                                     | CUSIP: 709221UW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20479.75     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                         | CUSIP: 66285WZL3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    405000 | PA      | $432275.33    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015C                                                                                          | CUSIP: 181059TC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116161.24    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                | CUSIP: 59447TMB6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102955.23    | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2015A                                      | CUSIP: 19648A2S3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Round Rock Campus, Series 2015                                                          | CUSIP: 052405CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70202.29     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2016A                                                                                                                     | CUSIP: 213185KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46067.85     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2016E                                                                                  | CUSIP: 34153QFJ0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    315000 | PA      | $321770.36    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System, Series 2009A                                                                            | CUSIP: 882117M76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20029.56     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, General Improvement, Series 2019                                                                                            | CUSIP: 79623PCW3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75556.05     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sullivan West Central School District                                            | Sullivan West Central School District                                                                                                            | CUSIP: 865353DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4602303.68   | 0.12%             | 2025-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | Idaho Housing and Finance Association, Federal Highway Trust, Series 2015A                                                                       | CUSIP: 45129WMR8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71699.30     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2016-1                                                                                       | CUSIP: 677581GG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50530.64     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Fanwood NJ                                                            | Borough of Fanwood, Series 2025A                                                                                                                 | CUSIP: 307315LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5907690 | PA      | $5940998.74   | 0.16%             | 2026-02-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Housing Corp.                                                           | Kentucky Housing Corp., Multi Family Housing Beecher Terrace Phase IV Project                                                                    | CUSIP: 49131CAA0<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101225.95    | 0.00%             | 2043-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021A                                                                                                                     | CUSIP: 213185LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $117068.68    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                        | Jersey City Municipal Utilities Authority, Water Project, Series 2025A                                                                           | CUSIP: 476624DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8125570.40   | 0.22%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Infrastructure Authority                                                | Kentucky Infrastructure Authority, Series 2016A                                                                                                  | CUSIP: 4913138A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76050.35     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, State of Kansas Project, Series 2019F                                                                      | CUSIP: 48542REA8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30874.25     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169GZ7<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |    415000 | PA      | $423416.20    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No. 512 Shawnee Mission                   | Johnson County Unified School District No. 512 Shawnee Mission, Series 2015A                                                                     | CUSIP: 478740RW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20119.75     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                          | CUSIP: 644804EY8<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68013.14     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                                  | City of Mesa, Series 2021                                                                                                                        | CUSIP: 590485Y85<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25036.03     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Series 2014B                                                                              | CUSIP: 013493GA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $660813.58    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2021A                                                              | CUSIP: 6461367T2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26733.88     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Plainfield NJ                                                   | Borough of North Plainfield                                                                                                                      | CUSIP: 661581HL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5644105 | PA      | $5666109.11   | 0.15%             | 2025-11-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, Series 2019D                                                   | CUSIP: 18085PSF2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40058.13     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Projects                                  | CUSIP: 54628CCN0<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005570.90   | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1                                                                        | CUSIP: 19648FJL9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    340000 | PA      | $346494.14    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parker Sewer & Fire Subdistrict                                                  | Parker Sewer and Fire Subdistrict, South Carolina Sewer System                                                                                   | CUSIP: 701137AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $244314.38    | 0.01%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2021A                                                              | CUSIP: 6461367S4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26397.10     | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                          | CUSIP: 720424YZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40401.13     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2018A                                                              | CUSIP: 6461363X7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25749.81     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida Lottery, Series 2017A                                                                                                           | CUSIP: 341507S36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47790.56     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                          | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project, Series 2020B                                                | CUSIP: 97401DBG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40175.86     | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                  | CUSIP: 02765UNN0<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25837.29     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series 2015A                                                        | CUSIP: 64990BQB2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40008.18     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brevard County School District                                                   | Brevard County School District, Series C                                                                                                         | CUSIP: 107431KL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75107.49     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Voting System Acquisition Project                                                                                                 | CUSIP: 677905DK4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145595.01    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016D                                                                                 | CUSIP: 91514AEA9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41024.18     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2016, Series C                                                       | CUSIP: 64971WYB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2092667.80   | 0.06%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2015B                                                              | CUSIP: 342816G33<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004780.70   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series 2021B                                               | CUSIP: 67756DZJ8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5431584.40   | 0.14%             | 2042-12-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552F91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235326.70    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penn High School Building Corp.                                                  | Penn High School Building Corp., Mishawaka St. Joseph County Indiana, Ad Valorem Property Tax, Series 2024B                                      | CUSIP: 707533NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $901648.62    | 0.02%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Charlton MA                                                              | Town of Charlton                                                                                                                                 | CUSIP: 161123GH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8699000 | PA      | $8791480.81   | 0.23%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018B                                                                                                  | CUSIP: 696550E99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50142.70     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethel Park School District                                                      | Bethel Park School District                                                                                                                      | CUSIP: 087059ML2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35105.13     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma City Water Utilities Trust                                              | Oklahoma City Water Utilities Trust, Series 2016                                                                                                 | CUSIP: 678657MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20423.72     | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015C                                                                                          | CUSIP: 181059TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410250.55    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Round Rock TX                                                            | City of Round Rock, Series 2019                                                                                                                  | CUSIP: 7792228L5<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |    310000 | PA      | $311092.87    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority, Central Regional Wastewater System, Series 2017                                                                         | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $196954.32    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Sewer, Junior Lien, Series 2020B                                                                                                 | CUSIP: 495290BD9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |     60000 | PA      | $58804.69     | 0.00%             | 2042-01-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                               | Indiana University, Series 2016A                                                                                                                 | CUSIP: 455168CY8<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20329.44     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newburgh NY                                                              | City of Newburgh, Series 2024A                                                                                                                   | CUSIP: 650818GJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5401045.44   | 0.14%             | 2025-08-08      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                                  | Tarrant County College District, Series 2022                                                                                                     | CUSIP: 87638KCN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25096.35     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                  | CUSIP: 452153GB9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    780000 | PA      | $794391.62    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2023A                                                                                                                     | CUSIP: 235219UV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21398.01     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                  | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  19825000 | PA      | $20306374.79  | 0.54%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 3 Electric, Series 2018C                                                                                               | CUSIP: 29270C2C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $362931.55    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | State of Delaware, Series 2023A                                                                                                                  | CUSIP: 246381SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127459.98    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Colts Neck NJ                                                        | Township of Colts Neck                                                                                                                           | CUSIP: 197126DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40176.29     | 0.00%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                    | Florida Housing Finance Corp., Culmer Apartments, Series 2023C                                                                                   | CUSIP: 34074HGY2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   4715000 | PA      | $4749608.57   | 0.13%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, St. Joseph Health System, Series 2013A                                                         | CUSIP: 13033LX69<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105080.06    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021, Series 2021-1                                                | CUSIP: 64971XTB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40340.58     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                  | CUSIP: 917567BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75052.43     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2021, Series 2021C                                                                                                 | CUSIP: 64966QPN4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35863.29     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S74<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74443.14     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                      | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2012-2                                               | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3250000 | PA      | $3199836.58   | 0.08%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2014B                                                                                  | CUSIP: 34153P4F2<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2325000.00   | 0.06%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2016A                                                                                | CUSIP: 593338AS5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    260000 | PA      | $263980.70    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022B                                                                     | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2855440.84   | 0.08%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2022C                                                                                             | CUSIP: 93974EVW3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  15025000 | PA      | $15367376.18  | 0.41%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2024C                                                                                                               | CUSIP: 25476FH50<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5105000 | PA      | $5369626.86   | 0.14%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                            | City of Raleigh Combined Enterprise System, Series 2016A                                                                                         | CUSIP: 751100KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1531616.99   | 0.04%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                              | CUSIP: 452252NE5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106976.65    | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Housing System Revenue                               | Florida Atlantic University Housing System, Series 2016A                                                                                         | CUSIP: 341568BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1090501.84   | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln, Electric System                                                                                                                 | CUSIP: 534272J42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20529.31     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022A                                                                                                                  | CUSIP: 452153CM9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40514.24     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                          | CUSIP: 052477XY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52535.52     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2019A                                                                 | CUSIP: 677660UR1<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series 2012B                                                 | CUSIP: 34073TEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99629.83     | 0.00%             | 2025-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                 | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $490058.26    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | Washington Metropolitan Area Transit Authority Dedicated, Series 2021A                                                                           | CUSIP: 93878YBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $87235.15     | 0.00%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2016B                                                     | CUSIP: 59333MR31<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96787.90     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No. 385 Andover                            | Butler County Unified School District No. 385 Andover, Series 2017                                                                               | CUSIP: 12343ECJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50100.68     | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series 2012C                                                                                                        | CUSIP: 438670M24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174696.59    | 0.00%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019                                                            | CUSIP: 54811BSM4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    185000 | PA      | $195191.02    | 0.01%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Unified School District                                      | South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C                                | CUSIP: 840058UL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501149.00    | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2020A-2                                                                                        | CUSIP: 249182PB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80723.49     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | University of Washington, Series 2020C                                                                                                           | CUSIP: 91523NZN9<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20345.27     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2018A                                                                                   | CUSIP: 6473102W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120177.67    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2016Q                                                         | CUSIP: 57584XHQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45949.00     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona                                                                                                                                 | CUSIP: 040588J71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150717.44    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of West Deptford NJ                                                     | Township of West Deptford                                                                                                                        | CUSIP: 952496WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99946.22     | 0.00%             | 2026-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New State Infrastructure Project, Series 2024-1                                                                             | CUSIP: 677581JT8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1260779.23   | 0.03%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Department of Corrections East Correctional Facility Refunding Bonds Project, Series C                             | CUSIP: 60534WCE6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41477.70     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series C                                                                                                            | CUSIP: 4386702V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50335.88     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System, Series 2015                                     | CUSIP: 013493GP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45066.70     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Dauphin School District                                                  | Central Dauphin School District, Series 2016                                                                                                     | CUSIP: 153300XZ6<br>LEI: 549300B7BTSSV63QDZ15 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25257.07     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                       | CUSIP: 49151F4M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2476142.50   | 0.07%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2015B                                                                                                  | CUSIP: 696550ZF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45133.25     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2016B                                                                                                    | CUSIP: 684545ZP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $159178.46    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series B                                                                                                  | CUSIP: 59333PS25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $699338.26    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                   | South Carolina Ports Authority, Series 2015                                                                                                      | CUSIP: 837123GP7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   4990000 | PA      | $4996126.72   | 0.13%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2020C                                                                                 | CUSIP: 91514AKA2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     80000 | PA      | $85232.88     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2016B                                                                                                                    | CUSIP: 180848RX3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87567.11     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2013A                                                                                                           | CUSIP: 882723H85<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   9295000 | PA      | $9295000.00   | 0.25%             | 2043-06-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, Series 2017B                                                                                            | CUSIP: 44244CMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $141747.65    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2016A                                                                       | CUSIP: 576000TW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65604.16     | 0.00%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2017-A                                                                                                       | CUSIP: 29270CU45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76675.68     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2020D                                                                                                                | CUSIP: 9397204D7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50071.98     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                    | Florida Gulf Coast University Financing Corp., Housing Project, Series 2008A                                                                     | CUSIP: 34073XCK2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8800000 | PA      | $8800000.00   | 0.23%             | 2038-02-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, Series 2022A                                                                                                         | CUSIP: 41423PCF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235881.53    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln Electric System, Series 2016                                                                                                     | CUSIP: 534272G78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56455.61     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2019GGG                                                        | CUSIP: 64577B6J8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1210948.12   | 0.03%             | 2025-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks and Sewer System, Series 2015A                                                                                         | CUSIP: 2354166L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65434.48     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2019GGG                                                        | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3595107.60   | 0.10%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2018A                                                                                                       | CUSIP: 709144NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $460123.97    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Clinton Central School District                                     | Northeastern Clinton Central School District                                                                                                     | CUSIP: 664416HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24948845 | PA      | $24966438.93  | 0.66%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                | CUSIP: 45204EEU8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    520000 | PA      | $535069.50    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Series 2018                                                                               | CUSIP: 013493HX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102236.49    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                     | CUSIP: 232769PZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11805695.00  | 0.31%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund          | Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, Series 2016A                                                            | CUSIP: 76221UCG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20129.71     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2020A                                                                                                       | CUSIP: 686507JP0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52542.22     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Fairport NY                                                           | Village of Fairport                                                                                                                              | CUSIP: 305567NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5631750 | PA      | $5694511.35   | 0.15%             | 2026-05-29      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, University Refunding Duquesne University, Series 2016                                      | CUSIP: 01728RLQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70876.03     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series F                                                                                                                   | CUSIP: 20772JQ47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25227.59     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Copperas Cove TX                                                         | City of Copperas Cove                                                                                                                            | CUSIP: 217597A94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.74     | 0.00%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery                                                                                                                         | CUSIP: 040624BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215595.14    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2020                                                                        | CUSIP: 45204FFB6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40460.92     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | City of Colorado Springs Utilities System, Series 2020A                                                                                          | CUSIP: 196632S20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80747.14     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 194                                                                              | CUSIP: 73358WYW8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50374.95     | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                | CUSIP: 45204FYF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1378529.30   | 0.04%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                             | CUSIP: 5742183T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45051.35     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series C                                                                                                          | CUSIP: 57582RNL6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125847.14    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2017A                                                                                                                    | CUSIP: 442331U51<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2759809.60   | 0.07%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                               | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020A                                                                 | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3999883.60   | 0.11%             | 2046-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Civic Plaza Expansion, Series 2005B                                                                     | CUSIP: 71884WAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25723.51     | 0.00%             | 2026-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series D                                                                                                                   | CUSIP: 25476FSQ2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25526.86     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2016                                                                           | CUSIP: 19648A6D2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1052683.57   | 0.03%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2018                                                                                                                     | CUSIP: 549188M49<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506747.40    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2018A                                                                      | CUSIP: 343137DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20030.43     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2022C                                                                                             | CUSIP: 93974EVU7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30046.64     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | County of Miami-Dade, Transit System, Series 2015                                                                                                | CUSIP: 59334PFG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80091.36     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project, Series 2023B                  | CUSIP: 592113CR3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1512544.35   | 0.04%             | 2045-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Bonneville Power Administative, Series 2016A                                                                                   | CUSIP: 29270CP90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $560802.59    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                            | City of Cincinnati, Unlimited Tax Various Purpose, Series 2017A                                                                                  | CUSIP: 172217A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25257.58     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2018, Series 2018C                                                                                                 | CUSIP: 64966MST7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    670000 | PA      | $672236.53    | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group, Series 2016A                                               | CUSIP: 97712DQJ8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405912.32    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                     | Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project, Series 2006-2                                             | CUSIP: 610530FX0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    350000 | PA      | $350966.46    | 0.01%             | 2041-12-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                          | CUSIP: 249182UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071699.40   | 0.05%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minot Public School District No. 1                                               | Minot Public School District No. 1                                                                                                               | CUSIP: 604382EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.93     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Lease Appropriation Adult Correctional Building Fund Projects, Series 2017B                                                       | CUSIP: 677524CD0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30190.35     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County School Board                                                     | Escambia County School Board, Series 2020A                                                                                                       | CUSIP: 296141DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $369619.88    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin Environmental Improvement Fund, Series 2018A                                                                                  | CUSIP: 97709TBR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $580000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Senior Lien, Series C                                                                           | CUSIP: 39081JAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.59     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2018A                                                                                       | CUSIP: 485424SD8<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    105000 | PA      | $107677.55    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2016                                                                                                        | CUSIP: 70914PB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $789347.64    | 0.02%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2020A                                                                                            | CUSIP: 71884AC64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25567.19     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 122, Series A                                                                       | CUSIP: 49151FB90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047796.80   | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series 2020A                                                                                              | CUSIP: 59333P5M6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337155.32    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2024A                                                                                                  | CUSIP: 409327LU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2158467.77   | 0.06%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2010C-2                                                                              | CUSIP: 592646X24<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | STIV             | MUN               | US        |  20100000 | PA      | $20100000.00  | 0.53%             | 2039-10-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Waste Management, Inc., Project                                                                              | CUSIP: 60527MAQ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1201091.63   | 0.03%             | 2029-03-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health and Higher Educational Facilities Authority, Medstar Health, Inc., Series 2015                                                   | CUSIP: 574218UV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50033.76     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products, Inc. Trust                                               | RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-147                                                                           | CUSIP: 74934RP91<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11000000 | PA      | $11000000.00  | 0.29%             | 2026-02-10      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2015B                                                                        | CUSIP: 64461XJY2<br>LEI: 549300CNCK7OT82W5653 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1001971.20   | 0.03%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2015MI                                                                  | CUSIP: 59447P7L9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    710000 | PA      | $711919.20    | 0.02%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Right of Way Acquisition and Bridge Construction, Series 2017A                                                                 | CUSIP: 3411502D1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25585.45     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency, Paxton Project, Series 2022                                                                         | CUSIP: 25477PPQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5051162.51   | 0.13%             | 2040-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System, Series 2015A                                      | CUSIP: 792888KK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146112.12    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                              | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3540348.11   | 0.09%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017B                                                                                                         | CUSIP: 684517SC0<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    335000 | PA      | $342522.32    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                              | State of New Mexico, Capital Projects, Series A                                                                                                  | CUSIP: 647293RJ0<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50790.43     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System                                                                                                                      | CUSIP: 721876WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25039.11     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series A                                                                                                       | CUSIP: 207758VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276382.40    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keller Independent School District/TX                                            | Keller Independent School District, Unlimited Tax, Series A                                                                                      | CUSIP: 487694QV6<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65247.83     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, Various Purpose                                                                                                             | CUSIP: 646039VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2024B                                                                                  | CUSIP: 850001BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538954.50    | 0.01%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project                                                                         | CUSIP: 54811BQM6<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1111633.82   | 0.03%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Utah Water Conservancy District                                          | Central Utah Water Conservancy District, Series 2017B                                                                                            | CUSIP: 15567RBB8<br>LEI: 5493001AT8W3NBIEDB45 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50327.57     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                 | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $735448.18    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2020A                                                                                              | CUSIP: 79642GHA3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35654.35     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group, Series 2019E                                                    | CUSIP: 84129NML0<br>LEI: 549300QBNU5LBV4QX812 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.26%             | 2035-06-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series B                                                                                          | CUSIP: 010268CC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102391.90    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hampton VA                                                               | City of Hampton, Series 2015A                                                                                                                    | CUSIP: 4095583V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200469.54    | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2017A                                                                                                                 | CUSIP: 60412ALA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35233.71     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Caregroup, Series 2015H-1                                                                              | CUSIP: 57584Y7H6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220270.91    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia Project, Series 2016A                                                                                    | CUSIP: 626207P73<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    265000 | PA      | $267665.87    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2021-1A                                                                                      | CUSIP: 677581HR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20618.11     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                              | CUSIP: 342816N92<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77005.29     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024B                                                                                                          | CUSIP: 249164TN4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    955000 | PA      | $979144.41    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                   | CUSIP: 54659LBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25545.55     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                              | CUSIP: 452252PE3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    630000 | PA      | $662843.92    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2018A                                                                                     | CUSIP: 34160WB60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $347779.17    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                              | CUSIP: 45204EQC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025335.20   | 0.03%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | Omaha Public Power District, Series 2022B                                                                                                        | CUSIP: 682001HR6<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21126.54     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | State of Michigan, Series 2016                                                                                                                   | CUSIP: 594612DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55896.47     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                          | CUSIP: 702528MZ0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93724.89     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | Oklahoma Development Finance Authority, Health System, Integris Obligated Group, Series 2020C                                                    | CUSIP: 67884XCT2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | STIV             | MUN               | US        |  14110000 | PA      | $14110000.00  | 0.37%             | 2031-08-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series A                                                                                            | CUSIP: 658203W91<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    955000 | PA      | $966114.77    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Consolidated Loan of 2019, Series 2019G                                                                           | CUSIP: 57582RZR0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50250.10     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Santee Cooper, Series 2022A                                                                             | CUSIP: 837151ZD4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    465000 | PA      | $478355.13    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Pierce Utilities Authority                                                  | Fort Pierce Utilities Authority, Series 2022A                                                                                                    | CUSIP: 348430PC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182566.91    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                | CUSIP: 64990AUN3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30651.19     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series 2019                                      | CUSIP: 70917S6J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31791.89     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North St Paul-Maplewood-Oakdale Independent School District No. 622              | North St Paul-Maplewood-Oakdale Independent School District No. 622, Series 2021A                                                                | CUSIP: 662152GW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $262734.28    | 0.01%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Ascension Senior Credit Group, Series 2010F-7                                                         | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3631594.62   | 0.10%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                   | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    825000 | PA      | $847481.25    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2019B                                                                                  | CUSIP: 153476FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45980.17     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                              | CUSIP: 342816H99<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173655.34    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2019S-3A                                                                       | CUSIP: 64972HX23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97285.01     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | Chester County Health and Education Facilities Authority, Main Line Health System, Series 2020A                                                  | CUSIP: 16557HEU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51155.40     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169GY0<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400529.08    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 1J Portland                                 | Multnomah County School District No. 1J Portland, Series 2015B                                                                                   | CUSIP: 625517EP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50032.77     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Acton & Boxborough Regional School District/MA                                   | Acton and Boxborough Regional School District                                                                                                    | CUSIP: 005050HM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3103257.79   | 0.08%             | 2025-07-10      | Fixed         | 4.50%                 | 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        | 335984926 | NS      | $336018524.61 | 8.