# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180660
**Filing Date:** 2025-7
**Character Count:** 935975
**Document Hash:** ac877d28a91fd619bf70057a38c87f7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180660.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180660

**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:** 251154611

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan Municipal ETF**

**Schedule of Portfolio Investments as of 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 Municipal 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 — 88.4% (a)** | **Municipal Bonds — 88.4% (a)** | **Municipal Bonds — 88.4% (a)** |
| **Alabama — 2.0%** | **Alabama — 2.0%** | **Alabama — 2.0%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 10/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%, 12/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17590000 | &nbsp;&nbsp;&nbsp;&nbsp; 18431310 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2756495 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2115920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077655 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District Series 2023A-1, Rev., 5.50%, 1/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5338375 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313006 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp;&nbsp; 8025293 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 1.38%, 6/16/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 3.45%, 10/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1536268 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, <br> 5.00%, 6/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 6116994 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068031 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054800 |
| &nbsp;&nbsp;&nbsp; University of Alabama (The), Huntsville General Fee Series 2018B-2, Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 100441 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 57652193 |
| **Alaska — 0.5%** | **Alaska — 0.5%** | **Alaska — 0.5%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., State Capital Project Series II 2024A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047157 |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1560599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2455000 | &nbsp;&nbsp;&nbsp;&nbsp; 2365839 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Series 2025A, Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034913 |
| &nbsp;&nbsp;&nbsp; Municipality of Anchorage Series 2024A, Rev., AMT, 5.50%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946475 |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B1CL2, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1788735 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 15180226 |
| **Arizona — 2.4%** | **Arizona — 2.4%** | **Arizona — 2.4%** |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents Series 2020A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 460634 |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents, State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 114550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049198 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academies of Math and Science Projects, Rev., 4.50%, 7/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 503549 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2025A-2, Rev., <br> 5.13%, 1/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 228589 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, KIPP Nashville Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 230689 |

---

------

**JPMorgan Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 241905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project Series 2021B, Rev., <br> 4.00%, 7/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260238 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 881285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Multi-Family The Ranches At Gunsmoke Project, Rev., 5.00%, <br> 11/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2580000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639664 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2943147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004326 |
| &nbsp;&nbsp;&nbsp; City of Glendale Water and Sewer, Senior Lien, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 506746 |
| &nbsp;&nbsp;&nbsp; City of Lake Havasu City Wastewater System, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 534070 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2227480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120737 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2019A, Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010787 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2109507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4160868 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Senior Lien, Airport System Series 2023, Rev., AMT, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500513 |
| &nbsp;&nbsp;&nbsp; City of Scottsdale, Project of 2019, GO, 4.00%, 7/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2743758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale Union High School District No. 205, Arizona School Improvement Project of 2024 Series 2024A, GO, A.G., <br> 5.00%, 7/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., <br> 5.13%, 6/25/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350181 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health Series 2023A-1, Rev., 5.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404624 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Honorhealth Series 2024D, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 2900700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Valley Christian Schools Project Series 2023A, Rev., 6.00%, <br> 7/1/2043 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 913160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project of 2016 Series 2017A, GO, <br> 5.00%, 7/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31347 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 60 Higley, COP, A.G., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 214147 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1367499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 899888 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 1 Tucson, Project of 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800768 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District Series 2025A, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597008 |

---

------

**JPMorgan Municipal 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; Salt River Project Agricultural Improvement and Power District, Arizona Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6556088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.25%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037849 |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp. Series 2007-1, Rev., 5.25%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102001 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5101093 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 69195045 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Hybar Steel Project Series 2023A, Rev., AMT, 6.88%, 7/1/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071890 |
| &nbsp;&nbsp;&nbsp; City of Springdale Water and Sewer, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078821 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facilities Fayetteville Campus Series 2024B, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387898 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 3538609 |
| **California — 6.8%** | **California — 6.8%** | **California — 6.8%** |
| &nbsp;&nbsp;&nbsp; Alvord Unified School District, 2007 Election Series 2011B, GO, A.G., Zero Coupon, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084854 |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign Series 2024B, Rev., AMT, A.G., 4.38%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 452870 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2666225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023G-1, Rev., 5.25%, 4/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3910000 | &nbsp;&nbsp;&nbsp;&nbsp; 4101461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6670019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5246329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024G, Rev., 5.00%, 8/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4112640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 9/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3149538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 6243890 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757951 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp. Series A, Rev., 5.00%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. Series 2020B-2, Rev., Zero <br> Coupon, 6/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2769237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Sonoma County Securitization Corp. Series 2020B 2, Rev., Zero <br> Coupon, 6/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 201049 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority Series 2025A, Rev., 5.00%, 2/1/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036920 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6249804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5355000 | &nbsp;&nbsp;&nbsp;&nbsp; 5586871 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1654003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., <br> AMT, 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23248250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, <br> 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts Series 2024, Rev., 5.00%, <br> 1/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062732 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6375000 | &nbsp;&nbsp;&nbsp;&nbsp; 6370874 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, California Baptist University Series 2025A, Rev., 5.00%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283595 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health System Series 2021A, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 848685 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Multi-Family Housing, View At San Bruno Series 2024A-1, Rev., 5.00%, <br> 7/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1831151 |

---

------

**JPMorgan Municipal 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; California Municipal Finance Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., AMT, VRDO, 3.95%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3999884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 4.13%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, <br> 5.00%, 7/1/2036 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 799711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project Series 2017A-2, <br> Rev., AMT, 4.25%, 7/15/2025 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4002058 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2824898 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 830097 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, John Muir Health Series 2024A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 935249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2018A, Rev., <br> 5.25%, 12/1/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co. Series 2006C, Rev., 4.50%, <br> 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387067 |
| &nbsp;&nbsp;&nbsp; Chico Unified School District, Election of 2024 Series 2024A, GO, 4.50%, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463861 |
| &nbsp;&nbsp;&nbsp; City of Aliso Viejo, COP, 4.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 182017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate Series 2021A, Rev., AMT, 5.00%, <br> 5/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1774912 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024907 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, Election of 2016, GO, 4.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634125 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2287526 |
| &nbsp;&nbsp;&nbsp; El Centro Financing Authority, Police Station Project Series 2023A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 548752 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A-1, Rev., 5.00%, 6/1/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 57200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6136010 |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, City of Indio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 293886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 352311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 439026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 220763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Development Authority, West LA Building 156 and 157 Apartments Series 2023C, Rev., 3.75%, <br> 12/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005090 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6285000 | &nbsp;&nbsp;&nbsp;&nbsp; 6315487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3615000 | &nbsp;&nbsp;&nbsp;&nbsp; 3671878 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 726094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 884308 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 250930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series 2024A, GO, 5.00%, <br> 7/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4006192 |
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority Series 2009B, Rev., 7.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176954 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, Real Property Series 2016B, Rev., 4.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2943307 |

---

------

**JPMorgan Municipal 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; Napa Valley Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462408 |
| &nbsp;&nbsp;&nbsp; New Haven Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6699524 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority Series 2025A, Rev., 4.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1893726 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev., A.G., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 156765 |
| &nbsp;&nbsp;&nbsp; Petaluma Public Financing Authority, Road Improvement Projects, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153023 |
| &nbsp;&nbsp;&nbsp; Port of Los Angeles, Harbor Department Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174787 |
| &nbsp;&nbsp;&nbsp; Redding Joint Powers Financing Authority Series 2019A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152696 |
| &nbsp;&nbsp;&nbsp; Redondo Beach Unified School District, Election of 2024 Series 2024A, GO, 4.63%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991883 |
| &nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Facilities District No. 2003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, A.G., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 224682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, A.G., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 357781 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.25%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5460000 | &nbsp;&nbsp;&nbsp;&nbsp; 5443529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City and County Airport Comm-San Francisco International Airport Series 2016B, Rev., AMT, 5.00%, <br> 5/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184505 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215360 |
| &nbsp;&nbsp;&nbsp; San Jose Evergreen Community College District Series C, GO, 4.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937044 |
| &nbsp;&nbsp;&nbsp; Solano Irrigation District, Water, COP, 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 293252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Community Civic Campus and Multiple Capital Projects Series <br> 2021A, Rev., 4.00%, 6/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 230119 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose, GO, 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 366605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp. Series 2021A, <br> Class 1, Rev., 5.00%, 6/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 115748 |
| &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%, 6/1/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2927591 |
| &nbsp;&nbsp;&nbsp; Tracy Public Financing Authority, Legacy Fields Series 2022A, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135150 |
| &nbsp;&nbsp;&nbsp; Vista Joint Powers Financing Authority Series 2025A, Rev., 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1398272 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 200127524 |
| **Colorado — 2.6%** | **Colorado — 2.6%** | **Colorado — 2.6%** |
| &nbsp;&nbsp;&nbsp; Adams and Arapahoe Joint School District 28J Aurora, GO, 5.50%, 12/1/2043 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3718042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County Housing Authority, Maiker Housing Partners Multifamily Housing, Overlook At Thornton Series 2023, <br> Rev., 4.50%, 5/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3322521 |
| &nbsp;&nbsp;&nbsp; Baseline Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 611438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084958 |
| &nbsp;&nbsp;&nbsp; City and County of Denver Series 2020B, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 238848 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp;&nbsp; 2984829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 514199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3380000 | &nbsp;&nbsp;&nbsp;&nbsp; 3026060 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Utilities System Series 2022B, Rev., 5.00%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060735 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge and Tunnel Enterprise Series 2024A, Rev., A.G., 5.25%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034237 |

---

------

**JPMorgan Municipal 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; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5070369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4824729 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7630000 | &nbsp;&nbsp;&nbsp;&nbsp; 8126373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2607296 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Single Family Mortgage Series 2023L, Class III, Rev., GNMA COLL, 5.75%, <br> 11/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 2784955 |
| &nbsp;&nbsp;&nbsp; Colorado Springs School District No. 11 Facilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 359446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 586273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 634131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.25%, 12/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2304997 |
| &nbsp;&nbsp;&nbsp; County of Adams, COP, 4.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273016 |
| &nbsp;&nbsp;&nbsp; Denver City and County School District No. 1 Series 2025A, GO, 5.25%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4240000 | &nbsp;&nbsp;&nbsp;&nbsp; 4841066 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority Series 2025A, Rev., 5.13%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975095 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503114 |
| &nbsp;&nbsp;&nbsp; San Miguel County School District R-1 Telluride Series 2024, GO, 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057296 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8950828 |
| &nbsp;&nbsp;&nbsp; State of Colorado, Building Excellent Schools Today Series S, COP, 4.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000546 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35730 |
| &nbsp;&nbsp;&nbsp; Vail Home Partners Corp., Colorado Housing Facilities, Rev., 5.88%, 10/1/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014447 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 76651918 |
| **Connecticut — 1.2%** | **Connecticut — 1.2%** | **Connecticut — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Meriden |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 867491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030614 |
| &nbsp;&nbsp;&nbsp; City of New Haven, GO, A.G., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3337947 |
| &nbsp;&nbsp;&nbsp; City of Norwalk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 681379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 4.00%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 481861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale New Heaven Health Series 2024B, Rev., 5.00%, <br> 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6334023 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, Mozaic Concierge Living Project Series 2025A, Rev., 6.50%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474016 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4365000 | &nbsp;&nbsp;&nbsp;&nbsp; 4672732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 138659 |

---

------

**JPMorgan Municipal 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; State of Connecticut Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10743627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2265000 | &nbsp;&nbsp;&nbsp;&nbsp; 2469848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271188 |
| &nbsp;&nbsp;&nbsp; University of Connecticut Series 2017A, Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128804 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 35813227 |
| **Delaware — 0.0% ^** | **Delaware — 0.0% ^** | **Delaware — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, St. Andrews School Project, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110490 |
| **District of Columbia — 0.4%** | **District of Columbia — 0.4%** | **District of Columbia — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Multi Family Housing 2911 Rhode Island Apartments Project Series <br> 2025A, Rev., FHA, 5.00%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3647372 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Income Tax Series 2019A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107248 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92260 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series B, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series 2022C1, Rev., 4.00%, <br> 10/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897225 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 879092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1295051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., AMT, 4.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1720296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition Bonds Series 2023A, Rev., <br> 5.00%, 7/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1625359 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 12784811 |
| **Florida — 2.8%** | **Florida — 2.8%** | **Florida — 2.8%** |
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, IPS Enterprises, Inc., Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.13%, 6/15/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 6.00%, 6/15/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096794 |
| &nbsp;&nbsp;&nbsp; Central Florida Tourism Oversight District Series 2016A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51029 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1735583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409742 |
| &nbsp;&nbsp;&nbsp; City of Kissimmee, Sales Tax, Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170316 |
| &nbsp;&nbsp;&nbsp; City of Miami, Forever Infrastructure Project Series 2024A, Rev., 5.50%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583022 |
| &nbsp;&nbsp;&nbsp; Cobb County Kennestone Hospital Authority, Ave Maria University, Inc. Project Series 2023, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1952067 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 425992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., AMT, 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1959563 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System Series 2024A, Rev., AMT, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4805000 | &nbsp;&nbsp;&nbsp;&nbsp; 5089921 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Jackson Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2005000 | &nbsp;&nbsp;&nbsp;&nbsp; 2209000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3176172 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System Series 2024A, Rev., 5.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5146084 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach Series 2021A, Rev., 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2139723 |