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                        | CUSIP: 267169HC7<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42887.00     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2020B                                                                 | CUSIP: 167593Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40409.32     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2021B                                                                                          | CUSIP: 677523AQ5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20707.36     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                 | Virginia Public School Authority, Prince William County, Series 2016                                                                             | CUSIP: 92817TGE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75241.76     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton, Sales Tax, Series 2016A                                                                                                      | CUSIP: 407287MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $692040.32    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 4 Mesa                               | Maricopa County Unified School District No. 4 Mesa, Series 2021D                                                                                 | CUSIP: 566897XG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20027.51     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | State of Oregon Department of Transportation, Series 2022A                                                                                       | CUSIP: 68607DVP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20184.79     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | Collin County Community College District, Series 2018                                                                                            | CUSIP: 194741GL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245931.42    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, AdventHealth, Series 2021B                                                                                 | CUSIP: 48542AFH9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   9220000 | PA      | $9726050.76   | 0.26%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2024B                                                                                  | CUSIP: 850001BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $526958.57    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peters Township School District Washington County                                | Peters Township School District Washington County                                                                                                | CUSIP: 716090XG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20229.14     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2022                                                            | CUSIP: 54811BYA3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20759.67     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2016B                                                                                                               | CUSIP: 605581HZ3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20638.42     | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Series 2016A                                                                                                        | CUSIP: 491552K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1229161.32   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Falls NJ                                                      | Township of Little Falls, General Improvement                                                                                                    | CUSIP: 537173KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30048.08     | 0.00%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                           | Fort Worth Independent School District, Unlimited Tax                                                                                            | CUSIP: 349461FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7780893.00   | 0.21%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2019B                                                                                                   | CUSIP: 20281PLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $160894.37    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc., Series 2025B-1                                               | CUSIP: 83703EMV4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7378665.70   | 0.20%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | Illinois Municipal Electric Agency, Power Supply System, Series 2015A                                                                            | CUSIP: 452024HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50100.23     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QEZ7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004878.60   | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project, Series 2007A                                     | CUSIP: 607167DZ3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $99807.34     | 0.00%             | 2034-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                       | CUSIP: 45204EZQ4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20905.32     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                     | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund, Series 2014                                                   | CUSIP: 040649LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9765000 | PA      | $9777408.39   | 0.26%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2017A                                                                                  | CUSIP: 8500006C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40883.75     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QP3<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60169.24     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | Halifax Hospital Medical Center, Series 2015                                                                                                     | CUSIP: 405815HX2<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |    255000 | PA      | $255000.00    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeSoto Independent School District                                               | DeSoto Independent School District, Series 2013                                                                                                  | CUSIP: 2417217L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496274.00    | 0.01%             | 2025-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2021B                                                                                            | CUSIP: 23503CAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45315.54     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2004, Series A-2                                                                                                   | CUSIP: 64966MA58<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35116.83     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth                                                                                                                               | CUSIP: 349426EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $321330.10    | 0.01%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2017G                                                             | CUSIP: 64990CP21<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105624.41    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System, Series 2015A                                      | CUSIP: 792888KN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100766.98    | 0.00%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Culture and Commercial Corridor Program, Series 2016A                                         | CUSIP: 71779QAK8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5171345.38   | 0.14%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2024A                                                                                          | CUSIP: 66285WQ25<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4635000 | PA      | $4960168.43   | 0.13%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2020B                                                                                                               | CUSIP: 605581MT1<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115546.50    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Procter & Gamble Co. Project, Series 1999                                                                    | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    310000 | PA      | $326434.25    | 0.01%             | 2029-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Franklin County Unified School District No. 290 Ottawa                           | Franklin County Unified School District No. 290 Ottawa, Series A                                                                                 | CUSIP: 352802GS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55122.29     | 0.00%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Harrison County, Series 2013A                                                                                      | CUSIP: 60534TML6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2213336.86   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2021B                                                                                                    | CUSIP: 517845LU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2018A                                                                                                 | CUSIP: 64966SFS0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32422.97     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | Austin Independent School District, Unlimited Tax, Series A                                                                                      | CUSIP: 052430KP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1907725.29   | 0.05%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2017                                                                                                        | CUSIP: 088281A34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $275751.46    | 0.01%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016A                                                                                                               | CUSIP: 59333FSH4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75114.61     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                          | Douglas County Hospital Authority No. 2, Children's Obligated Group, Series 2020B                                                                | CUSIP: 259230PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2105380.20   | 0.06%             | 2053-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2020A                                                                                   | CUSIP: 6473103J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27006.69     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2015MI                                                                           | CUSIP: 59447P7W5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45077.67     | 0.00%             | 2028-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2024A-1                                                                                                 | CUSIP: 207758S79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48588.38     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hurst-Euless-Bedford Independent School District                                 | Hurst-Euless-Bedford Independent School District, Series 2017A                                                                                   | CUSIP: 447819EH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115438.47    | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                       | CUSIP: 938782EN5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    280000 | PA      | $286225.77    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022C                                                                     | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5015000 | PA      | $5273623.55   | 0.14%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                     | Henry County Water Authority, Series 2021                                                                                                        | CUSIP: 426368AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70936.93     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-G Project, Series 2025G                                                                                              | CUSIP: 68609USA4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   5315000 | PA      | $5563815.35   | 0.15%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2005N-1                                                        | CUSIP: 6459165F0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    195000 | PA      | $196149.47    | 0.01%             | 2025-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga Electric                                                     | City of Chattanooga Electric, Series A                                                                                                           | CUSIP: 162393EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2830685.43   | 0.07%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Series C                                                                       | CUSIP: 64971WU40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31038.63     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                | Utah Telecommunication Open Infrastructure Agency, Series 2022                                                                                   | CUSIP: 91756SAC7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp.                                | Harris County Health Facilities Development Corp., Sisters of Charity of the Incarnate Word, Series 1997B                                        | CUSIP: 41315RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4620000 | PA      | $4732612.96   | 0.13%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Maui HI                                                                | County of Maui, Series 2018                                                                                                                      | CUSIP: 5772856A2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40187.30     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                               | City of Seattle, Series 2020A                                                                                                                    | CUSIP: 812627JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25078.60     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Maine System                                                       | University of Maine System, Series 2022                                                                                                          | CUSIP: 914399RK8<br>LEI: 254900T8BJAYXUKEVV62 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40571.80     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2016-1                                                                                       | CUSIP: 677581GH7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50962.25     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Series 2017                                                          | CUSIP: 65830RBD0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50503.95     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                             | CUSIP: 64985SCY7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2616637.00   | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission                                                  | Texas Transportation Commission, Series 2024                                                                                                     | CUSIP: 882830BL5<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |     90000 | PA      | $91563.62     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2023B                                                                                                                 | CUSIP: 60412AD26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271488.10    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Rail Transit Project, Series 2021E                                                                                  | CUSIP: 438687TW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355408.06    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2021                                                                                    | CUSIP: 549203WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36936.21     | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yuma Municipal Property Corp.                                            | City of Yuma Municipal Property Corp., Senior Lien, Series 2015                                                                                  | CUSIP: 98851CAL1<br>LEI: 549300FYH11KOMXWJA47 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2017876.01   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2020A                                                                                                                  | CUSIP: 196711SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80905.66     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Ramsey NJ                                                             | Borough of Ramsey                                                                                                                                | CUSIP: 751600DA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7700000 | PA      | $7743574.30   | 0.20%             | 2026-02-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2017-1                                                                                  | CUSIP: 199492VK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7010000 | PA      | $7279255.50   | 0.19%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund                                                                                          | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2023866.48   | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County School District No. 1 Pasco                                      | Franklin County School District No. 1 Pasco, Unlimited Tax, Series 2015                                                                          | CUSIP: 353442ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $5020050.11   | 0.13%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Consumers Co. Project, Series 2019                                                                                      | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1700000 | PA      | $1663789.66   | 0.04%             | 2049-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | County of Wake, Series 2021                                                                                                                      | CUSIP: 930876EY9<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81263.37     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Sports & Tourism Authority                                               | Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project, Series 2022                                             | CUSIP: 040583BS4<br>LEI: 5493000FS1Q9KGAM2L28 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30621.97     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax, Series A                                                                      | CUSIP: 41422EFQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128810.31    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Will IL                                                                | County of Will, Series 2016                                                                                                                      | CUSIP: 968657HJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121082.82    | 0.00%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1095858.75   | 0.03%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2022D, Subseries D-1                                                     | CUSIP: 64971XN20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20595.00     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., State Capital Project, Series II 2015B                                                                             | CUSIP: 011839FW2<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                  | CUSIP: 917567AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300203.25    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Board of Public Buildings                                         | Missouri State Board of Public Buildings, Series 2020B                                                                                           | CUSIP: 606341MC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41180.67     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series 2017C                                                                                 | CUSIP: 45506DH99<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    215000 | PA      | $217923.53    