---

------

**JPMorgan Municipal 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; Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 264201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Department of Children and Families, Evaluation Treatment Center Financing Corp. Project Series 2021B, COP, <br> 5.00%, 10/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 224265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, <br> 7/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%, <br> 10/1/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995329 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420350 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Northside Transit Village III Series 2023B, Rev., GNMA COLL, 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010472 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Loan Council, Village of Palmetto Bay Series 2021A, Rev., 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77270 |
| &nbsp;&nbsp;&nbsp; Florida State Board of Governors University of North Florida Dormitory |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2205000 | &nbsp;&nbsp;&nbsp;&nbsp; 2291747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2764560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors, University of Florida Mandatory Student Fee Series 2021A, Rev., A.G., 5.00%, <br> 11/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 106402 |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A- 3, Rev., A.G., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2483762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A- 3, Rev., A.G., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-3, Rev., A.G., 5.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2703465 |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System Series 2024A, Rev., 5.50%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5266234 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) Series 2023A, COP, 4.00%, 8/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311146 |
| &nbsp;&nbsp;&nbsp; Marion County School Board, COP, A.G., 5.25%, 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1531917 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202, Rev., 3.55%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526253 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A, City of Wildwood, Florida Special Assessment, 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 257545 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2023A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 804714 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1242515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1850279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1342915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1456241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068824 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 243271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 8485000 | &nbsp;&nbsp;&nbsp;&nbsp; 8109495 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District Series 2024A, COP, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp;&nbsp; 2219339 |
| &nbsp;&nbsp;&nbsp; Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 756109 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay Series 2017B, GO, 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77622 |
| &nbsp;&nbsp;&nbsp; State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76789 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55367 |
| &nbsp;&nbsp;&nbsp; Tampa-Hillsborough County Expressway Authority Series 2017B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Florida, Department of Housing and Residence Education Housing System Series 2021A, Rev., 5.00%, <br> 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127600 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, 4.25%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201484 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 82868695 |

---

------

**JPMorgan Municipal 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 — 3.4%** | **Georgia — 3.4%** | **Georgia — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block Series 2025, Rev., FHA, 3.40%, <br> 2/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504953 |
| &nbsp;&nbsp;&nbsp; Augusta Development Authority, AU Health System, Inc. Project Series 2018, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3995000 | &nbsp;&nbsp;&nbsp;&nbsp; 3851309 |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025186 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien Series 2019D, Rev., AMT, 4.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2272072 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Georgia Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897345 |
| &nbsp;&nbsp;&nbsp; College Park Housing Authority, Rev., 3.45%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503799 |
| &nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023B, Rev., 5.00%, 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072164 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2013-1, Rev., 3.38%, <br> 3/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2009-2, Rev., 3.88%, <br> 3/6/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417322 |
| &nbsp;&nbsp;&nbsp; Fayette County Development Authority, United States Soccer Federation, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2262669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%, <br> 10/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626284 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673008 |
| &nbsp;&nbsp;&nbsp; Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1373075 |
| &nbsp;&nbsp;&nbsp; Lawrenceville Housing Authority, Applewood Towers Project Series 2024B, Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1678181 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 3/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4785000 | &nbsp;&nbsp;&nbsp;&nbsp; 4978994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4215000 | &nbsp;&nbsp;&nbsp;&nbsp; 4370611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., 5.00%, 9/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2611790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Rev., 5.00%, 12/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3635062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9750000 | &nbsp;&nbsp;&nbsp;&nbsp; 10198929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4230000 | &nbsp;&nbsp;&nbsp;&nbsp; 4427606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6300343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16310000 | &nbsp;&nbsp;&nbsp;&nbsp; 16988176 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 970341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147274 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia Project Series 2024B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046863 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019A, Rev., 5.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4436662 |
| &nbsp;&nbsp;&nbsp; Paulding County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3055000 | &nbsp;&nbsp;&nbsp;&nbsp; 3325846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1930609 |
| &nbsp;&nbsp;&nbsp; Rome Building Authority, Rome City School Project Series 2023, Rev., 5.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100232 |
| &nbsp;&nbsp;&nbsp; Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment Facility Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 112602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 150816 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 98414187 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| &nbsp;&nbsp;&nbsp; Guam Government Waterworks Authority Series 2024A, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815429 |

---

------

**JPMorgan Municipal 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** |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series D, GO, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46617 |
| &nbsp;&nbsp;&nbsp; State of Hawaii Series FK, GO, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30874 |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., AMT, 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3165993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., AMT, 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1489408 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp; 4732892 |
| **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8295000 | &nbsp;&nbsp;&nbsp;&nbsp; 8872555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1361827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax Series 2025A, Rev., <br> 4.00%, 8/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2229826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Transportation Expansion and Congestion Mitigation Fund Series 2022A, Rev., <br> 5.00%, 8/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 548227 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp; 13049477 |
| **Illinois — 3.3%** | **Illinois — 3.3%** | **Illinois — 3.3%** |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign, School Building, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45512 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1231001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3717107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., AMT, 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2596297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125164 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Customer Facility Charge Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1364906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 883790 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.50%, 1/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3123833 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5843790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.25%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 369251 |
| &nbsp;&nbsp;&nbsp; City of Decatur, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131956 |
| &nbsp;&nbsp;&nbsp; City of Highland Park, GO, 4.00%, 12/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36139 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 87 Berkeley, GO, A.G., 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36123 |
| &nbsp;&nbsp;&nbsp; County of Cook, Sales Tax, Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062633 |
| &nbsp;&nbsp;&nbsp; County of Lake, Sales Tax, GO, 4.00%, 11/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102298 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2651625 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Forest College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 331901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 213226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 244671 |

---

------

**JPMorgan Municipal 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; Illinois Finance Authority, Silver Cross Hospital and Medical Centers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 8/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3704507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-2, Rev., 5.00%, 8/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5229750 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032496 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268921 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, FHA, 4.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4454118 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Series 2024A, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2535378 |
| &nbsp;&nbsp;&nbsp; Lake County Community Consolidated School District No. 3 Beach Park, GO, A.G., 4.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177081 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 4.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645876 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1642538 |
| &nbsp;&nbsp;&nbsp; Southern Illinois University, Housing and Auxiliary Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 712807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 851822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 617611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 551183 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2568850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp;&nbsp; 2677463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5331502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 525639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2370304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3178768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5278041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1852483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 384185 |
| &nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facilities System Series 2021A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 482389 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook Series 2018A, GO, A.G., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 129212 |
| &nbsp;&nbsp;&nbsp; Village of Wilmette Series 2020B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 144314 |
| &nbsp;&nbsp;&nbsp; Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012724 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 97835702 |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 205181 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2025A, Rev., 3.70%, 6/1/2029 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4986974 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 173650 |

---

------

**JPMorgan Municipal 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; Fishers Redevelopment Authority, Lease Rental, Geist Park Improvement Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp; 931912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 970237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010454 |
| &nbsp;&nbsp;&nbsp; Franklin Township-Marion County Multiple School Building Corp., Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1758294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1226277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053983 |
| &nbsp;&nbsp;&nbsp; Greater Clark County School Building Corp. Series 2024A, Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 825817 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority Series 2016C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35330 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2017C, Rev., 4.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 114642 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5252742 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Rose-Hulman Institute of Technology Project, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 464491 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135011 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Tippecanoe LLC- Student Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 407807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 425796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 753365 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of New Whiteland Project, Rev., 6.75%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 965762 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 747036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500969 |
| &nbsp;&nbsp;&nbsp; Indiana State University, Housing and Dining System, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76908 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 759443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1816797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., A.G., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943309 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 507308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 431845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 494413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 553519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084087 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 389591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 385195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 409130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 540618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 536852 |

---

------

**JPMorgan Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 244603 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Series 2024, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1377484 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., First Mortgage Series 2024, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1853636 |
| &nbsp;&nbsp;&nbsp; Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35070 |
| &nbsp;&nbsp;&nbsp; Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1246751 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 54448243 |
| **Iowa — 0.7%** | **Iowa — 0.7%** | **Iowa — 0.7%** |
| &nbsp;&nbsp;&nbsp; Cedar Rapids Community School District Infrastructure Sales Services and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121945 |
| &nbsp;&nbsp;&nbsp; Des Moines Independent Community School District, Sales Services and Use Tax, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 391094 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2032 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5655723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3370464 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31479 |
| &nbsp;&nbsp;&nbsp; Iowa Great Lakes Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165730 |
| &nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp., Student Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 611160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 926304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, <br> Rev., Zero Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41135000 | &nbsp;&nbsp;&nbsp;&nbsp; 6050502 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 21161868 |
| **Kansas — 0.1%** | **Kansas — 0.1%** | **Kansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 217490 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 3481190 |
| **Kentucky — 0.6%** | **Kentucky — 0.6%** | **Kentucky — 0.6%** |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series 2017B, Rev., <br> 5.00%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 170371 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2023A-1, Rev., 5.25%, 2/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3522906 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 130 Series 2024B, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088761 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524210 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4016133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 4.00%, <br> 10/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61866 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, General Receipts Series 2015A, Rev., 4.00%, 4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4756940 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, Healthcare Cancer Center Parking Projects, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 447085 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 17153627 |

---

------

**JPMorgan Municipal 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 — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Auth Series 2021B, Rev., 2.50%, <br> 4/1/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects, <br> Rev., 5.00%, 12/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 266586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public Private Partnership Project, Rev., AMT, 5.50%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017884 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3203618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5272392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634636 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7499666 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30400 |
| &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 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14900000 | &nbsp;&nbsp;&nbsp;&nbsp; 14900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192582 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 41600315 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Casella Waste System, Inc., Project, Rev., AMT, 5.13%, 8/1/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995333 |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021739 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 713454 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999603 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 12638851 |
| **Maryland — 0.7%** | **Maryland — 0.7%** | **Maryland — 0.7%** |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel Series 2022, GO, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2801121 |
| &nbsp;&nbsp;&nbsp; County of Baltimore, GO, 5.00%, 3/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 12450000 | &nbsp;&nbsp;&nbsp;&nbsp; 13135522 |
| &nbsp;&nbsp;&nbsp; County of St. Mary's, Public Improvement, GO, 4.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Multi- Family, Villages At Marley Station Series 2024D-2, Rev., <br> 3.30%, 1/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2496477 |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77033 |
| &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; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45143 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2022 Series 2022A, GO, 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114741 |
| &nbsp;&nbsp;&nbsp; Town of Ocean City Series 2023, GO, 4.00%, 1/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 953054 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 20694741 |
| **Massachusetts — 1.7%** | **Massachusetts — 1.7%** | **Massachusetts — 1.7%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2505000 | &nbsp;&nbsp;&nbsp;&nbsp; 2423352 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2020 Series 2020E, GO, 5.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3249329 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1805000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034625 |

---

------

**JPMorgan Municipal 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 2023A, GO, 5.00%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13262392 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2024 Series 2024H, GO, 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1214289 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax Series 2020B-1, Rev., 5.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4004276 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5631426 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston Medical Center Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023G, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 792752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025W, Rev., 4.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1781100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Brown University Health Obligated Group Series 2025B, Rev., 5.00%, <br> 8/15/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2423315 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097113 |
| &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority Series 2017D, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46916 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2375109 |
| &nbsp;&nbsp;&nbsp; Town of Brookline, Purpose Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/15/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2696898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/15/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4726468 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 48759360 |
| **Michigan — 1.8%** | **Michigan — 1.8%** | **Michigan — 1.8%** |
| &nbsp;&nbsp;&nbsp; Berkley School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 218604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 232888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 595212 |
| &nbsp;&nbsp;&nbsp; Berrien Springs Public Schools, School Building and Site, Unlimited Tax, GO, Q-SBLF, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107237 |
| &nbsp;&nbsp;&nbsp; City of Ann Arbor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp;&nbsp; 1538524 |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, GO, 6.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005865 |
| &nbsp;&nbsp;&nbsp; City of Holland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 5.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 5.00%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038488 |
| &nbsp;&nbsp;&nbsp; Detroit Downtown Development Authority, Catalyst Development Project Series 2024, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2768424 |
| &nbsp;&nbsp;&nbsp; Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178191 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2005000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077528 |
| &nbsp;&nbsp;&nbsp; Karegnondi Water Authority, Water Supply System Series 2024, Rev., 5.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095032 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority Series 2024A-1, Rev., 5.00%, 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002451 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 MI, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5054947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013MI-5, Rev., 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190358 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Corewell Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-1, Rev., 5.00%, 6/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3385577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-2, Rev., 5.00%, 6/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079235 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority Series 2023B, Rev., 5.75%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122220 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14030000 | &nbsp;&nbsp;&nbsp;&nbsp; 13731158 |