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2015                                                                                                        | CUSIP: 70914PYR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $742894.21    | 0.02%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2020                                                            | CUSIP: 54811BUL3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20759.67     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                            | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000205.00   | 0.03%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | County of Montgomery, Series 2017B                                                                                                               | CUSIP: 6133407D4<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20425.46     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Sales Tax, Series 2024A                                                                                      | CUSIP: 65000BW61<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1623594.62   | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., City of Wapakoneta Project                                                                                       | CUSIP: 027651ZG6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000361.00   | 0.03%             | 2025-06-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Alexandria Redevelopment & Housing Authority                                     | Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4, Series 2024                                   | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2499199.25   | 0.07%             | 2054-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                              | CUSIP: 88044TAE9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509496.10    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City and County Honolulu Wastewater System, First Resolution, Series B                                                                           | CUSIP: 438701ZT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250180.50    | 0.01%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Capital Improvement and Cultural Affairs, Series 2020A                                                                          | CUSIP: 641462HJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52075.16     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Junior Lien, Series 2020A                                                                                              | CUSIP: 79642GHD7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32261.31     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2015B                                                              | CUSIP: 342816F83<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    600000 | PA      | $603667.62    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series H                                                                 | CUSIP: 65000BVR6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10013.16     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Travis TX                                                              | County of Travis, Series 2019A                                                                                                                   | CUSIP: 89453PG60<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71107.69     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2016A                                                                          | CUSIP: 650036GP5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25425.89     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018, Series S-2                                                         | CUSIP: 64972HC26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36421.90     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2023                                                                               | CUSIP: 52882PFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $948079.77    | 0.03%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2020, Series 2020C-1                                                                                               | CUSIP: 64966QGK0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40133.52     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                          | CUSIP: 759151AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205290.36    | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ada & Canyon Counties Joint School District No. 2 Meridian                       | Ada and Canyon Counties Joint School District No. 2 Meridian, Series 2015                                                                        | CUSIP: 005158VV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2524750.66   | 0.07%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Multi Modal Program, Series III                                                                               | CUSIP: 594615HB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8635000 | PA      | $8635000.00   | 0.23%             | 2042-10-15      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2016A                                                                                                      | CUSIP: 414005WE4<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210852.43    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County School Board                                                      | Volusia County School Board, Master Lease Program, Series 2021A                                                                                  | CUSIP: 92884EJS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150453.05    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                             | CUSIP: 64985SCZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064662.60   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2018A                                                                          | CUSIP: 89546RPP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104397.30    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2022B                                                                                            | CUSIP: 23503CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36716.46     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2015F                                                                                  | CUSIP: 34153QBP0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2015                                                                                        | CUSIP: 59334DHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216414.25    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Water Works & Sanitary Sewer Board                                    | Montgomery Water Works and Sanitary Sewer Board, Series 2019A                                                                                    | CUSIP: 613105KA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35154.78     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2022-A                                                                                                       | CUSIP: 29270C4M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102234.24    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ocean City NJ                                                            | City of Ocean City, General Improvement                                                                                                          | CUSIP: 674684RT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40118.88     | 0.00%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Clean Water Revolving Fund, Series 2016B                                                                             | CUSIP: 59447TNV1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    245000 | PA      | $246644.10    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                            | CUSIP: 45204EJH2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110603.09    | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2016B                                                                                                    | CUSIP: 517845BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20332.97     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | Collin County Community College District, Series 2018                                                                                            | CUSIP: 194741GM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97364.22     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | City of El Paso, Series 2019A                                                                                                                    | CUSIP: 283822SG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1263517.45   | 0.03%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma Valley Unified School District                                            | Sonoma Valley Unified School District, Series 2015A                                                                                              | CUSIP: 835631LF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35117.61     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2019D                                                                    | CUSIP: 56682HCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2094258.57   | 0.06%             | 2046-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2014, Series 2014I-1                                                                                               | CUSIP: 64966LKQ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5006.24      | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of New Mexico (The)                                                   | University of New Mexico (The), Series 2016A                                                                                                     | CUSIP: 914692Y85<br>LEI: 549300WZXG6PIBC7KB43 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                               | CUSIP: 20772KB99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $2044654.81   | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2015B                                                                                       | CUSIP: 485424QK4<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75340.00     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, Series 2023A                                                                                                         | CUSIP: 41423PCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190712.73    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERN0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45792.48     | 0.00%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                      | Polk County School District, Series 2019                                                                                                         | CUSIP: 731127CU8<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |    370000 | PA      | $372467.94    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2018B                                                                                                   | CUSIP: 207758XZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221498.27    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cornwall NY                                                              | Town of Cornwall                                                                                                                                 | CUSIP: 219579JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $8619865.31   | 0.23%             | 2026-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Missouri Public Utilities Commission                                             | Missouri Public Utilities Commission                                                                                                             | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9789768.30   | 0.26%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 46 Oregon Trail                             | Clackamas County School District No. 46 Oregon Trail, Series 2017                                                                                | CUSIP: 179126DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550101.80   | 0.04%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | State of Michigan Trunk Line, Series 2021A                                                                                                       | CUSIP: 5946952L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25233.24     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2016A                                                                                                      | CUSIP: 57582RHE9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86990.51     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Healthh System, Inc., Series 2016                               | CUSIP: 60637AKP6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50431.86     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2019B                                                                                  | CUSIP: 153476FS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80502.42     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Multicare Health System, Series B                                                                   | CUSIP: 93978HNV3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    560000 | PA      | $561786.01    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | County of Miami-Dade, Transit System                                                                                                             | CUSIP: 59334PFH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $725960.77    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series 2022A                                                                                          | CUSIP: 66285WJ23<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126485.26    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series E                                                                                                                   | CUSIP: 25476FTK4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                     | CUSIP: 882854M41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25187.78     | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                               | CUSIP: 899525WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5288438.45   | 0.14%             | 2029-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Series 2016A                                                                                                                   | CUSIP: 199492QS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90170.27     | 0.00%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Trinity Health Credit Group, Series 2008C                                                             | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30279.24     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2014A                                                                                     | CUSIP: 34160WXT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3408300.47   | 0.09%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System, Series 2009A                                                                            | CUSIP: 882117M84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70097.45     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH                                                            | County of Mahoning, Limited Tax Various Tax                                                                                                      | CUSIP: 5600582D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5408879.22   | 0.14%             | 2025-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Senior Lien, Series C                                                                           | CUSIP: 39081JAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25490.55     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2018A                                                                                                       | CUSIP: 686507HR8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    470000 | PA      | $472994.37    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                 | CUSIP: 735389S41<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140431.90    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | State of Oregon Department of Transportation, Series A                                                                                           | CUSIP: 68607DSV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30277.18     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2018C                                                                                             | CUSIP: 93974DW53<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155497.07    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Somerville MA                                                            | City of Somerville, Series 2025B                                                                                                                 | CUSIP: 835241MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $18907392.20  | 0.50%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2015FF-1                                                                                              | CUSIP: 64966LP96<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20025.76     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2014B                                                                                                      | CUSIP: 523494PB2<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25036.01     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Permanent Improvement                                                                                                          | CUSIP: 2487755B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20448.09     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County, Series 2017                                                                            | CUSIP: 592112SH0<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45072.46     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                      | CUSIP: 249015B98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117955.95    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2022, Series 2022, Subseries BB-2                                | CUSIP: 64972GZQ0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    815000 | PA      | $823063.69    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Navajo AZ Pledged Revenue                                              | County of Navajo                                                                                                                                 | CUSIP: 63910MAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20011.66     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, Series 2017C                                                                          | CUSIP: 6500356K9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81423.22     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2016E                                                                                                                   | CUSIP: 3733846U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65670.40     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 4 Mesa                               | Maricopa County Unified School District No. 4 Mesa, Project Of 2018, Series 2022E                                                                | CUSIP: 566897XQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40055.02     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                               | Memphis-Shelby County Industrial Development Board, Series 2017B                                                                                 | CUSIP: 586108AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226718.19    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Series 2016A                                         | CUSIP: 645790FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142463.68    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019B                                                                                              | CUSIP: 452252NU9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21042.66     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2016D                                                                                                               | CUSIP: 20772J2P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100391.11    | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2017C                                                                                                                  | CUSIP: 574193NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36645.18     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Regional Transit Authority                                          | Southeastern Regional Transit Authority                                                                                                          | CUSIP: 842082CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3905913.57   | 0.10%             | 2025-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series B                                                                                                      | CUSIP: 696550C75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106125.94    | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016                                                                                                    | CUSIP: 709224LL1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60569.59     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2022A                                                                                                   | CUSIP: 207758J38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61392.16     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                               | City of Seattle, Limited Tax, Series 2022A                                                                                                       | CUSIP: 812627LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25886.28     | 0.00%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3579949.26   | 0.09%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024A                                                                                                          | CUSIP: 249164SW5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1081672.62   | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2018A                                                             | CUSIP: 64990GAP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40237.87     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                       | City of Lincoln Electric System, Series 2020A                                                                                                    | CUSIP: 534272K99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $120465.79    | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2022B                                                                                                                | CUSIP: 93972AAC0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120172.74    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2013                                                                                                        | CUSIP: 452227HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1869197.93   | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series D                                                                                     | CUSIP: 45506DYR0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    140000 | PA      | $143442.45    | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2019A                                                                                                                    | CUSIP: 4423314Z4<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68521.10     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2018E                                                                                                               | CUSIP: 20772KDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1762224.01   | 0.05%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Right of Way Acquisition and Bridge Construction, Series 2019A                                                                 | CUSIP: 3411505V8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40936.71     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2020, Series 2020CC-1                                            | CUSIP: 64972GUR3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61383.89     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                              | County of Hudson, Series B                                                                                                                       | CUSIP: 443726X90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40029.06     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2015A                                            | CUSIP: 79574CBB8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.79%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                | CUSIP: 46613SFU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7318756.90   | 0.19%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2016A                                                                    | CUSIP: 89602N5D2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30600.62     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                            | CUSIP: 45204EXT0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    170000 | PA      | $175562.89    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | Miami-Dade County Housing Finance Authority, Quail Roost Transit Village, Series 2023                                                            | CUSIP: 593344BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4985000 | PA      | $5004434.52   | 0.13%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | Illinois Municipal Electric Agency, Power Supply System, Series 2015A                                                                            | CUSIP: 452024HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25046.75     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2016A                                                                                                               | CUSIP: 20772JT28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20153.14     | 0.00%             | 2026-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Louis University                                                       | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    220000 | PA      | $223691.05    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                         | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                    | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   8040000 | PA      | $8427691.21   | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                               | CUSIP: 899525WQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4443495.49   | 0.12%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No. 385 Andover                            | Butler County Unified School District No. 385 Andover, Series 2017                                                                               | CUSIP: 12343ECN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045709.60   | 0.05%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                        | City of Glendale Water and Sewer, Senior Lien, Series 2015                                                                                       | CUSIP: 378352PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325524.42    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                                 | State of Arizona                                                                                                                                 | CUSIP: 040588J22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20095.66     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2019A                                                                                                      | CUSIP: 523494QE5<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |    215000 | PA      | $220051.43    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Biomedical Research Facilities, Series 2016A                                                          | CUSIP: 64577BSG0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1090659.85   | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                  | CUSIP: 235241RL2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90898.08     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2023B                                                                                                               | CUSIP: 25476FA81<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25526.86     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2017C                                                                                  | CUSIP: 34153QLH7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20429.86     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2020A                                                                        | CUSIP: 679111A79<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20236.24     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2019                                                                                   | CUSIP: 235241SY3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    260000 | PA      | $262504.16    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                                | New Hampshire Municipal Bond Bank, Series 2016E                                                                                                  | CUSIP: 64465PW46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150598.98    | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, State System Higher Education, Series AQ                                                   | CUSIP: 70917TMR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205139.26    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-Q State Project, Series 2023A                                                                                        | CUSIP: 68609UBT1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25487.44     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2016A                                                                                          | CUSIP: 181059UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360220.00    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2020A                                                                                                                  | CUSIP: 196711SU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130559.39    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                         | Arizona Board of Regents, State University, Series 2015A                                                                                         | CUSIP: 04048RLE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75128.29     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | Massachusetts Bay Transportation Authority Sales Tax, Series 2005A                                                                               | CUSIP: 575579HC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75117.20     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                          | Maryland State Transportation Authority, Series 2024A                                                                                            | CUSIP: 574300PA1<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100154.63    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                         | Colorado Springs School District No. 11 Facilities Corp.                                                                                         | CUSIP: 19662UAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $398447.70    | 0.01%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2016, Series E                                                                                                     | CUSIP: 64966MAU3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35863.29     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group, Series 2017A                                  | CUSIP: 645790JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20026.27     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2015A                                            | CUSIP: 79574CBC6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  14415000 | PA      | $14415000.00  | 0.38%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2015A                                                                                  | CUSIP: 34153P6W3<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center                                                                                       | CUSIP: 644804EZ5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78476.70     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Courthouse Project, Series 2020                                                                             | CUSIP: 443730PL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31449.81     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                            | Massachusetts Clean Water Trust (The), Series 23 B                                                                                               | CUSIP: 575829HJ8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50722.95     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series A                                                    | CUSIP: 880558JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100837.67    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                               | CUSIP: 97712DQH2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152389.31    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2023A                              | CUSIP: 60637AVX7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    750000 | PA      | $785537.25    | 0.02%             | 2039-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                          | Washington Suburban Sanitary Commission, Series 2018                                                                                             | CUSIP: 940157V98<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                 | CUSIP: 60637ANB4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    205000 | PA      | $216663.31    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $309241.64    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                  | State of Alaska, Series 2016B                                                                                                                    | CUSIP: 0117703X0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35112.82     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2016                                                                                                        | CUSIP: 088281VD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25007.59     | 0.00%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                | City of Charlotte Water and Sewer System, Series 2020                                                                                            | CUSIP: 161045QF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51148.19     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                           | Round Rock Independent School District, Series 2016                                                                                              | CUSIP: 779240LC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30702.94     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2019B                                                          | CUSIP: 68450LGA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102629.74    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group, Series 2016A                                               | CUSIP: 97712DQG4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50843.63     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2019A                                                                                                      | CUSIP: 57582RWG7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20031.75     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                                      | City of New Orleans, Water System, Series 2015                                                                                                   | CUSIP: 647753LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $459337.70    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                            | Omaha School District, Series 2016                                                                                                               | CUSIP: 259291ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2774523.51   | 0.07%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2019B                                                                                                               | CUSIP: 717813XC8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157075.47    | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Subordinate, Series 2016S-1                                                           | CUSIP: 64972HYL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30331.94     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | County of Fairfax, Series 2016A                                                                                                                  | CUSIP: 30382AEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30531.71     | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Middle NJ                                                            | Township of Middle, General Improvement Sewer Utility                                                                                            | CUSIP: 596010JJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7770000 | PA      | $7784584.29   | 0.21%             | 2025-09-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series 2015A                                                        | CUSIP: 606092JA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330000.00    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2019A                                                              | CUSIP: 6461366C0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154498.86    | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of East Rutherford NJ                                                    | Borough of East Rutherford                                                                                                                       | CUSIP: 274785JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14130000 | PA      | $14231117.11  | 0.38%             | 2026-04-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project                                                                            | CUSIP: 576553CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $482139.84    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Transportation Improvement, Limited Tax, Series 2018B                                                                           | CUSIP: 180848XV0<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    215000 | PA      | $227788.54    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, State Personal Income Tax, Series 2024A-2                                                                 | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2994734.70   | 0.08%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                   | CUSIP: 45204FHY4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1028097.76   | 0.03%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2018                                                                                      | CUSIP: 938782GA1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20444.70     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Robstown Independent School District                                             | Robstown Independent School District, Unlimited Tax, Series 2016                                                                                 | CUSIP: 771146WS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305176.99    | 0.01%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                              | CUSIP: 88044TAD1<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351880.13    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility, Series 2019E                            | CUSIP: 181006HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $209506.84    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017E                            | CUSIP: 92778VFF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46596.54     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                    | Massachusetts Bay Transportation Authority Assessment, Series 2006A                                                                              | CUSIP: 575577PQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $152065.81    | 0.00%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | North Texas Municipal Water District Water System, Series 2016                                                                                   | CUSIP: 662903QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $467119.38    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2017B                                                                                                                 | CUSIP: 977100FA9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20364.90     | 0.00%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                          | Utah Associated Municipal Power Systems, Horse Butte Wind Project, Series 2017A                                                                  | CUSIP: 917328RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $843791.93    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas Waterworks and Sewer System, Series 2015A                                                                                         | CUSIP: 2354166P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180867.80    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2015B                                                              | CUSIP: 342816F91<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1086753.35   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                               | CUSIP: 92778UBY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30472.54     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Bond Development Corp.                                                  | Kentucky Bond Development Corp., Series 2019                                                                                                     | CUSIP: 491211AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1968140.66   | 0.05%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Otego-Unadilla Central School District                                           | Otego-Unadilla Central School District                                                                                                           | CUSIP: 688822FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11995000 | PA      | $12009086.93  | 0.32%             | 2025-07-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges and Universities Authority, Emory University, Series 2020B                                                                      | CUSIP: 74265LS66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $672777.28    | 0.02%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2016A                                                                                     | CUSIP: 34160WZK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81830.39     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series AQ                                                                                  | CUSIP: 70917TFB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15007.95     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                 | CUSIP: 65000BW46<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2668135.54   | 0.07%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                     | King County School District No. 411 Issaquah, Unlimited Tax, Series 2022                                                                         | CUSIP: 4952245V5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111081.22    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                         | CUSIP: 684517QR9<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65203.29     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2021B                                                                                                      | CUSIP: 57582RT89<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20171.95     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                                                    | CUSIP: 924397EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200979.68    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                           | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2020A                                              | CUSIP: 678514CJ7<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130190.33    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2025C, Subseries C-1                                                                                  | CUSIP: 64966SGQ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    175000 | PA      | $179633.88    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Rankin County School District Project                                                                              | CUSIP: 60534WKL1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water and Sewer System, Series 2017A                                                                                                         | CUSIP: 46613P4C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25166.75     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                           | County of Allegheny, Series C-75                                                                                                                 | CUSIP: 01728VSL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5475000 | PA      | $5612021.18   | 0.15%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                                                     | CUSIP: 542691DY3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    315000 | PA      | $312505.77    | 0.01%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2015I                                                                              | CUSIP: 594615JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20134.12     | 0.00%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Various Purpose, Series 2019A                                                                                                | CUSIP: 60412AQS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25622.75     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                    | Grand Valley State University, Series 2016A                                                                                                      | CUSIP: 386545KV8<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1643157.10   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2015E                                                                                                               | CUSIP: 20772JJ60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120376.84    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-3                                                                                                    | CUSIP: 646139ZX6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1084910.88   | 0.03%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2021B                                                                                                 | CUSIP: 735389L63<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2015A                                                                                                               | CUSIP: 717813RH4<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25074.26     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St. Louis Airport, Series 2005                                                                                                           | CUSIP: 791638VF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78870.18     | 0.00%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2024D                                                                    | CUSIP: 121651PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5725842.66   | 0.15%             | 2025-12-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2016                                                                                       | CUSIP: 7962535V0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1201847.34   | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District                                                                                   | CUSIP: 80585TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85099.07     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                                     | City of Tallahassee, Energy System, Series 2020                                                                                                  | CUSIP: 874476LE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89282.42     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Johnson City NY                                                       | Village of Johnson City, Series 2024C                                                                                                            | CUSIP: 478232QY0<br>LEI: 549300LRO82Q9UD0VD27 | Long             | DBT              | MUN               | US        |  17250878 | PA      | $17277349.47  | 0.46%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                     | CUSIP: 64972JPW2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2852741.01   | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2019, Series 2019E                                                                                                 | CUSIP: 64966MP94<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20066.76     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series 2015                                      | CUSIP: 70917SRX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40151.37     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure and Economic Development Bank, Colburn School (The)                                                                    | CUSIP: 13034AV64<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |  28500000 | PA      | $28419595.80  | 0.75%             | 2072-08-01      | Floating      | 2.87%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Stadium Improvement, Limited Tax, Series 2018A                                                                                  | CUSIP: 180848WX7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    135000 | PA      | $142079.94    | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                               | CUSIP: 92778UCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1403130.63   | 0.04%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                             | CUSIP: 66285WWZ5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   6260000 | PA      | $6313907.99   | 0.17%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2016B-1                                                                                        | CUSIP: 91417KT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $293121.65    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015A                                                           | CUSIP: 115065XV1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    495000 | PA      | $495906.25    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 1998A                                                                                        | CUSIP: 67760HCH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2873015.11   | 0.08%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                               | State of Tennessee, Series A                                                                                                                     | CUSIP: 880541VR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40131.76     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2019A                                                                                                          | CUSIP: 45506DV77<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20674.32     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Edison NJ                                                            | Township of Edison, Water Utility, Series 2024B                                                                                                  | CUSIP: 281047M80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12200000 | PA      | $12243612.56  | 0.32%             | 2025-11-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | Washington Metropolitan Area Transit Authority Dedicated, Series 2021A                                                                           | CUSIP: 93878YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30691.50     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series B                                                                                                                   | CUSIP: 469487MT6<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    195000 | PA      | $196167.58    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Fe Public School District                                                  | Santa Fe Public School District, Series 2022A                                                                                                    | CUSIP: 802088QH0<br>LEI: 54930082JUO16DJWGD91 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75225.81     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                         | CUSIP: 45203HN73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185134.09    | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2019                                                                            | CUSIP: 45204EW38<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    205000 | PA      | $209580.19    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | Houston Independent School District, Limited Tax, Series 2025B                                                                                   | CUSIP: 442403RE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6998229.90   | 0.19%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                  | CUSIP: 917567AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35023.71     | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX                                                              | City of McKinney                                                                                                                                 | CUSIP: 5816467V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25097.37     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | California Health Facilities Financing Authority, Catholic Healthcare West, Series 2015HH                                                        | CUSIP: 64972GB52<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1050723.03   | 0.03%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2017B                                                                                          | CUSIP: 677522UY8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30147.81     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2020C-3                                        | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3125225.20   | 0.08%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Occoquan Sewage Authority                                                  | Upper Occoquan Sewage Authority, Series 2014                                                                                                     | CUSIP: 916277LS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75119.81     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                            | Minneapolis-St. Paul Metropolitan Airports Commission, Series A                                                                                  | CUSIP: 603827WZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25303.51     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2024A                                                                                                      | CUSIP: 523494QP0<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40118.82     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | County of Prince George's, Consolidated Public Improvement, Series 2020A                                                                         | CUSIP: 7417016C5<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20048.79     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District                                                                                                                 | CUSIP: 75913TKN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                                             | CUSIP: 13063DFV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1793063.06   | 0.05%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System, Series 2015A                                      | CUSIP: 792888KM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1108436.78   | 0.03%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                | CUSIP: 592647JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1418988.66   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERD2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20659.08     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $545131.08    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2016                                                                        | CUSIP: 45204EJG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20013.75     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System                                                                                                                      | CUSIP: 721876TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153516.06    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2016A                                                                                                     | CUSIP: 63968AH40<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35390.19     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 246                                                                              | CUSIP: 73358XNF5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11723219.60  | 0.31%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                        | CUSIP: 29270C6W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3030223.92   | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                              | State of New Mexico, Series 2023                                                                                                                 | CUSIP: 647293SS9<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    395000 | PA      | $401244.36    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2015A                                                                                          | CUSIP: 34160PDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260768.92    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2018C                                                                                                      | CUSIP: 57582RUW4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    545000 | PA      | $547726.04    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bucks PA                                                               | County of Bucks, Series 2017                                                                                                                     | CUSIP: 118565XU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2018-1                                                                                                                     | CUSIP: 677581GT1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25265.32     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series 2019A                                                          | CUSIP: 626207W42<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3609933.47   | 0.10%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albany NY                                                                | City of Albany                                                                                                                                   | CUSIP: 012429CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30235998.00  | 0.80%             | 2026-03-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series AT-1                                                                                | CUSIP: 70917TMY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25013.25     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Carroll GA                                                             | County of Carroll, Series 2021                                                                                                                   | CUSIP: 144753BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137577.62    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Florida Water Management District                                          | South Florida Water Management District                                                                                                          | CUSIP: 83786PCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $246528.36    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2018                                                                                 | CUSIP: 882854D33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31272.71     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series A-1                                                                                                     | CUSIP: 709224HD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205000.00    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated                                                                                          | CUSIP: 73358WM35<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25236.39     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                             | CUSIP: 64577BKD5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50038.85     | 0.00%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                               | CUSIP: 64711RLZ7<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35023.17     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN Electric Revenue                                          | City of Chattanooga Electric                                                                                                                     | CUSIP: 162393GS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7835000 | PA      | $8369784.98   | 0.22%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Series 2020I                                                                                                  | CUSIP: 594615HF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47640.75     | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Series 2015A                                                                                                                   | CUSIP: 29270CK46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40057.33     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | Collin County Community College District, Series 2020A                                                                                           | CUSIP: 194741HE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90342.15     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020A                                                                                               | CUSIP: 93974EAD8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25616.96     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2019B                                                           | CUSIP: 115065B86<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80383.39     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018D                                                                                  | CUSIP: 442349CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35043.10     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Series 2018B                                                                                    | CUSIP: 45528UYK1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26794.17     | 0.00%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020C                                                                                                 | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2639960.00   | 0.07%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Dayton Children's Hospital, Series 2021                                                                                    | CUSIP: 613520NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $311106.31    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                        | CUSIP: 64577XEU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1661375.36   | 0.04%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medina Central School District                                                   | Medina Central School District                                                                                                                   | CUSIP: 584802GQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12516250.00  | 0.33%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series 2017D                                                                        | CUSIP: 679111YZ1<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73579.96     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2003A                                                                                                  | CUSIP: 759911XU9<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80140.14     | 0.00%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015C                                                                                          | CUSIP: 181059TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337895.20    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Unified School District No. 290 Ottawa                           | Franklin County Unified School District No. 290 Ottawa, Series A                                                                                 | CUSIP: 352802GQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80323.95     | 0.00%             | 2039-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Full Faith and Credit Highway User Receipt, Series V                                                                              | CUSIP: 677522B78<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101967.98    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2017                                                                                  | CUSIP: 842039CR8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253687.35    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, BJC Health System, Series 2021B                                            | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   7135000 | PA      | $7176296.67   | 0.19%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                      | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2210383.98   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | North Texas Municipal Water District Water System, Series 2015                                                                                   | CUSIP: 662903PS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251063.35    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                   | State of Maine, Series 2017B                                                                                                                     | CUSIP: 56052AZK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25539.81     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                 | Virginia Public School Authority, Prince William County                                                                                          | CUSIP: 92817TGJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3250394.74   | 0.09%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                            | CUSIP: 45204EXP8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295436.78    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1                                                                        | CUSIP: 19648FJK1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300701.13    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2021, Series 2021G-1                                                 | CUSIP: 64971XZR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37410.16     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series C                                                                        | CUSIP: 64971WU24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40340.58     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Subordinate Lien, Series 2018B                                                                                   | CUSIP: 442349BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26019.01     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2021A                                                                                                      | CUSIP: 57582RT30<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3260066.10   | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018                                                                                                                     | CUSIP: 180848YP2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1573901.87   | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                 | Virginia Commonwealth University, Series 2020A                                                                                                   | CUSIP: 92778RFJ1<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56510.23     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                    | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2015D                                     | CUSIP: 64985HUG0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50163.12     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                          | CUSIP: 052477XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603562.10   | 0.04%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2024A                                                                                               | CUSIP: 93974EF84<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1077964.42   | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2015A                                                                                         | CUSIP: 052477C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20166.92     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2018A                                                                                       | CUSIP: 485424SC0<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    265000 | PA      | $266219.64    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series B                                                                                                       | CUSIP: 207758UT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90267.26     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                        | City of Rogers Sales and Use Tax, Series 2022                                                                                                    | CUSIP: 775080GL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70491.16     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, NCMC, Inc., Project, Series 2016                                                                           | CUSIP: 19648A5Z4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76249.46     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron, Series 2022A                                    | CUSIP: 009730QE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $491912.11    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016 J                                                                                | CUSIP: 91514AGP4<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215843.85    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015A                                                           | CUSIP: 115065XN9<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90118.31     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-1                                                                        | CUSIP: 19648FJH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3995000 | PA      | $4000936.17   | 0.11%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Freeport NY                                                           | Village of Freeport, Series 2024E                                                                                                                | CUSIP: 356731EN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $5036976.73   | 0.13%             | 2025-11-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | Delaware County Authority, Cabrini University                                                                                                    | CUSIP: 245913MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1485946.09   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PS90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168032.70    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2017 C                                                                                            | CUSIP: 93974DH68<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50160.35     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville                                                                                                                             | CUSIP: 469495DJ1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166018.59    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2015A                                                                                         | CUSIP: 052477C95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302706.84    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | County of Lee Airport, Series 2021A                                                                                                              | CUSIP: 523470GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086766.20   | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rowlett