---

------

**JPMorgan Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project, Rev., AMT, <br> 4.00%, 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1222247 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, I-75 Improvement Projects, Rev., AMT, 5.00%, 12/31/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4985680 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Series 2021A, Rev., 4.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 391692 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 51902811 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** | **Minnesota — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project Series 2025, Rev., 5.00%, <br> 11/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176301 |
| &nbsp;&nbsp;&nbsp; City of Lakeville Series 2024A, GO, 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1607007 |
| &nbsp;&nbsp;&nbsp; City of Mankato Series 2022B, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154978 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 184984 |
| &nbsp;&nbsp;&nbsp; City of Rogers, Sales Tax Series 2024B, GO, 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1277198 |
| &nbsp;&nbsp;&nbsp; County of Hennepin Series 2023A, GO, 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254588 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency Series 2023F, Rev., GNMA / FNMA / FHLMC, 5.75%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp;&nbsp; 2437583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2208635 |
| &nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Subseries, 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011831 |
| &nbsp;&nbsp;&nbsp; State of Minnesota Series 2021A, GO, 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975812 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 13288917 |
| **Mississippi — 0.0% ^** | **Mississippi — 0.0% ^** | **Mississippi — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Ranking County Project, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 208161 |
| &nbsp;&nbsp;&nbsp; Mississippi State University Educational Building Corp., New Facilities and Refinancing Project, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35107 |
| &nbsp;&nbsp;&nbsp; State of Mississippi Series 2016B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20199 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 263467 |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118171 |
| &nbsp;&nbsp;&nbsp; City of Springfield Public Utility Series 2015, Rev., 4.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4901437 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2335000 | &nbsp;&nbsp;&nbsp;&nbsp; 2447402 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, <br> 6/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 189381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2023A, <br> Rev., 5.00%, 6/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5236915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : <br> Wells Fargo Bank NA, 1.25%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 910000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Episcopal-Presbyterian Hospitals Series <br> 2015B, Rev., 5.00%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165131 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%, <br> 6/1/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 927608 |
| &nbsp;&nbsp;&nbsp; Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52102 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Co. Project Series 1999, Rev., 5.20%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1769063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, <br> Rev., GNMA / FNMA / FHLMC, 5.75%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 3048259 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Plum Point Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434732 |

---

------

**JPMorgan Municipal 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; Series 2024, Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series <br> 1998C, Rev., 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3754159 |
| &nbsp;&nbsp;&nbsp; Orchard Farm R-V School District, Missouri Direct Deposit Program Series 2024A, GO, 5.75%, 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5325000 | &nbsp;&nbsp;&nbsp;&nbsp; 5990194 |
| &nbsp;&nbsp;&nbsp; Springfield School District No. R-12, GO, 4.00%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685667 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 36026171 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| &nbsp;&nbsp;&nbsp; Yellowstone and Carbon Counties School District No. 7-70 Laurel Series 2023, GO, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1768990 |
| **Nebraska — 0.5%** | **Nebraska — 0.5%** | **Nebraska — 0.5%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 336221 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1392218 |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities <br> Obligated Group Series 2019A, Rev., 4.00%, 1/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961993 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District Series 2022A, Rev., 5.00%, 2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299192 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3469052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2820581 |
| &nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868405 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 14948522 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of North Las Vegas, Water and wastewater Reclamation System Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046730 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 99245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89972 |
| &nbsp;&nbsp;&nbsp; County of Clark Department of Aviation Series 2019D, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4455000 | &nbsp;&nbsp;&nbsp;&nbsp; 4748160 |
| &nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Jet Aviation Fuel tax Series 2022A, Rev., AMT, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508478 |
| &nbsp;&nbsp;&nbsp; County of Clark, Limited Tax Series 2018B, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 126260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, <br> Rev., 5.00%, 7/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 164145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Washoe, Nevada Water Facilities Sierra Pacific Power Co. Projects Series 2016G, Rev., 3.63%, <br> 10/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993160 |
| &nbsp;&nbsp;&nbsp; Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095743 |
| &nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51765 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 12030139 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1290456 |

---

------

**JPMorgan Municipal 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 Hampshire — continued** | **New Hampshire — continued** | **New Hampshire — continued** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, University of Nevada Reno Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 764517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 913257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 700591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 839973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2458875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.50%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 996835 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2058251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4123527 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 14146282 |
| **New Jersey — 3.2%** | **New Jersey — 3.2%** | **New Jersey — 3.2%** |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Rev., GTD, 4.00%, 5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17165500 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Government Leasing Program Series 2024D, Rev., RAN, 4.25%, 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5022669 |
| &nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, Inc., Luxury Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., A.G., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1844922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., A.G., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 740873 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Municipal Rehabilitation Series 2019A, Rev., 5.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1689413 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054347 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024AA, Rev., 5.25%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023BB, Rev., 5.00%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2271753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 4.13%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023BB, Rev., 5.25%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3574886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.25%, 6/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023068 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2076031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12702600 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority Series 2022B, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1560472 |
| &nbsp;&nbsp;&nbsp; South Jersey Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1709227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592435 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7255000 | &nbsp;&nbsp;&nbsp;&nbsp; 7381662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 10575000 | &nbsp;&nbsp;&nbsp;&nbsp; 10427856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 9370000 | &nbsp;&nbsp;&nbsp;&nbsp; 8983122 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 92392208 |

---

------

**JPMorgan Municipal 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 — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Municipal School District No. 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 644377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065637 |
| &nbsp;&nbsp;&nbsp; City of Albuquerque Series 2015A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 240358 |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 3.90%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C, Rev., 3.88%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502842 |
| &nbsp;&nbsp;&nbsp; County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7978325 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2018A, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104299 |
| &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 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100430 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 14743944 |
| **New York — 13.9%** | **New York — 13.9%** | **New York — 13.9%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 617991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 241330 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Success Academy Charter School Project Series 2025, Rev., 4.00%, 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567000 |
| &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; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620551 |
| &nbsp;&nbsp;&nbsp; Camden Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000629 |
| &nbsp;&nbsp;&nbsp; Chautauqua Tobacco Asset Securitization Corp. Series 2014, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2650347 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E, GO, VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-4, GO, VRDO, LIQ : Barclays Bank plc, 1.50%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp;&nbsp; 4360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018F-1, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 109050 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105094 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 201000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 255324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060646 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2022 Series 2022B,Subseries B-1, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1824822 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 Series 2023E, Subseries E-1, GO, 4.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117472 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.50%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2493850 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4220498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5587098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3901160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5208068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5203183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026954 |
| &nbsp;&nbsp;&nbsp; County of Nassau, General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 8215000 | &nbsp;&nbsp;&nbsp;&nbsp; 7528790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5780000 | &nbsp;&nbsp;&nbsp;&nbsp; 5244657 |
| &nbsp;&nbsp;&nbsp; Dryden Central School District, GO, BAN, 4.50%, 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7604781 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp. Series 2021A, Rev., 4.00%, 3/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2206438 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax, General Purpose Series 2020A, Rev., 4.00%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 446622 |

---

------

**JPMorgan Municipal 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; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000671 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 3.00%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14415002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005478 |
| &nbsp;&nbsp;&nbsp; Malone Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10006359 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015E-1, Rev., VRDO, LOC : Barclays Bank plc, 1.50%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060256 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-1, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 14360000 | &nbsp;&nbsp;&nbsp;&nbsp; 14763065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2586918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042834 |
| &nbsp;&nbsp;&nbsp; Mount Markham Central School District, Unlimited Tax, GO, BAN, 4.50%, 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10005959 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 CL E, Rev., 4.38%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 CL F, Rev., 5.25%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1321047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025 Series 2025DD, Rev., <br> 5.50%, 6/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1692823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2015 Series 2015GG, Rev., 5.00%, <br> 6/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2024 Series 2024, Subseries CC-1, <br> Rev., 5.25%, 6/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1556548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series <br> 2009BB-2, Rev., VRDO, LIQ : UBS AG, 1.52%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year <br> 2011 Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year <br> 2020 Series 2022FF, Rev., 4.00%, 6/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1647916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year <br> 2023<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023CC, Rev., VRDO, LIQ : Barclays Bank plc, 1.50%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Subseries AA-3, Rev., 5.00%, 6/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 737870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023AA Subseries AA-1, Rev., 5.25%, 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3094190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year <br> 2024 Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2805131 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid, Subordinate Series 2019S-2A, Rev., 5.00%, 7/15/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid, Subordinate, Fiscal Year 2020 Series 2020S1, Subseries <br> S-1B, Rev., 4.00%, 7/15/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369312 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-1, Rev., 4.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2524521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Subseries G-1, Rev., 5.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6090875 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 Subseries C-1, Rev., 5.25%, 5/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5212766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.50%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series 2018S-4A, Rev., 5.00%, <br> 7/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 109486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series D-3, Rev., VRDO, LIQ : <br> Mizuho Bank Ltd., 1.50%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15700000 | &nbsp;&nbsp;&nbsp;&nbsp; 15700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020A, Subseries A-2, Rev., <br> 5.00%, 5/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 272054 |

---

------

**JPMorgan Municipal 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; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021C, Subseries C-1, Rev., <br> 4.00%, 5/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 751585 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022F, Subseries F-1, Rev., 4.00%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 8370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7476354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023F, Subseries F-1, Rev., <br> 4.00%, 2/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097582 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.25%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2534272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 892680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 Series 2025A, Subseries A-1, Rev., <br> 5.00%, 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3793405 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.25%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5231424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025H, Sub H-1, Rev., 5.25%, 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046285 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.13%, 11/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2795491 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3225000 | &nbsp;&nbsp;&nbsp;&nbsp; 3320619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1941256 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 152948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 2025 2-B, Rev., 5.00%, <br> 7/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3257133 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5112450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4075600 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group Series 2019A, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74678 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 666925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1469379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 472175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 560935 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3315000 | &nbsp;&nbsp;&nbsp;&nbsp; 3267526 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Series 2024A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770929 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3901791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2039 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2515000 | &nbsp;&nbsp;&nbsp;&nbsp; 2688799 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Series 2021E, Rev., 4.00%, 3/15/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5238 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 183341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 916178 |

---

------

**JPMorgan Municipal 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, State Sales Tax Series 2024B, Rev., 5.00%, 3/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3070871 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, The New School Series 2025A, Rev., 4.25%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 885435 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, White Plains Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.25%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000340 |
| &nbsp;&nbsp;&nbsp; New York State Energy Research and Development Authority Series 1997A, Rev., 3.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7540000 | &nbsp;&nbsp;&nbsp;&nbsp; 7533369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water <br> Finance Authority Projects - Second Resolution Series 2024A, Rev., 5.25%, 6/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5241614 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 520441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 576045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp.,Solid Waste Disposal, Waste Management, Inc. Project, Rev., AMT, <br> 4.10%, 8/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.60%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, 160 West 62nd Street Housing Series 2011A-2, Rev., FHLMC COLL, 3.60%, <br> 4/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5495000 | &nbsp;&nbsp;&nbsp;&nbsp; 5578344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8870000 | &nbsp;&nbsp;&nbsp;&nbsp; 8921801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3257106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 5.63%, 4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3075303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., <br> AMT, A.G., 5.00%, 6/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 494101 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2810313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., AMT, A.G., 5.25%, 6/30/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 6/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3831322 |
| &nbsp;&nbsp;&nbsp; Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000705 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 760398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1220286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1870321 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1687507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 214, Rev., AMT, 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., AMT, 4.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 500382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 244, Rev., 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050590 |
| &nbsp;&nbsp;&nbsp; Smithtown Central School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2530167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2164463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023778 |

---

------

**JPMorgan Municipal 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; Stillwater Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002034 |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp. Series 2024, Rev., 5.75%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2940000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008360 |
| &nbsp;&nbsp;&nbsp; Syracuse Industrial Development Agency, Syracuse City School District Project Series 2020A, Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1286358 |
| &nbsp;&nbsp;&nbsp; Thousand Islands Central School District, GO, BAN, 4.25%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500636 |
| &nbsp;&nbsp;&nbsp; Town of Hempstead, GO, 4.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907746 |
| &nbsp;&nbsp;&nbsp; Town of Stony Point, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78300 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox Series 2023A, Rev., 4.13%, 5/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943423 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1544269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3623119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 4.50%, 12/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 919120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.25%, 5/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 875245 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, Payroll Mobility Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-2, Rev., BAN, 5.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10754841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D-1A, Rev., 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076146 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8065000 | &nbsp;&nbsp;&nbsp;&nbsp; 8099606 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Kendal on Hudson Project Series 2022B, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 252517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., <br> 5.00%, 7/1/2056 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7803500 |
| &nbsp;&nbsp;&nbsp; Yonkers Industrial Development Agency, New Community School Project, Rev., 5.00%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495837 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 406811614 |
| **North Carolina — 1.9%** | **North Carolina — 1.9%** | **North Carolina — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Charlotte, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2548026 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Water and Sewer System, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186789 |
| &nbsp;&nbsp;&nbsp; City of Charlotte, North Carolina Government Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, COP, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, COP, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 479857 |
| &nbsp;&nbsp;&nbsp; County of Buncombe, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 764159 |
| &nbsp;&nbsp;&nbsp; County of Cabarrus, Limited Obligation Series 2024B, Rev., 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1320002 |
| &nbsp;&nbsp;&nbsp; County of Davidson, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36532 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 197190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 984029 |
| &nbsp;&nbsp;&nbsp; County of Wake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 693314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1631036 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000970 |
| &nbsp;&nbsp;&nbsp; Fayetteville State University, Student Housing Project Series 2021, Rev., A.G., 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4270000 | &nbsp;&nbsp;&nbsp;&nbsp; 4435723 |

---

------

**JPMorgan Municipal 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 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2740000 | &nbsp;&nbsp;&nbsp;&nbsp; 2956517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8329775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6740581 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212036 |
| &nbsp;&nbsp;&nbsp; Town of Cary Series 2021, GO, 4.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5475000 | &nbsp;&nbsp;&nbsp;&nbsp; 5711594 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 55110631 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2023A, Rev., 5.75%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191915 |
| &nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority, State Revolving Fund Program Series 2024A, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2280894 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 4472809 |
| **Ohio — 3.6%** | **Ohio — 3.6%** | **Ohio — 3.6%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11023427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2 CL 1, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2470726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3506548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 19250000 | &nbsp;&nbsp;&nbsp;&nbsp; 16655949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 15825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518980 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3172174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5243837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3511791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.25%, 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.25%, 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1776774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036475 |
| &nbsp;&nbsp;&nbsp; County of Summit, Various Purpose Improvement Series 2022, GO, 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 111425 |
| &nbsp;&nbsp;&nbsp; County of Warren, Otterbein Homes Obligation Group Series 2024, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1725711 |
| &nbsp;&nbsp;&nbsp; Dublin City School District, Ohio School Facilities Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 4.00%, 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 923044 |
| &nbsp;&nbsp;&nbsp; Grandview Heights City School District, GO, 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1769081 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | &nbsp;&nbsp;&nbsp;&nbsp; 3797830 |
| &nbsp;&nbsp;&nbsp; North Ridgeville City School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 4.50%, 12/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359402 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2005C, Rev., AMT, 3.70%, <br> 4/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3969970 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 4.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Denison University 2017 Project Series 2017A, Rev., 5.00%, <br> 11/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75625 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2018A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 139823 |

---

------

**JPMorgan Municipal 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; Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1669999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev., VRDO, LIQ : TD Bank NA, <br> 1.45%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Drinking Water Assistance Series 2024A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1415161 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012754 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 591519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3882997 |
| &nbsp;&nbsp;&nbsp; State of Ohio Series 2025A, GO, 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8955000 | &nbsp;&nbsp;&nbsp;&nbsp; 9984401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects, Tax Exempt Series 2018A, <br> Rev., 5.00%, 10/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 229773 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Children's Hospital Medical Center of Akron Series 2024B, Rev., 5.00%, 8/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1627278 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Common School Series 2021B, GO, 5.00%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 234796 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Culture and Sports Facilities Building Fund Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090839 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement Series 2024A, GO, 5.00%, 3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2785000 | &nbsp;&nbsp;&nbsp;&nbsp; 3076129 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Natural Resources Series 2017V, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36798 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 104804266 |
| **Oklahoma — 1.3%** | **Oklahoma — 1.3%** | **Oklahoma — 1.3%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393588 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No. 89 Oklahoma City Series 2025A, GO, 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B, Rev., 5.25%, <br> 8/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 5386212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 9/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4446706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City Series 2024, Rev., <br> 5.00%, 4/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8545000 | &nbsp;&nbsp;&nbsp;&nbsp; 9352993 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water Program, Rev., 5.00%, 4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1654397 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, State Loan Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1286865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3720000 | &nbsp;&nbsp;&nbsp;&nbsp; 3526788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.25%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190079 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, American Airlines Group, Inc., Rev., AMT, VRDO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 |

---

------

**JPMorgan Municipal 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; University of Oklahoma (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099436 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 39279584 |
| **Oregon — 0.4%** | **Oregon — 0.4%** | **Oregon — 0.4%** |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5422382 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-F Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1593529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 483918 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153025 |
| &nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 413506 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 10530870 |
| **Pennsylvania — 2.8%** | **Pennsylvania — 2.8%** | **Pennsylvania — 2.8%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Pittsburgh International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, A.G., 5.50%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, A.G., 5.50%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2008A, Rev., VRDO, LIQ : <br> Bank of New York Mellon (The), 1.40%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, University Refunding Duquesne University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2612661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015777 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4161463 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1177145 |
| &nbsp;&nbsp;&nbsp; Bucks County Water and Sewer Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., A.G., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 127051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., A.G., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 116378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., A.G., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 412817 |
| &nbsp;&nbsp;&nbsp; Central Bucks School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 332156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 416016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 219728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 381760 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019720 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 230540 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2024B, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2897643 |
| &nbsp;&nbsp;&nbsp; County of Delaware Series 2024, GO, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 687697 |
| &nbsp;&nbsp;&nbsp; County of Lehigh, Lehigh Valley Health Network Hospital Series 2016A, Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 170916 |
| &nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, Local Government Series 2022D, Rev., 4.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024381 |

---

------

**JPMorgan Municipal 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; Geisinger Authority, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 463534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4444034 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%, 5/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1933641 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 479139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 128311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13305000 | &nbsp;&nbsp;&nbsp;&nbsp; 13467235 |
| &nbsp;&nbsp;&nbsp; Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project, Rev., 4.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1842750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series <br> 2024B, Rev., GTD, 4.25%, 1/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Senior Insured, Capitol Region Parking System Series <br> 2024A, Rev., A.G., 4.00%, 1/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Rev., AMT, A.G., 5.00%, <br> 12/31/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 408906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A-2, Rev., <br> 4.60%, 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Series 2024B-1, Rev., 5.25%, <br> 11/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1354303 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-141A, Rev., 5.75%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5275000 | &nbsp;&nbsp;&nbsp;&nbsp; 5568399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136295 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 108890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 576441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.25%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066228 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1298228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 817410 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University Project, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 626005 |
| &nbsp;&nbsp;&nbsp; Philadelphia Energy Authority (The), Philadelphia Street Lighting Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 894325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2280275 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance Series 17A, Rev., 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1373305 |
| &nbsp;&nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2024B, Rev., 5.00%, 9/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 743801 |
| &nbsp;&nbsp;&nbsp; Township of Hampton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 162098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 908479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 619069 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 82174230 |
| **Puerto Rico — 1.0%** | **Puerto Rico — 1.0%** | **Puerto Rico — 1.0%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6670582 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2641000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4307367 |

---

------

**JPMorgan Municipal 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** |
| **Puerto Rico — continued** | **Puerto Rico — continued** | **Puerto Rico — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.78%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5369812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9379476 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 29086840 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Brynt University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 2398860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1733498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067857 |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Lifespan Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeowenership Series 84-A, Rev., GNMA COLL, 5.00%, <br> 4/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2018A, GO, 5.00%, <br> 4/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79334 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4957144 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 16484316 |
| **South Carolina — 0.8%** | **South Carolina — 0.8%** | **South Carolina — 0.8%** |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South <br> Carolina Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417501 |
| &nbsp;&nbsp;&nbsp; County of Dorchester, Waterworks and Sewer System Series 2023, Rev., 4.25%, 10/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1840247 |
| &nbsp;&nbsp;&nbsp; County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422251 |
| &nbsp;&nbsp;&nbsp; Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001278 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2827805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series 2025, Rev., FHLMC COLL, <br> 4.00%, 3/1/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2865556 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3009368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2507807 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 24501109 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1652102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405092 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3057194 |
| **Tennessee — 1.1%** | **Tennessee — 1.1%** | **Tennessee — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health Series 2019A-1, Rev., 4.00%, <br> 8/1/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156396 |
| &nbsp;&nbsp;&nbsp; City of Clarksville Water Sewer and Gas Series 2021A, Rev., 4.00%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770209 |

---

------

**JPMorgan Municipal 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** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp; City of Lenoir City, Electric System Series 2022, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 182057 |
| &nbsp;&nbsp;&nbsp; County of Coffee, Rural High School Series 2021A, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 132643 |
| &nbsp;&nbsp;&nbsp; County of Sullivan, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30571 |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, University of Tennessee Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 459661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 449942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 519742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.25%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266760 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority Series 2021A, Rev., AMT, 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979356 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 457004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 415847 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2108553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 5/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051145 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 643138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497812 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3072656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2960000 | &nbsp;&nbsp;&nbsp;&nbsp; 3208899 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 108119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.50%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 118510 |
| &nbsp;&nbsp;&nbsp; State of Tennessee Series 2023A, GO, 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5445648 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279829 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5446329 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 32800826 |
| **Texas — 9.7%** | **Texas — 9.7%** | **Texas — 9.7%** |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Lifeschool of Dallas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 215579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 321866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 325994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 262550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 455694 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 151548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 159620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 108712 |
| &nbsp;&nbsp;&nbsp; Austin Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050564 |
| &nbsp;&nbsp;&nbsp; Bell County Water Control and Improvement District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/10/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project, Rev., <br> 5.00%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86785 |

---

------

**JPMorgan Municipal 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; Cedar Hill Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 4.00%, 2/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3546497 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1578062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102961 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5522693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4976130 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979261 |
| &nbsp;&nbsp;&nbsp; City of Bryan Waterworks and Sewer Series 2025, Rev., 4.25%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2587485 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi, Utility System Series 2022B, Rev., 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 360028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Rosemont at Ash Creek Apartments Series 2023, Rev., FHA, 5.00%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1385499 |
| &nbsp;&nbsp;&nbsp; City of El Paso Water Sewer Series 2023, Rev., 5.25%, 3/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2583011 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth Water and Sewer System Series 2024, Rev., 4.25%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5940000 | &nbsp;&nbsp;&nbsp;&nbsp; 5361525 |
| &nbsp;&nbsp;&nbsp; City of Garland Electric Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097705 |
| &nbsp;&nbsp;&nbsp; City of Georgetown Series 2022, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2327815 |
| &nbsp;&nbsp;&nbsp; City of Georgetown, Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 521929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453374 |
| &nbsp;&nbsp;&nbsp; City of Grand Prairie Series 2023, GO, 4.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 603118 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., AMT, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2332659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., AMT, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1961498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11300000 | &nbsp;&nbsp;&nbsp;&nbsp; 11570636 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System, First Lien Series 2024A, Rev., 5.25%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301797 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47695 |
| &nbsp;&nbsp;&nbsp; City of Mansfield, Combination Tax, GO, 5.00%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086550 |
| &nbsp;&nbsp;&nbsp; City of Paso Water and Sewer, Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325235 |
| &nbsp;&nbsp;&nbsp; City of Round Rock, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207468 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Series 2024, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036395 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems Series 2024B, Rev., 5.00%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1625247 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems Series 2023B, Rev., 5.25%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660491 |
| &nbsp;&nbsp;&nbsp; City of San Marcos, Combination Tax, GO, 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 175905 |
| &nbsp;&nbsp;&nbsp; City of Waco Series 2024, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1925988 |
| &nbsp;&nbsp;&nbsp; City of Waco, Combination Tax Series 2024A, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013678 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 613609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042327 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 277695 |