TX                                                               | City of Rowlett, Series 2019                                                                                                                     | CUSIP: 779699ED5<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30423.74     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2016A                                                                                          | CUSIP: 249182JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80723.49     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geary County Unified School District No. 475                                     | Geary County Unified School District No. 475, Series 2017A                                                                                       | CUSIP: 368347CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20095.66     | 0.00%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | County of Fairfax, Series 2020A                                                                                                                  | CUSIP: 30382AJH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175603.00    | 0.00%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix AZ                                                               | City of Phoenix, Series 2016                                                                                                                     | CUSIP: 718814Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278305.14    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                    | CUSIP: 64972JTX6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   9170000 | PA      | $9801462.71   | 0.26%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2015B                                                                                                  | CUSIP: 696550ZJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30088.84     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97192.85     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                          | CUSIP: 677523KL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8213892.75   | 0.22%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                    | CUSIP: 64972JTW8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2179844.36   | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2017A                                                                                   | CUSIP: 6473102M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125185.08    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2021A                                                                                                               | CUSIP: 469487SF0<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150900.87    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2018B                                                                                                               | CUSIP: 25476FWP9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                       | Canadian County Independent School District No. 69 Mustang, Series 2023                                                                          | CUSIP: 135591HS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3584661.70   | 0.09%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFB9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    305000 | PA      | $318048.14    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine School Administrative District No. 51                                      | Maine School Administrative District No. 51                                                                                                      | CUSIP: 807688KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50063.71     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2022A                                                      | CUSIP: 04052FCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4004866.00   | 0.11%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series 2015A                                                       | CUSIP: 647370GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135343.67    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                           | University of Delaware, Series 2013C                                                                                                             | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | STIV             | MUN               | US        |  12515000 | PA      | $12515000.00  | 0.33%             | 2037-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                     | CUSIP: 64972JPX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2850304.34   | 0.08%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Goshen Health, Series 2019B                                                                                           | CUSIP: 45471ATB8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |     60000 | PA      | $58411.28     | 0.00%             | 2049-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK                                                     | Municipality of Anchorage, Series B                                                                                                              | CUSIP: 0331612X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90392.24     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Platte River Power Authority                                                     | Platte River Power Authority, Series JJ                                                                                                          | CUSIP: 727818HR0<br>LEI: 549300UBIE8RGXXJ1090 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65769.96     | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2020B                                                                 | CUSIP: 67766WZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32749.90     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp.                                              | San Antonio Public Facilities Corp., Convention Center Facility Project, Series 2022                                                             | CUSIP: 796334BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52793.42     | 0.00%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2015S-2                                                                        | CUSIP: 64972H6D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25057.71     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series A                                                                                                       | CUSIP: 207758VR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102245.74    | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                          | Maryland State Transportation Authority, Series 2020                                                                                             | CUSIP: 574300LW7<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220340.19    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin Environmental Improvement Fund, Series 2017A                                                                                  | CUSIP: 97709TBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | District of Columbia Income Tax, Series 2019C                                                                                                    | CUSIP: 25477GPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352346.16    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                             | Salem-Keizer School District No. 24J, Series 2018                                                                                                | CUSIP: 569203MW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50034.07     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2015A                                      | CUSIP: 19648A2R5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Central School District                                                | Lancaster Central School District                                                                                                                | CUSIP: 514224QW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5900654.90   | 0.16%             | 2025-06-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2017A                                                                             | CUSIP: 45204ERL4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    275000 | PA      | $284062.30    | 0.01%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property & Building Commission, Series A                                                                                          | CUSIP: 49151FGM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009133.20   | 0.08%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Columbia University, Series B                                                                                | CUSIP: 64990BZY2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20145.30     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Providence Health and Services, Series 2012A                                                        | CUSIP: 93978HFN0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25014.28     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                 | CUSIP: 60637AMZ2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25900.96     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2016A                                                                                         | CUSIP: 264474HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2764378.93   | 0.07%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Supply, Series 2022D-2                                                                                       | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  25575000 | PA      | $25806128.95  | 0.68%             | 2052-07-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                             | CUSIP: 95649ACN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187304.83    | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp., Series 2016                                                           | CUSIP: 645790EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385562.64    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series E                                                                                                                   | CUSIP: 20772J3X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2208132.99   | 0.06%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2018B                                                                                                               | CUSIP: 495290AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $357752.50    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huber Heights OH                                                         | City of Huber Heights                                                                                                                            | CUSIP: 443524XB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3103204.47   | 0.08%             | 2025-07-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                        | CUSIP: 29270C6B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3680432.64   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                     | CUSIP: 938782FH7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31205.69     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                            | City of Grand Rapids Sanitary Sewer System, Series 2010                                                                                          | CUSIP: 386289FX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20237.14     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                   | CUSIP: 491552Q81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $208659.29    | 0.01%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | Alabama Public School and College Authority, Capital improvement, Series 2014B                                                                   | CUSIP: 010609AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311191.02    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2016A                                                                                                               | CUSIP: 20772JV66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25384.00     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | County of Clark Passenger Facility Charge, Series 2022B                                                                                          | CUSIP: 181006HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143077.84    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                             | Harris County Flood Control District, Series 2015A                                                                                               | CUSIP: 4140186G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $483445.25    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2021A                                                                                                               | CUSIP: 717813YP8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     90000 | PA      | $94614.04     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series 2015B                                                | CUSIP: 880558HK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30242.46     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014A                                                                                | CUSIP: 59334KJE9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375454.31    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2022D                                                                                                               | CUSIP: 20772KRU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274331.48    | 0.01%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                        | Michigan State University, Series 2015A                                                                                                          | CUSIP: 594712TG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25089.95     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2015B                                                                                       | CUSIP: 485424QG3<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70317.33     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Sales and Use Tax, Series 2015S-1                                                                | CUSIP: 15504RGB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $625105.27    | 0.02%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020B                                                                                            | CUSIP: 2350365V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80033.14     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2017                                                                                                     | CUSIP: 684545A97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37230.05     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | Washington Metropolitan Area Transit Authority Dedicated, Series 2020A                                                                           | CUSIP: 93878YAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20038.39     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015A                                                           | CUSIP: 115065XR0<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    570000 | PA      | $571043.56    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2019A                                                                                                               | CUSIP: 717813WN5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300891.12    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2016A                                                                                                                    | CUSIP: 442331K60<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101552.61    | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series A                                                                                               | CUSIP: 882723VP1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50333.87     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Series 2025                                                                                              | CUSIP: 52882PHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2661642.10   | 0.07%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Consolidated Public Improvement, Series 2017B                                                                                 | CUSIP: 059189VL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40297.16     | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Nantucket MA                                                             | Town of Nantucket, Series A                                                                                                                      | CUSIP: 6301914L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10745000 | PA      | $10766455.62  | 0.28%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South San Francisco Unified School District                                      | South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C                                | CUSIP: 840058UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $661516.68    | 0.02%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL                                                               | City of Orlando, Series 2016B                                                                                                                    | CUSIP: 68641HLE2<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25150.15     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp., Series 2020A                                             | CUSIP: 13016NHH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1103360.89   | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Edwards-Knox Central School District                                             | Edwards-Knox Central School District, Series 2024B                                                                                               | CUSIP: 281776EX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5053278.97   | 0.13%             | 2025-07-02      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-2                                                                        | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1204574.10   | 0.03%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Rankin County School District                                                    | Rankin County School District, Limited Tax                                                                                                       | CUSIP: 753075MA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25074.26     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, First Lien, Series 2022A                                                                       | CUSIP: 45505MLZ7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26226.13     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nueces River Authority                                                           | Nueces River Authority, Series 2015                                                                                                              | CUSIP: 670500EZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20043.49     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018B                                                                                  | CUSIP: 442349BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175215.50    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series B1                                                                       | CUSIP: 64971WXE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3344785.41   | 0.09%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2015C                                                                       | CUSIP: 576000RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45180.62     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2020A                                                                                                       | CUSIP: 686507JN5<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61665.94     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property & Building Commission                                                                                                    | CUSIP: 49151FLL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3180000 | PA      | $3189416.62   | 0.08%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2016                                                                                                                   | CUSIP: 574193MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25001.72     | 0.00%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                  | Tampa Bay Water, Regional Water Supply Authority, Utility System, Series 2016C                                                                   | CUSIP: 875124GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75500.26     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Okaloosa County School Board                                                     | Okaloosa County School Board, Series 2022A                                                                                                       | CUSIP: 678233CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68019.72     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Combination Tax                                                                                                             | CUSIP: 79623PRQ0<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053955.40   | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond County Board of Education                                               | Richmond County Board of Education, Sales Tax                                                                                                    | CUSIP: 764581KM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553613.72    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnolia Independent School District/TX                                          | Magnolia Independent School District, Unlimited Tax Schoolhouse, Series 2016                                                                     | CUSIP: 559686UW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70264.20     | 0.00%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                  | CUSIP: 735389YE2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    130000 | PA      | $131739.06    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                              | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1391539.50   | 0.04%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ Water System Revenue                                           | City of Tucson Water System, Series 2015                                                                                                         | CUSIP: 898797BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100153.16    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                 | North Carolina Capital Facilities Finance Agency, Duke University Project, Series 2015B                                                          | CUSIP: 65819GKX5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034090.00   | 0.13%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Socorro Independent School District                                              | Socorro Independent School District, Unlimited Tax, Series B                                                                                     | CUSIP: 833715DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1602205.48   | 0.04%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2019A                                                           | CUSIP: 115065B78<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    130000 | PA      | $139331.21    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                            | CUSIP: 2350365B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30819.56     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018B                                                                                                                  | CUSIP: 4521522Y6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $230019.41    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                  | CUSIP: 717883TE2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30416.78     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Highland Falls NY                                                     | Village of Highland Falls                                                                                                                        | CUSIP: 430074HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5616734.48   | 0.15%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2015C                                                                       | CUSIP: 576000RZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35140.01     | 0.00%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2019A                                                                                                          | CUSIP: 249164PB4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250765.18    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                            | Maricopa County Unified School District No. 60 Higley, Series 2015                                                                               | CUSIP: 567313FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75108.09     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series D                                                                                                                   | CUSIP: 25476FSP4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project, Series 2024                                                   | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3982261.20   | 0.11%             | 2027-12-15      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                      | Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series 2005A-7                                                       | CUSIP: 454798UP2<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30077.49     | 0.00%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2017A                                                             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500036.15   | 0.04%             | 2044-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    230000 | PA      | $232351.73    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2016C                                                                                                          | CUSIP: 45470RCT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $237214.45    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yorkshire-Pioneer Central School District                                        | Yorkshire-Pioneer Central School District                                                                                                        | CUSIP: 987201GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20150700 | PA      | $20174630.97  | 0.53%             | 2025-07-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Series 2015A                                                                                                                   | CUSIP: 414005UH9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80545.38     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen Hospital Facilities, Series 2017A                                                                                                | CUSIP: 01757LFS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $847725.92    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project                                         | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7500000 | PA      | $7492890.75   | 0.20%             | 2043-07-01      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015D                                                     | CUSIP: 59333MT70<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2427427.92   | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | Metropolitan Transportation Authority Dedicated Tax Fund, Series B-2                                                                             | CUSIP: 59259N6Y4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50479.81     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                               | Tuscaloosa City Board of Education                                                                                                               | CUSIP: 90059RAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56288.73     | 0.00%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2016A                                                                              | CUSIP: 5288287J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100160.96    | 0.00%             | 2027-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL                                                                 | County of Lee, Series 2015                                                                                                                       | CUSIP: 52349AAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85552.83     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2015A                                      | CUSIP: 19648A2K0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2020A                                                                                                                | CUSIP: 46613SQR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $154468.92    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne Central School District                                                    | Wayne Central School District                                                                                                                    | CUSIP: 944312FD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3101856.59   | 0.08%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2016A                                                                                                                   | CUSIP: 3733844B9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25362.12     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                        | State of Wisconsin Environmental Improvement Fund, Series 2017A                                                                                  | CUSIP: 97709TBH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2015A                                                                                                   | CUSIP: 75913TJJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205000.00    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                              | Crowley Independent School District, Unlimited Tax, Series A                                                                                     | CUSIP: 228130DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $922862.03    | 0.02%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork           | Garfield Pitkin and Eagle Counties School District No. Re-1 Roaring Fork, Series 2016                                                            | CUSIP: 365892MK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75849.75     | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Independent School District                                             | Pasadena Independent School District, Series 2023B                                                                                               | CUSIP: 702334HQ9<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1605427.07   | 0.04%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                          | Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology, Series M                                       | CUSIP: 57586CBL8<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45083.94     | 0.00%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Rail Transit Project, Series 2020B                                                                                  | CUSIP: 438687LZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25386.29     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Rose-Wolcott Central School District                                       | North Rose-Wolcott Central School District                                                                                                       | CUSIP: 662028GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5063303 | PA      | $5070247.83   | 0.13%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax                                                                                | CUSIP: 41422EJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063538.30   | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023, Subseries E-1                                   | CUSIP: 64971X4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21377.24     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2004                                                                                                | CUSIP: 047870EX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20227.14     | 0.00%             | 2025-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Health Educational and Housing Facility Board of the City of Memphis/the         | Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project, Series 2012                            | CUSIP: 586169EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1718672.91   | 0.05%             | 2049-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | Illinois Municipal Electric Agency, Power Supply System, Series 2015A                                                                            | CUSIP: 452024HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355732.93    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2023B                                                                                  | CUSIP: 442349HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37140.90     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                    | New York State Environmental Facilities Corp., Series 2024A                                                                                      | CUSIP: 64986DNL5<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35025.11     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Unified School District                                                 | Glendale Unified School District, Series 2015B                                                                                                   | CUSIP: 378460WE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $299718.05    | 0.01%             | 2033-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Hudson NY                                                                | City of Hudson                                                                                                                                   | CUSIP: 444060ES2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4522397 | PA      | $4524455.14   | 0.12%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series 2017A                                                                                           | CUSIP: 882724AK3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2168709.40   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                   | CUSIP: 71781QFD5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $429246.00    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems                                                                                                     | CUSIP: 7962535P3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040820.60   | 0.05%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series A                                                                                                     | CUSIP: 346766SY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45678.56     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Caromont Health, Series 2021B                                                                            | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2696652.21   | 0.07%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2018A                                                                                                                | CUSIP: 484873NA8<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52750.43     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2014B                                                                                                  | CUSIP: 696550YP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340970.36    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., State Capital Project, Series II 2015A                                                                             | CUSIP: 011839FA0<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2014A                                                                                                               | CUSIP: 613681U86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1410299.20   | 0.04%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                           | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    265000 | PA      | $267587.27    | 0.01%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                           | Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien, Series 2021A                                           | CUSIP: 40934TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11915000 | PA      | $12173824.78  | 0.32%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | County of Fairfax, Series 2015C                                                                                                                  | CUSIP: 30382AEB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221474.73    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City and County of Honolulu, Wastewater System, Series B                                                                                         | CUSIP: 438701ZL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100151.53    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA                                                              | County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax                                                                 | CUSIP: 240451YF5<br>LEI: 54930077BXREPE6WKC96 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40406.18     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2024, Series 2024E                                                                                                 | CUSIP: 64966SCX2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1383379.84   | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2017C                                                                                                                | CUSIP: 485106RW0<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62571.68     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Elementus Minerals, LLC Project, Series 2023                                                              | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  14010000 | PA      | $14058389.14  | 0.37%             | 2043-10-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Pittsfield MA                                                            | City of Pittsfield                                                                                                                               | CUSIP: 725464KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4714249 | PA      | $4757550.32   | 0.13%             | 2026-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                          | CUSIP: 010268BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $255700.38    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                  | CUSIP: 153476BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170244.41    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Branch NJ                                                           | City of Long Branch, Series 2020A                                                                                                                | CUSIP: 542620PJ2<br>LEI: 5493009QMMV40TYVZU80 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30161.64     | 0.00%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                                     | Dallas County Utility and Reclamation District, Unlimited Tax, Series 2016                                                                       | CUSIP: 234839PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $497063.80    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Series B                                                                                                                    | CUSIP: 346766TU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60904.75     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2022A                                                                                                               | CUSIP: 469487TA0<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75450.44     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2015D                                                                                                  | CUSIP: 696550ZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115340.54    | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project, Series 2010A                  | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |    100000 | PA      | $98263.67     | 0.00%             | 2038-12-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Monroe Local School District                                                     | Monroe Local School District                                                                                                                     | CUSIP: 611237CY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009527.10   | 0.08%             | 2025-12-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series 2019A                                               | CUSIP: 414009LQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251376.15    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Herons Key Senior Living, Series A                                                                  | CUSIP: 939783SG2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102764.52   | 0.03%             | 2045-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                               | CUSIP: 20772KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6841758.30   | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                         | University of Utah (The), Series 2017B1                                                                                                          | CUSIP: 915183ZD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25078.37     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                          | CUSIP: 644804EW2<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100615.36    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2016A                                                                                                                    | CUSIP: 442331K86<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    595000 | PA      | $603876.57    | 0.02%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                                | County Square Redevelopment Corp., Greenville South Carolina Project                                                                             | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $9518140.17   | 0.25%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuba-Rushford Central School District                                            | Cuba-Rushford Central School District                                                                                                            | CUSIP: 229570EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001947.90   | 0.08%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015A                                                                                                               | CUSIP: 605581EE3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    990000 | PA      | $996420.84    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021B                                                                                                                     | CUSIP: 213185MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121545.66    | 0.00%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                  | CUSIP: 59333PS74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $322058.82    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jasper-Troupsberg Central School District                                        | Jasper-Troupsberg Central School District                                                                                                        | CUSIP: 471882DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001520.70   | 0.08%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health and Higher Educational Facilities Authority, Mainehealth, Series 2020A                                                              | CUSIP: 56042RXS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35668.17     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                       | CUSIP: 49151FNJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125878.20    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2018 D                                                                                            | CUSIP: 93974DY36<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55176.38     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Education                                         | State of Florida Department of Education, Series 2018A                                                                                           | CUSIP: 34161CDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001428.60   | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bucks PA                                                               | County of Bucks, Series 2017                                                                                                                     | CUSIP: 118565XV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40862.82     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                | CUSIP: 46613SFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78036.72     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Mills Area School District                                                  | Lake Mills Area School District                                                                                                                  | CUSIP: 510201GC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1495329.48   | 0.04%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series C                                                               | CUSIP: 115065ZN7<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20403.46     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                         | Build NYC Resource Corp., YMCA of Greater New York Project, Series 2015                                                                          | CUSIP: 12008EKU9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1917612.83   | 0.05%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Kent WA                                                                  | City of Kent, Limited Tax, Series 2016                                                                                                           | CUSIP: 490746XY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35352.68     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland, Department of Electric Utilities                                                                                               | CUSIP: 51166FDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $314749.57    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                        | CUSIP: 19648FKD5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5184814.00   | 0.14%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2020A                                                                                   | CUSIP: 544532AT1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    800000 | PA      | $812587.12    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 1                                                                                                           | CUSIP: 70914PWZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.75     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017MI                                                                           | CUSIP: 59447TPK3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    195000 | PA      | $202259.62    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | Kentucky Asset Liability Commission, Federal Highway Trust Fund, Series 2023A                                                                    | CUSIP: 49118NFZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3823271.99   | 0.10%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | Central Texas Turnpike System, First Tier, Series 2002A                                                                                          | CUSIP: 882762AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6554510.82   | 0.17%             | 2025-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                         | Colorado Springs School District No. 11 Facilities Corp.                                                                                         | CUSIP: 19662UAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $375935.67    | 0.01%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventhealth Obligated Group, Series 2019B                                                                 | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1572432.86   | 0.04%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**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