---

------

**JPMorgan Municipal 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; Collin County Community College District, Rev., 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034728 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., A.G., 5.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., A.G., 5.00%, 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., A.G., 5.00%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2044 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2576580 |
| &nbsp;&nbsp;&nbsp; County of Hays, Limited Tax, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20280 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40585 |
| &nbsp;&nbsp;&nbsp; Crandall Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 2/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5365013 |
| &nbsp;&nbsp;&nbsp; Glen Rose Independent School District, Unlimited tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067154 |
| &nbsp;&nbsp;&nbsp; Glen Rose Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060187 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier Series 2018A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4547068 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3781035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3599400 |
| &nbsp;&nbsp;&nbsp; Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034473 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Limited Tax Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4147099 |
| &nbsp;&nbsp;&nbsp; Irion County Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 8/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230626 |
| &nbsp;&nbsp;&nbsp; Jarrell Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1334721 |
| &nbsp;&nbsp;&nbsp; Katy Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2237687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1348684 |
| &nbsp;&nbsp;&nbsp; Laredo Independent School District Series 2024, GO, PSF-GTD, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1755764 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 8/15/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11907836 |
| &nbsp;&nbsp;&nbsp; Little Elm Independent School District Series 2024, GO, PSF-GTD, 4.00%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5177186 |
| &nbsp;&nbsp;&nbsp; Longview Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326123 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4322743 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 993348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 159387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4126064 |
| &nbsp;&nbsp;&nbsp; Mabank Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2785182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 614397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 575077 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4193986 |
| &nbsp;&nbsp;&nbsp; Melissa Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 361121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 337368 |

---

------

**JPMorgan Municipal 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 2024, GO, PSF-GTD, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 267975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 239225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 275010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054109 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev., AMT, 5.00%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042565 |
| &nbsp;&nbsp;&nbsp; Montgomery Independent School District, Unlimited Tax Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 3160564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects Series 2025A, Rev., 6.25%, <br> 10/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 2164121 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series 2023A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3784439 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, PSF-GTD, 5.00%, 2/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5105368 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2257127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7985000 | &nbsp;&nbsp;&nbsp;&nbsp; 7610438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034296 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2415620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3266554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3043361 |
| &nbsp;&nbsp;&nbsp; Prosper Independent School District, GO, PSF-GTD, 5.00%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1214456 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Trinity University Project Series 2024A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1386209 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan, Rev., AMT, 5.00%, 8/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300864 |
| &nbsp;&nbsp;&nbsp; Tarrant County College District Series 2022, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062176 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2366801 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 936167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2446516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3153642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2640056 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Rev., 4.13%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2495000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097788 |
| &nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Series 2022, Rev., 5.00%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4930000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038844 |
| &nbsp;&nbsp;&nbsp; Texas A&M University, Financing System Series 2017E, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160015 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.50%, 1/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5282908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.50%, 1/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6135000 | &nbsp;&nbsp;&nbsp;&nbsp; 6705969 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8420875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Mobility <br> Partners LLC Series 2019A, Rev., 4.00%, 12/31/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045663 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 5.25%, 12/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 2943369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 6/30/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1902763 |
| &nbsp;&nbsp;&nbsp; Texas Public Finance Authority, Texas Southern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506788 |

---

------

**JPMorgan Municipal 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 2023, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 644288 |
| &nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Juniper Creek Apartments Project Series 2023, Rev., 3.75%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013954 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750114 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority of Texas, Livingston Regional Water Supply System Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260291 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Tarrant County Water Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 733525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 703334 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Water Project, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60745 |
| &nbsp;&nbsp;&nbsp; Waxahachie Independent School District Series 2024, GO, PSF-GTD, 5.00%, 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079515 |
| &nbsp;&nbsp;&nbsp; Weslaco Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 876721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058215 |
| &nbsp;&nbsp;&nbsp; Wylie Independent School District, GO, PSF-GTD, 5.00%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2880346 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 282312908 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2473710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.25%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105424 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, Sales and Excise Tax Series 2022A, Rev., 4.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 161618 |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2750913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1683367 |
| &nbsp;&nbsp;&nbsp; Mida Cormont Public Infrastructure District, Limited Tax Series 2025A-1, GO, 6.25%, 6/1/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation Series 2024-1, Rev., 5.13%, <br> 6/15/2054 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855629 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5533896 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency Series 2021, Rev., 4.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204830 |
| &nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency, Sales Tax and Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 359932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 639135 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1304775 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 24632813 |
| **Virginia — 1.4%** | **Virginia — 1.4%** | **Virginia — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Richmond, Public Improvement Series 2017B, GO, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 183132 |
| &nbsp;&nbsp;&nbsp; County of Arlington, GO, 5.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 226215 |
| &nbsp;&nbsp;&nbsp; County of Henrico Water and Sewer, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 108014 |
| &nbsp;&nbsp;&nbsp; County of Spotsylvania Water and Sewer System Series 2024, Rev., 4.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039701 |
| &nbsp;&nbsp;&nbsp; County of Spotsylvania, Public Improvement, GO, 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 90340 |

---

------

**JPMorgan Municipal 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; Fairfax County Industrial Development Authority, Rev., 4.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1870286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, <br> 5/28/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2487007 |
| &nbsp;&nbsp;&nbsp; Northern Virginia Transportation Commission, Transforming Rail in Virginia Program, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 678305 |
| &nbsp;&nbsp;&nbsp; Prince William County Service Authority, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129070 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 168560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.00%, 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313963 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004014 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, 1997 Resolution Series 2025A, Rev., 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp;&nbsp; 4280067 |
| &nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing Program Series 2024A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2278726 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 4.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 916199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.50%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2519088 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7001618 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903601 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, 12/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp;&nbsp; 5430469 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 39995219 |
| **Washington — 2.7%** | **Washington — 2.7%** | **Washington — 2.7%** |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax, GO, 4.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007504 |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2021S-1, Rev., 4.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1954838 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Municipal Light and Power Series 2021A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4419034 |
| &nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 Electric Series 2024, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179180 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 101 La Center, Unlimited Tax, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52263 |
| &nbsp;&nbsp;&nbsp; County of King Sewer Series 2016A, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4947313 |
| &nbsp;&nbsp;&nbsp; County of King, Limited Tax Series 2023B, GO, 5.00%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6055000 | &nbsp;&nbsp;&nbsp;&nbsp; 6211383 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Series 2021A, Rev., 4.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3760000 | &nbsp;&nbsp;&nbsp;&nbsp; 3502669 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2243637 |
| &nbsp;&nbsp;&nbsp; Fircrest Properties, State of Washington Dshs Project, Rev., 5.50%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5269045 |
| &nbsp;&nbsp;&nbsp; King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax, GO, A.G., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123423 |
| &nbsp;&nbsp;&nbsp; Mason County School District No. 309 Shelton, Unlimited Tax, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46397 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 416 White River, Unlimited Tax, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50504 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2025E, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6860000 | &nbsp;&nbsp;&nbsp;&nbsp; 7439276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5533718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2025E, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2980000 | &nbsp;&nbsp;&nbsp;&nbsp; 3275704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R 2025 C, GO, 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4487274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4129311 |
| &nbsp;&nbsp;&nbsp; State of Washington, State and Local Agency Real and Personal Property Series 2015C, COP, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55504 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 5.00%, 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 716801 |

---

------

**JPMorgan Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1208227 |
| &nbsp;&nbsp;&nbsp; Three Rivers Regional Wastewater Authority Series 2024, Rev., 5.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368533 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5718344 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 786645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio Series 2025A, Rev., 5.50%, <br> 7/1/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2459825 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Radford Court and Nordheim Court |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.50%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2384626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project Series 2023, Rev., <br> 5.63%, 7/1/2038 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1302395 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 78138342 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp; State of West Virginia Series 2019A, GO, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., <br> AMT, 4.63%, 5/15/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3975728 |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, University Health System Series 2023A, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1860071 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 6942567 |
| **Wisconsin — 3.0%** | **Wisconsin — 3.0%** | **Wisconsin — 3.0%** |
| &nbsp;&nbsp;&nbsp; City of Milwaukee, Promissory Notes Series 2023N3, GO, A.G., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1812437 |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Sewer Series 2022E, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 569988 |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Water |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 170452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 188880 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., AMT, 5.75%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10035000 | &nbsp;&nbsp;&nbsp;&nbsp; 10245629 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, AFCO Airport Real Estate Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 454685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 806185 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.50%, 6/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4997753 | &nbsp;&nbsp;&nbsp;&nbsp; 4896049 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Corp. Series 2016C, Rev., AMT, 4.30%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1825257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Eastern Michigan University Student Housing Project Series 2022A-1, Rev., 5.00%, <br> 7/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 541979 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Kahala Nui Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 362051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 280663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 299943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 397344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 316568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 255206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 470792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 493267 |

---

------

**JPMorgan Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 731091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996359 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 182943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 291404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 546977 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp;&nbsp; 2810879 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, GO, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4320000 | &nbsp;&nbsp;&nbsp;&nbsp; 4871103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 13905417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1401843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 2, GO, 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4333017 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Environmental Improvement Fund Series 2018A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals and Clinics Series 2024B, Rev., 5.00%, 10/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162402 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1611911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3205000 | &nbsp;&nbsp;&nbsp;&nbsp; 3426099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3641978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3852040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1421083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1332019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686467 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority Series 2016A, Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1354610 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.38%, 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3443461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. <br> Project Series 2024, Rev., 5.00%, 8/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024A, Rev., GNMA / FNMA / <br> FHLMC, 6.00%, 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035911 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 86654346 |
| **Wyoming — 0.5%** | **Wyoming — 0.5%** | **Wyoming — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, <br> Rev., 3.63%, 7/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13305000 | &nbsp;&nbsp;&nbsp;&nbsp; 11500915 |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Rev., 5.75%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1416475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 6.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2495000 | &nbsp;&nbsp;&nbsp;&nbsp; 2686773 |
| &nbsp;&nbsp;&nbsp; Total Wyoming |  | &nbsp;&nbsp;&nbsp;&nbsp; 15604163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $2,613,788,234)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2585614718 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 12.0%** | **Short-Term Investments — 12.0%** | **Short-Term Investments — 12.0%** |
| **Investment Companies — 12.0%** | **Investment Companies — 12.0%** | **Investment Companies — 12.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g) <br>(Cost $351,525,262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 351495915 | &nbsp;&nbsp;&nbsp;&nbsp; 351531065 |
| **Total Investments — 100.4%** <br>**(Cost $2,965,313,496)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **2937145783** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(11834198)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2925311585** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| VRDO | Variable Rate Demand Obligation |

---

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

---

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

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of May 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29412500 | &nbsp;&nbsp;&nbsp;&nbsp; 609545 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (20757500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (254650)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (10119188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (232560)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (487210)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 122335 |

---

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

---

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

---

------

**JPMorgan Municipal 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.

Futures contracts are generally valued on the basis of available market quotations.

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; $2585614718 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2585614718 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 351531065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351531065 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $351531065 | &nbsp;&nbsp;&nbsp;&nbsp; $2585614718 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2937145783 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $609545 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $609545 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(487210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(487210)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122335 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $122335 |

---

**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>| $282312368 | $632946012 | $563727315 | $— | $— | $351531065 | 351495915 | $2129794 | $— |

---

&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 Municipal ETF

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

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

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

- **a. Date of fiscal year-end:** 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:** $2965724496.22

**Total Liabilities:** $67598730.45

**Net Assets:** $2898125765.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2138.60996000 | **1-Year:** 65399.67147000 | **5-Year:** 338836.27343000 | **10-Year:** 963721.10685000 | **30-Year:** 174714.68890000

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

- **3-Month:** 403.69887000 | **1-Year:** 2217.57747000 | **5-Year:** 14166.87078000 | **10-Year:** 44333.14013000 | **30-Year:** 132207.81690000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205215 | -1.28%               | -0.43%               | -0.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-904496.91              | $-39011588.68                              |
| Month 2  | $-10060327.50            | $-6118768.98                               |
| Month 3  | $-5320513.15             | $-4470906.49                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Ann Arbor MI Water Supply System Revenue                                      | City of Ann Arbor                                                                                                                                      | CUSIP: 035573YG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1404654.37   | 0.05%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors                                                      | Florida State Board of Governors, University of Florida Mandatory Student Fee, Series 2021A                                                            | CUSIP: 34157SBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106402.02    | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                                          | CUSIP: 13048VY77<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1175818.12   | 0.04%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                                 | Northwest Independent School District, Unlimited Tax, Series 2024A                                                                                     | CUSIP: 667826GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5105368.50   | 0.18%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series 2024B                                                              | CUSIP: 87638THL0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2446516.42   | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                                       | IPS Multi-School Building Corp., First Mortgage, Series 2024                                                                                           | CUSIP: 46263RTD7<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1853635.99   | 0.06%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Series 2024                                                              | CUSIP: 762244ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016460.00   | 0.04%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                               | County of Palm Beach, Series 2021A                                                                                                                     | CUSIP: 696543TN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2139723.19   | 0.07%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, Series 2024                                                                                                            | CUSIP: 54811GM64<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018033.60   | 0.04%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeville MN                                                                  | City of Lakeville, Series 2024A                                                                                                                        | CUSIP: 5124456H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1607007.49   | 0.06%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No. R-12                                                  | Springfield School District No. R-12                                                                                                                   | CUSIP: 851035VK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1685666.70   | 0.06%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                   | Melissa Independent School District, Unlimited Tax, Series 2023                                                                                        | CUSIP: 585488YQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054108.60   | 0.04%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Series FISCAL 2024 D                                                                                                                 | CUSIP: 64966SCP9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2493849.61   | 0.09%             | 2049-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1630734.83   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norwalk CT                                                                    | City of Norwalk, Series 2023                                                                                                                           | CUSIP: 668844XP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481861.05    | 0.02%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                              | County of Fort Bend Toll Road, Senior Lien                                                                                                             | CUSIP: 346817FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2576579.75   | 0.09%             | 2044-03-01      | 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: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986974.80    | 0.03%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                 | County of Cabarrus, Limited Obligation, Series 2024B                                                                                                   | CUSIP: 12677RFG7<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1320001.88   | 0.05%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                           | Tarrant Regional Water District Water Supply System, Series 2022                                                                                       | CUSIP: 876443VA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4930000 | PA      | $5038844.05   | 0.17%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                        | Texas Public Finance Authority, Texas Southern University, Series 2023                                                                                 | CUSIP: 88277PAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $644287.88    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2018, Series 2018F-1                                                                                                     | CUSIP: 64966MZN2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109050.08    | 0.00%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                                | Detroit Downtown Development Authority, Catalyst Development Project, Series 2024                                                                      | CUSIP: 251135HU6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2768423.63   | 0.10%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redding Joint Powers Financing Authority                                              | Redding Joint Powers Financing Authority, Series 2019A                                                                                                 | CUSIP: 757288GR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152695.59    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chautauqua Tobacco Asset Securitization Corp.                                         | Chautauqua Tobacco Asset Securitization Corp., Series 2014                                                                                             | CUSIP: 162564BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2650347.47   | 0.09%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                              | City of El Paso Water Sewer, Series 2023                                                                                                               | CUSIP: 283822YB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2583011.50   | 0.09%             | 2049-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                                   | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2024A                                                         | CUSIP: 544647HG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4006192.00   | 0.14%             | 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 2023B                                                  | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037848.60   | 0.04%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CDH2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    475000 | PA      | $507307.79    | 0.02%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project, Series 2023                                                  | CUSIP: 93978LGM2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1302395.19   | 0.04%             | 2038-07-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                              | Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax                                                                              | CUSIP: 494619FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007504.10   | 0.03%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2024A                                                                                                | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6300342.60   | 0.22%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No. 3 Tempe Elementary                                | Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project of 2016, Series 2017A                                             | CUSIP: 566880WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31347.14     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                    | Selma Industrial Development Board, International Paper Co. Projects, Series 2020A                                                                     | CUSIP: 81647PAF0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    400000 | PA      | $399581.68    | 0.01%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                          | Commonwealth of Pennsylvania, Series 2024B                                                                                                             | CUSIP: 70914P4F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2897643.30   | 0.10%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Sewer Revenue                                                      | City of Oshkosh, Sewer, Series 2022E                                                                                                                   | CUSIP: 68825VKK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $569988.54    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Great Lakes Sanitation District/IA                                               | Iowa Great Lakes Sanitation District                                                                                                                   | CUSIP: 462457LH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $725000.00    | 0.03%             | 2025-06-01      | 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 2024A                                                                                              | CUSIP: 59334DNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5146084.50   | 0.18%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Smithtown Central School District                                                     | Smithtown Central School District                                                                                                                      | CUSIP: 832492ZC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2164462.53   | 0.07%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLD3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1611911.15   | 0.06%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, White Plains Hospital, Series 2024                                                                                 | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000340.30   | 0.03%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                   | County of Warren, Otterbein Homes Obligation Group, Series 2024                                                                                        | CUSIP: 93515PEL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1725711.12   | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025, Series 2025 Subseries C-1                                            | CUSIP: 64972JMJ4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212766.00   | 0.18%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                   | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097112.80   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Subordinate, Series 2024-1                                                                                           | CUSIP: 709225LW4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1298227.56   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Des Moines Independent Community School District Sales Services & Use Tax Rev         | Des Moines Independent Community School District, Sales Services and Use Tax                                                                           | CUSIP: 250111DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $391093.63    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax, Series 2021A                                                                                                         | CUSIP: 207758D34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1271188.10   | 0.04%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                          | University of Oklahoma (The), Series 2024A                                                                                                             | CUSIP: 91476PZK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1128960.21   | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                             | County of Anne Arundel, Series 2022                                                                                                                    | CUSIP: 03588H2K1<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2801120.56   | 0.10%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                             | Ohio Turnpike and Infrastructure Commission, Junior Lien, Series 2018A                                                                                 | CUSIP: 67760HLJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $139822.73    | 0.00%             | 2027-02-15      | 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 2023B                                                                                            | CUSIP: 79625GHE6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1660490.99   | 0.06%             | 2041-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                          | New York City Transitional Finance Authority, Series 2025, Subseries G-1                                                                               | CUSIP: 64972JJF6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6090875.40   | 0.21%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                | Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox, Series 2023A                                                                   | CUSIP: 896035CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1943423.10   | 0.07%             | 2053-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2023B                                                                                                | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4785000 | PA      | $4978994.43   | 0.17%             | 2030-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series 2022A                                                                                                         | CUSIP: 709225FH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114672.80   | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                  | County of Harnett, Limited Tax                                                                                                                         | CUSIP: 41333TCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1336819.86   | 0.05%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                                   | County of Washoe, Nevada Water Facilities Sierra Pacific Power Co. Projects, Series 2016G                                                              | CUSIP: 940865BJ6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1993159.60   | 0.07%             | 2036-03-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                                | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3506548.13   | 0.12%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                             | CUSIP: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2384625.75   | 0.08%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                                    | CUSIP: 678514DW7<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1381699.50   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Yes Prep Public School, Inc., Series 2023                                                                      | CUSIP: 187145RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $277695.38    | 0.01%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                 | Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment Facility Project                                                   | CUSIP: 93342PFA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112602.57    | 0.00%             | 2034-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                    | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A                                                                     | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1575000 | PA      | $1536268.07   | 0.05%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2024B                                                                                                                        | CUSIP: 452153JX8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1852482.78   | 0.06%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                     | Indiana Housing and Community Development Authority, Vita of New Whiteland Project                                                                     | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965762.30    | 0.03%             | 2043-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma Industries Authority                                                         | Oklahoma Industries Authority, Oklahoma County Independent School District No. 89 Oklahoma City, Series 2024                                           | CUSIP: 67910FAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $9352992.98   | 0.32%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, Municipal Rehabilitation, Series 2019A                                                                      | CUSIP: 64577B6B5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1689412.64   | 0.06%             | 2028-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                         | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2025A                                           | CUSIP: 64985H4B0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    520000 | PA      | $576045.03    | 0.02%             | 2038-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Union High School District No. 205                                           | Glendale Union High School District No. 205, Arizona School Improvement Project of 2024, Series 2024A                                                  | CUSIP: 378334QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1126266.62   | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bell County Water Control & Improvement District No. 1                                | Bell County Water Control and Improvement District No. 1, Series 2024                                                                                  | CUSIP: 078043QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066597.60   | 0.04%             | 2038-07-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Series 2015E-1                                                                                                  | CUSIP: 59261AM53<br>LEI: 5493000TKYODLXADQD60 | Long             | STIV             | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.08%             | 2050-11-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                            | Philadelphia Gas Works Co., 1998 General Ordinance, Series 17A                                                                                         | CUSIP: 71783MCU7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1373305.38   | 0.05%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                           | Miami-Dade County Housing Finance Authority, Running Brook Apartments, Series 202                                                                      | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1525000 | PA      | $1526252.64   | 0.05%             | 2027-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                                   | Port of Los Angeles, Harbor Department, Series 2024A 1                                                                                                 | CUSIP: 544552C34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174786.80   | 0.08%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                                    | City of Fort Worth Water and Sewer System, Series 2024                                                                                                 | CUSIP: 3495152K1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5940000 | PA      | $5361525.38   | 0.18%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                   | Allegheny County Sanitary Authority, Sewer, Series 2024                                                                                                | CUSIP: 017357P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1313870.00   | 0.05%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $700590.60    | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2018A                                                                                                                        | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032202.20   | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, State Loan Program, Series 2024B                                                                                       | CUSIP: 67920Q4R6<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2190079.08   | 0.08%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2023E, Subseries E-1                                                                                 | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4230000 | PA      | $4427606.14   | 0.15%             | 2031-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                           | CUSIP: 199546DB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1776773.60   | 0.06%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                        | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                      | CUSIP: 454898YH4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096290.80   | 0.04%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weslaco Independent School District                                                   | Weslaco Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 950885WH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058214.60   | 0.04%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Summit OH                                                                   | County of Summit, Various Purpose Improvement, Series 2022                                                                                             | CUSIP: 86606WBN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111424.81    | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                               | State of Hawaii Airports System, Series 2025C                                                                                                          | CUSIP: 419794L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489408.20   | 0.05%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                                | City of San Antonio, Series 2024                                                                                                                       | CUSIP: 79623PQT5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036395.30   | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                            | South Dakota Housing Development Authority, Series 2024C                                                                                               | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1652102.52   | 0.06%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Aliso Viejo CA                                                                | City of Aliso Viejo                                                                                                                                    | CUSIP: 01639PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182016.50    | 0.01%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                           | JEA Electric System, Series 2024A- 3                                                                                                                   | CUSIP: 46613SSE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2131032.15   | 0.07%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                            | Central Florida Tourism Oversight District, Series 2016A                                                                                               | CUSIP: 758449QL9<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51028.94     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project, Series 2023A                                                                                              | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097933.60   | 0.07%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDE0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3901790.90   | 0.13%             | 2033-10-01      | 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        |   2335000 | PA      | $2447402.46   | 0.08%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                       | Casino Reinvestment Development Authority, Inc., Luxury Tax, Series 2024B                                                                              | CUSIP: 14760RBT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503363.75    | 0.02%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                             | Village of Bolingbrook, Series 2018A                                                                                                                   | CUSIP: 097552TM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129212.31    | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project, Series 2023                                    | CUSIP: 882667CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2943369.29   | 0.10%             | 2036-12-31      | Fixed         | 5.25%                 | 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 2023, Series 2023, Subseries AA-3      | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    725000 | PA      | $737870.06    | 0.03%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.                                                                              | CUSIP: 041807BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $163629.04    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                          | Clark County School District, Limited Tax, Series 2018A                                                                                                | CUSIP: 181059ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89971.61     | 0.00%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PH40<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    360000 | PA      | $362050.88    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Florida Department of Housing & Residence Education Hsg Sys Rev         | University of Florida, Department of Housing and Residence Education Housing System, Series 2021A                                                      | CUSIP: 34157TCZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127600.51    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                     | County of King, Limited Tax, Series 2023B                                                                                                              | CUSIP: 49474FV49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6055000 | PA      | $6211383.09   | 0.21%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Smithtown Central School District                                                     | Smithtown Central School District                                                                                                                      | CUSIP: 832492ZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023777.80   | 0.07%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects                                                | CUSIP: 60635H3H0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000034.90   | 0.03%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                    | Mission Economic Development Corp., Graphic Packaging International LLC Project                                                                        | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042565.00   | 0.07%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                       | Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project, Series 2024          | CUSIP: 160131EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051589.80   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                         | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                               | CUSIP: 88283KBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4976130.15   | 0.17%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                 | County of Santa Fe, Cresta Ranch Apartments, Series 2024                                                                                               | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8000000 | PA      | $7978325.60   | 0.28%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                    | City of Seattle, Municipal Light and Power, Series 2021A                                                                                               | CUSIP: 812643WP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4419034.00   | 0.15%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority, Series 2025B-1                                                        | CUSIP: 45528VFF1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    350000 | PA      | $385194.50    | 0.01%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Common School, Series 2021B                                                                                                             | CUSIP: 6775227Y4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    210000 | PA      | $234795.81    | 0.01%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                               | Trinity River Authority, Tarrant County Water Project, Series 2023                                                                                     | CUSIP: 89657PPF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $733524.68    | 0.03%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Elm Independent School District                                                | Little Elm Independent School District, Series 2024                                                                                                    | CUSIP: 5370967W3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5177186.40   | 0.18%             | 2054-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2018A                                             | CUSIP: 13080SVM3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1347052.20   | 0.05%             | 2048-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 57-A                                                                           | CUSIP: 65820BBF2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8329774.50   | 0.29%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $995328.60    | 0.03%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2022A                                                                                                                        | CUSIP: 452153CQ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525639.25    | 0.02%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                              | County of Fort Bend Toll Road, Senior Lien, Series 2024                                                                                                | CUSIP: 346817EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093889.10   | 0.04%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507MR2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1242515.01   | 0.04%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redondo Beach Unified School District                                                 | Redondo Beach Unified School District, Election of 2024, Series 2024A                                                                                  | CUSIP: 757710VZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991882.50    | 0.03%             | 2055-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project, Series 2024B                                                                                              | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1583225.46   | 0.05%             | 2055-10-01      | Variable      | 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 2019S-2A                                                                | CUSIP: 64972H7M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45096.39     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                                  | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040348.50   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                 | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534069.90    | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority, Series 2025B-1                                                        | CUSIP: 45528VFE4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    350000 | PA      | $389590.88    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                                | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   9750000 | PA      | $10198929.00  | 0.35%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alvord Unified School District                                                        | Alvord Unified School District, 2007 Election, Series 2011B                                                                                            | CUSIP: 022555UK0<br>LEI: 549300Q9J0UCO75DL276 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3084854.50   | 0.11%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project                                                                          | CUSIP: 46246SAW5<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |   5350000 | PA      | $5655722.54   | 0.20%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Series 2024D                                                                                                       | CUSIP: 65000B3J5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1422857.54   | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                      | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2586918.25   | 0.09%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berkley School District                                                               | Berkley School District, Unlimited Tax                                                                                                                 | CUSIP: 084482DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $595212.18    | 0.02%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                              | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  17590000 | PA      | $18431310.35  | 0.64%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Excelsior Springs MO                                                          | City of Excelsior Springs, Series 2020B                                                                                                                | CUSIP: 300788CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118171.21    | 0.00%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax        | Cedar Rapids Community School District Infrastructure Sales Services and Use Tax, Series 2023                                                          | CUSIP: 150539CS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1112466.56   | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2018A                                                                                                | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $514199.28    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                           | Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block, Series 2025                                                             | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1504952.70   | 0.05%             | 2029-02-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Children's Hospital Medical Center of Akron, Series 2024B                                                                               | CUSIP: 67756CGB8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1627277.85   | 0.06%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Eastern Michigan University Student Housing Project, Series 2022A-1                                                          | CUSIP: 74444UAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541979.35    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                          | Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project, Series 2022B-3                                         | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350181.34    | 0.01%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                               | Michigan Strategic Fund, I-75 Improvement Projects                                                                                                     | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4985679.50   | 0.17%             | 2043-12-31      | 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        |   2815000 | PA      | $2815000.00   | 0.10%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                     | Plano Independent School District, Unlimited Tax                                                                                                       | CUSIP: 727199F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1887796.60   | 0.07%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                       | Horry County School District, Series 2015A                                                                                                             | CUSIP: 440673G70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001278.50   | 0.17%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Energy Authority (The)                                                   | Philadelphia Energy Authority (The), Series 2023A                                                                                                      | CUSIP: 71780UAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2280275.40   | 0.08%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                               | Rome Building Authority, Rome City School Project, Series 2023                                                                                         | CUSIP: 776000AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100231.60   | 0.04%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                           | Dublin City School District, Ohio School Facilities Unlimited Tax, Series 2024B                                                                        | CUSIP: 26371GYN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1547904.86   | 0.05%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                               | City of Philadelphia, Airport System, Series 2017B                                                                                                     | CUSIP: 717817UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019720.40   | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue            | Metropolitan Government of Nashville and Davidson County, Series 2024A                                                                                 | CUSIP: 592030R93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051145.40   | 0.04%             | 2049-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                       | Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project, Series 2024          | CUSIP: 160131EP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030219.70   | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fishers Redevelopment Authority                                                       | Fishers Redevelopment Authority, Lease Rental, Geist Park Improvement Project, Series 2024B                                                            | CUSIP: 33803TTV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $970237.18    | 0.03%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CDY5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084086.70   | 0.04%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                                | University of Kentucky, Healthcare Cancer Center Parking Projects                                                                                      | CUSIP: 914383AE4<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |    415000 | PA      | $447084.69    | 0.02%             | 2029-10-01      | 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: 19662UBB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $634130.76    | 0.02%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                   | Melissa Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 585488YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $337368.48    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Brynt University Issue                                                                             | CUSIP: 762197U58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2067856.86   | 0.07%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                                  | City of Mansfield, Combination Tax                                                                                                                     | CUSIP: 564378RJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086550.20   | 0.07%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                 | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1292494.92   | 0.04%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake IL                                                                     | County of Lake, Sales Tax                                                                                                                              | CUSIP: 508336FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102298.30    | 0.00%             | 2027-11-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                                 | South Jersey Transportation Authority, Series 2025A                                                                                                    | CUSIP: 838536NQ9<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1709226.72   | 0.06%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 89 Oklahoma City                      | Oklahoma County Independent School District No. 89 Oklahoma City, Series 2025A                                                                         | CUSIP: 678841LS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2575144.00   | 0.09%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                                   | County of Nassau, General Improvement, Series 2025A                                                                                                    | CUSIP: 63165T6W0<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   8215000 | PA      | $7528790.37   | 0.26%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                | Colorado Housing and Finance Authority, Single Family Mortgage, Series 2023L, Class III                                                                | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2784955.16   | 0.10%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Glen Rose Independent School District                                                 | Glen Rose Independent School District, Unlimited tax, Series 2023                                                                                      | CUSIP: 377856JZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067154.30   | 0.04%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                     | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025C                                                                      | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1361826.75   | 0.05%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority, Series 2025A                                                                                                  | CUSIP: 8371515R6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009368.40   | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                     | County of Wake, Series 2025A                                                                                                                           | CUSIP: 930876JH1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1631036.10   | 0.06%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Brynt University Issue, Series 2024                                                                | CUSIP: 762197T92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1733497.76   | 0.06%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                               | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                             | CUSIP: 499526AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266760.38   | 0.04%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Kissimmee FL                                                                  | City of Kissimmee, Sales Tax                                                                                                                           | CUSIP: 497813AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170316.30    | 0.01%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax, Series 2023A                                                                                                         | CUSIP: 207758P80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2469847.51   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                       | Fairfax County Industrial Development Authority, Series 2022                                                                                           | CUSIP: 30382VAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1870285.55   | 0.06%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield MO Public Utility Revenue                                         | City of Springfield Public Utility, Series 2015                                                                                                        | CUSIP: 851018KY6<br>LEI: NDLRXEC1F2GZZETPKO45 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4901437.00   | 0.17%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                    | Allegheny County Airport Authority, Pittsburgh International Airport, Series 2023A                                                                     | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554246.00   | 0.05%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                          | Los Angeles Department of Water and Power Water System, Series 2022D                                                                                   | CUSIP: 544525N53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $726094.07    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                              | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc., Series 2022                                                                     | CUSIP: 906420BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413505.84    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                                            | Salt Verde Financial Corp., Series 2007-1                                                                                                              | CUSIP: 79575EAM0<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102001.45    | 0.00%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                | Patriots Energy Group Financing Agency, Series 2023 Subseries B-1                                                                                      | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2827805.28   | 0.10%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832KS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $760398.10    | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                       | State of Oregon, Article XI-F Project, Series 2025F                                                                                                    | CUSIP: 68609URM9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    425000 | PA      | $483917.92    | 0.02%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects                                     | CUSIP: 54628CGP1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266586.45    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                        | Minnesota Municipal Gas Agency, Series Subseries, 2022A                                                                                                | CUSIP: 60406UAK3<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011830.60   | 0.03%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQV7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201127.64    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024B                                                                       | CUSIP: 1675935F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3123832.80   | 0.11%             | 2059-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                                                                               | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10035000 | PA      | $10245628.63  | 0.35%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2250350.13   | 0.08%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, General Airport, Senior Lien, Series B                                                                           | CUSIP: 167593A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40769.35     | 0.00%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM Gross Receipts Tax Revenue                                     | City of Albuquerque, Series 2015A                                                                                                                      | CUSIP: 01354PFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240357.70    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023BB                                                                  | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2271753.23   | 0.08%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Success Academy Charter School Project, Series 2025                                                                          | CUSIP: 12008EVS2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1566999.65   | 0.05%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $455693.62    | 0.02%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                          | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                                     | CUSIP: 64711RMB9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104299.08    | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                | County of Clark Department of Aviation, Jet Aviation Fuel tax, Series 2022A                                                                            | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508477.40    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1404181.17   | 0.05%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                            | Municipal Improvement Corp. of Los Angeles, Real Property, Series 2016B                                                                                | CUSIP: 544587H50<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2943307.20   | 0.10%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2005C                                                              | CUSIP: 677525WX1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3969970.00   | 0.14%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports, International Airport Subordinate, Series 2021A                                                            | CUSIP: 544445SU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1774912.23   | 0.06%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Rose-Hulman Institute of Technology Project                                                                                 | CUSIP: 45506EBF9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    435000 | PA      | $464490.52    | 0.02%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                       | City of Waco, Series 2024                                                                                                                              | CUSIP: 929831ZS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1925988.01   | 0.07%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                                | Harris County-Houston Sports Authority, Senior Lien, Series 2024A                                                                                      | CUSIP: 413890GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3781035.00   | 0.13%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, Customer Facility Charge Senior Lien, Series 2023                                                                | CUSIP: 1675933Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $883790.00    | 0.03%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $996834.71    | 0.03%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2018, Series B-4                                                                                                         | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   4360000 | PA      | $4360000.00   | 0.15%             | 2046-10-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                         | Central Texas Turnpike System, First Tier, Series 2024B                                                                                                | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578062.25   | 0.05%             | 2042-08-15      | Variable      | 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: 92778WRM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1313963.07   | 0.05%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                | Permanent University Fund - University of Texas System, Series 2025A                                                                                   | CUSIP: 915130CG1<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034295.80   | 0.04%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                          | Mississippi Development Bank, Ranking County Project                                                                                                   | CUSIP: 60534WJD1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    205000 | PA      | $208161.00    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                                       | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $408906.19    | 0.01%             | 2057-12-31      | 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 214                                                                                    | CUSIP: 73358W3F9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2026574.36   | 0.07%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Adventist Health System, Series 2024A                                                                | CUSIP: 13032UT65<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6249803.92   | 0.22%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority, Series 2025B-1                                                        | CUSIP: 45528VFH7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540617.65    | 0.02%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                               | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                             | CUSIP: 499526AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $449942.11    | 0.02%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                   | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2023A                                                                       | CUSIP: 658909X68<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2191915.65   | 0.08%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                          | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                            | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3975728.40   | 0.14%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                               | Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health, Series 2019A-1                                                         | CUSIP: 162410EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1156395.84   | 0.04%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                  | City of Charlotte, North Carolina Government Facilities, Series 2023B                                                                                  | CUSIP: 1610374R4<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408429.80    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Laredo Independent School District                                                    | Laredo Independent School District, Series 2024                                                                                                        | CUSIP: 516840C29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755763.80   | 0.06%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2022, Series 2022B,Subseries B-1                                                                                         | CUSIP: 64966QYR5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1824821.79   | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Astro Texas Land Projects, Series 2024                                                                                       | CUSIP: 74447TAE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.05%             | 2028-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health and Higher Educational Facilities Authority, Mainehealth, Series 2023A                                                                    | CUSIP: 56042SBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265609.58    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562RT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1231000.97   | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority              | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group, Series 2019A              | CUSIP: 63967UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961992.60    | 0.03%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                     | State of Maryland, State and Local Facilities Loan of 2017, Series 2017A                                                                               | CUSIP: 574193PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45142.81     | 0.00%             | 2025-08-01      | 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, Lutheran Senior Services Projects, Series 2016A                                  | CUSIP: 60635HU72<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000795.00   | 0.03%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                    | Allegheny County Airport Authority, Pittsburgh International Airport, Series 2023A                                                                     | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032380.40   | 0.04%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                     | Plano Independent School District, Unlimited Tax                                                                                                       | CUSIP: 727199E31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3266553.60   | 0.11%             | 2030-02-15      | Fixed         | 5.00%                 | 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        |   3000000 | PA      | $2997988.50   | 0.10%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                              | Colorado Springs School District No. 11 Facilities Corp.                                                                                               | CUSIP: 19662UBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1287717.75   | 0.04%             | 2042-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                        | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                      | CUSIP: 454898YJ0<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1500969.27   | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025, Series 2025DD                                            | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1692823.35   | 0.06%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Department of Children & Families                                             | Florida Department of Children and Families, Evaluation Treatment Center Financing Corp. Project, Series 2021B                                         | CUSIP: 34160ECG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $224264.54    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue          | Pennsylvania Economic Development Financing Authority, Senior Insured, Capitol Region Parking System, Series 2024A                                     | CUSIP: 70870EES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1145460.63   | 0.04%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                           | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                                   | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3072655.69   | 0.11%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2020A                                                    | CUSIP: 04052FBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184047.56    | 0.01%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                                  | State of Michigan Trunk Line, Series 2021A                                                                                                             | CUSIP: 5946952T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $391691.91    | 0.01%             | 2036-11-15      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $1019973.80   | 0.04%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                            | County of Henrico Water and Sewer                                                                                                                      | CUSIP: 426170QC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108014.18    | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                            | CUSIP: 45884AF24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1260512.62   | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                                  | Fayette County Development Authority, United States Soccer Federation, Inc. Project, Series 2024                                                       | CUSIP: 31222PAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1648229.92   | 0.06%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CDK5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    400000 | PA      | $431844.60    | 0.01%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                               | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $128310.97    | 0.00%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth      | Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2021B                                                         | CUSIP: 54628CUH3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1410351.95   | 0.05%             | 2036-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2021                                                                                                                | CUSIP: 917467BU5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1204829.91   | 0.04%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                 | North Ridgeville City School District, Series 2024                                                                                                     | CUSIP: 661870LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1359402.00   | 0.05%             | 2061-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2641000 | PA      | $2240488.12   | 0.08%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Personal Income Tax, Series 2021A                                                                                  | CUSIP: 64990FZS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3315000 | PA      | $3267525.55   | 0.11%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority, St. Andrews School Project                                                                              | CUSIP: 246387ST2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1110490.39   | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                  | CUSIP: 45506ELY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118714.30   | 0.04%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                         | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DPL3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5241614.00   | 0.18%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority, Hybar Steel Project, Series 2023A                                                                              | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071890.50   | 0.04%             | 2048-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                             | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                                 | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  57200000 | PA      | $6136009.88   | 0.21%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                          | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2025A                                                                                  | CUSIP: 591746BT8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147274.00   | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nye County School District                                                            | Nye County School District, Series 2023                                                                                                                | CUSIP: 670692TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095743.20   | 0.04%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A                                                   | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4995554.00   | 0.17%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Central Bucks School District                                                         | Central Bucks School District                                                                                                                          | CUSIP: 152735ZQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $416015.93    | 0.01%             | 2033-05-15      | 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, Belmont University                                     | CUSIP: 592029AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $457004.07    | 0.02%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series 2025B-1                                                                  | CUSIP: 45204FM77<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3704507.45   | 0.13%             | 2043-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                             | CUSIP: 49151F3S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063994.10   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                               | Indio Finance Authority, City of Indio, Series 2022A                                                                                                   | CUSIP: 45571LDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $293886.15    | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLH4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2039561.24   | 0.07%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2024B                                                                                                                        | CUSIP: 452153JU4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5278041.50   | 0.18%             | 2037-05-01      | 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 2021S-1                                                                      | CUSIP: 155048ED9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954838.20   | 0.07%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025B                                                                   | CUSIP: 74439YFY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $546976.76    | 0.02%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                         | Village Community Development District No. 15                                                                                                          | CUSIP: 92708KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201484.08    | 0.01%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Florida State Board of Governors University of North Florida Dormitory Revenue        | Florida State Board of Governors University of North Florida Dormitory, Series 2023A                                                                   | CUSIP: 34157XAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2291746.68   | 0.08%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2020A                                                      | CUSIP: 442349DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2332658.55   | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024D                                                                       | CUSIP: 1675936G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1818419.40   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington Motor Vehicle Fuel Tax, Series 2024D                                                                                               | CUSIP: 93974EY26<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4129310.40   | 0.14%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                              | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1147305.00   | 0.04%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fayetteville State University                                                         | Fayetteville State University, Student Housing Project, Series 2021                                                                                    | CUSIP: 312810EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4270000 | PA      | $4435722.97   | 0.15%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, Series 2024                                 | CUSIP: 650116HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1512395.39   | 0.05%             | 2039-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                | City of Mesa Utility System                                                                                                                            | CUSIP: 5905452X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1517715.79   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507MQ4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128904.90   | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                      | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project, Series 2019A                                                     | CUSIP: 011903GD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2072673.47   | 0.07%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                             | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                                                | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2215360.16   | 0.08%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                             | Town of Queen Creek Excise Tax                                                                                                                         | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5101093.00   | 0.18%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                            | Westchester County Local Development Corp., Kendal on Hudson Project, Series 2022B                                                                     | CUSIP: 95737TFB7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    240000 | PA      | $252517.30    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                    | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                      | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  13305000 | PA      | $13467234.52  | 0.46%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                            | CUSIP: 45884AE74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1591014.03   | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority                                                 | North Dakota Public Finance Authority, State Revolving Fund Program, Series 2024A                                                                      | CUSIP: 65887PZD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2280893.69   | 0.08%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vinton-Tecumseh School Building Corp.                                                 | Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax                                                                                         | CUSIP: 927557NR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1212554.70   | 0.04%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2023A                                                            | CUSIP: 04052FDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1603492.47   | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025B                                                                   | CUSIP: 74439YFW6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    175000 | PA      | $182942.80    | 0.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series 2024B                                                              | CUSIP: 87638THJ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    935000 | PA      | $936166.79    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                               | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL F                                              | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1321046.61   | 0.05%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2023D                                                                                                | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3635061.85   | 0.13%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Electric System, Series 2016A                                                                                             | CUSIP: 682001EZ1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1088585.42   | 0.04%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                                     | Adams and Arapahoe Joint School District 28J Aurora                                                                                                    | CUSIP: 0054824T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3718042.09   | 0.13%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                      | CUSIP: 59261A5G8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042834.00   | 0.07%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax, Transportation Infrastructe Purpose, Series 2024B                                                                    | CUSIP: 207758T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10743627.30  | 0.37%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                               | City of Jacksonville, Series 2024                                                                                                                      | CUSIP: 469487VJ8<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1735583.36   | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PH73<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $397344.34    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023BB                                                                  | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3574886.00   | 0.12%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                   | Melissa Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 585488YZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275009.50    | 0.01%             | 2031-02-01      | 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        |   3000000 | PA      | $3000970.20   | 0.10%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                      | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                                    | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208635.20   | 0.08%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                        | CUSIP: 167562SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125163.93   | 0.04%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                            | City and County of Denver, Series 2020B                                                                                                                | CUSIP: 249164QV9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    220000 | PA      | $238847.73    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2025A                                                      | CUSIP: 93978HZC2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786644.63    | 0.03%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025A, Subseries A-1                                        | CUSIP: 64972JJL3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3793405.35   | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                | University of Arkansas, Various Facilities Fayetteville Campus, Series 2024B                                                                           | CUSIP: 914073KB6<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1387897.88   | 0.05%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                                | M-S-R Energy Authority, Series 2009B                                                                                                                   | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1176953.90   | 0.04%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Series 2024A                                                                                              | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2519088.00   | 0.09%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                            | City of Lincoln, Electric System                                                                                                                       | CUSIP: 534272J67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51683.24     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                           | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3172173.90   | 0.11%             | 2035-01-01      | 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        |   5000000 | PA      | $5282908.00   | 0.18%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Series 2021                                                                                               | CUSIP: 928103AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $916198.89    | 0.03%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                          | Southern Illinois University, Housing and Auxiliary Facilities, Series 2022A                                                                           | CUSIP: 8431465N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $712807.49    | 0.02%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                              | City of Austin, Airport System                                                                                                                         | CUSIP: 052398HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048932.90   | 0.04%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $325994.47    | 0.01%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                       | State of Hawaii, Series FK                                                                                                                             | CUSIP: 419792RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30873.63     | 0.00%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                     | County of Wake, Series 2025A                                                                                                                           | CUSIP: 930876JE8<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119504.10   | 0.04%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Astro Texas Land Projects                                                                                                    | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4997752 | PA      | $4896048.67   | 0.17%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                 | Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment Facility Project                                                   | CUSIP: 93342PFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $150815.72    | 0.01%             | 2035-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                              | West Virginia Hospital Finance Authority, University Health System, Series 2023A                                                                       | CUSIP: 956622V68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1860070.50   | 0.06%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Series 2006A                                                                                          | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $1757950.50   | 0.06%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                         | Rhode Island Housing and Mortgage Finance Corp., Homeowenership, Series 84-A                                                                           | CUSIP: 76221SGK1<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998373.30    | 0.03%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                      | Energy Northwest, Columbia Generating Station, Series 2021A                                                                                            | CUSIP: 29270C4L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3502669.36   | 0.12%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                                  | City of Dallas Housing Finance Corp., Rosemont At Ash Creek Apartments, Series 2023                                                                    | CUSIP: 235298BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1385498.95   | 0.05%             | 2026-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                          | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                         | CUSIP: 362762QZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1626283.95   | 0.06%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2020A                                                                       | CUSIP: 167593N81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212820.66    | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                  | Guam Government Waterworks Authority, Series 2024A                                                                                                     | CUSIP: 40065FEA8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1810000 | PA      | $1815429.28   | 0.06%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 416 White River                                     | Pierce County School District No. 416 White River, Unlimited Tax                                                                                       | CUSIP: 720628KL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50503.84     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024AA                                                                  | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1317946.13   | 0.05%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                | City of Mesa Utility System                                                                                                                            | CUSIP: 5905452V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1884178.80   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                               | Indio Finance Authority, City of Indio, Series 2022A                                                                                                   | CUSIP: 45571LDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $439026.44    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $764516.97    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1686467.55   | 0.06%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Meriden CT                                                                    | City of Meriden                                                                                                                                        | CUSIP: 5895355N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1030613.87   | 0.04%             | 2043-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                                | CUSIP: 118217CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11023427.10  | 0.38%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                     | State of Colorado, Building Excellent Schools Today, Series S                                                                                          | CUSIP: 19668QNS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000545.70   | 0.03%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                               | Capital Trust Authority, IPS Enterprises, Inc., Projects, Series 2023A                                                                                 | CUSIP: 14054WAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2096794.48   | 0.07%             | 2043-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health and Higher Educational Facilities Authority, Series 2024A                                                                                 | CUSIP: 56042SDW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021738.60   | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                               | State of Hawaii Airports System, Series 2025C                                                                                                          | CUSIP: 419794L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3165992.87   | 0.11%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Water & Sewer Revenue                                           | City of Springdale Water and Sewer                                                                                                                     | CUSIP: 850309BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078820.60   | 0.04%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Hill Independent School District                                                | Cedar Hill Independent School District, Unlimited Tax, Series 2024                                                                                     | CUSIP: 1504293S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2100735.95   | 0.07%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership, Series 53-A                                                                                      | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2956517.27   | 0.10%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2023B-1                                                                  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2666224.90   | 0.09%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                                       | CUSIP: 12008ETS5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    230000 | PA      | $241329.59    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury Long Bond                                                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       260 | NC      | $609544.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Electric System, Series 2016A                                                                                             | CUSIP: 682001EY4<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30422.17     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                     | Iowa Student Loan Liquidity Corp., Student Loan, Series 2023B                                                                                          | CUSIP: 462590NR7<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    600000 | PA      | $611160.24    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                    | County of Clark, Limited Tax, Series 2018B                                                                                                             | CUSIP: 180848XT5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126259.85    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                                  | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514337.90   | 0.05%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024F, Subseries F-1                                        | CUSIP: 64972JGX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892679.50    | 0.03%             | 2054-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                                    | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5870000 | PA      | $6243890.24   | 0.22%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                       | City of Waco, Combination Tax, Series 2024A                                                                                                            | CUSIP: 929831YC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013677.90   | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Karegnondi Water Authority                                                            | Karegnondi Water Authority, Water Supply System, Series 2024                                                                                           | CUSIP: 48563UCT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095032.20   | 0.07%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2024B                                                      | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11300000 | PA      | $11570636.13  | 0.40%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Clark County School Building Corp.                                            | Greater Clark County School Building Corp., Series 2024A                                                                                               | CUSIP: 39168AEG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $825816.88    | 0.03%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2025, Series 2025F                                                                                                       | CUSIP: 64966SKK1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5587098.00   | 0.19%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                              | Collin County Community College District                                                                                                               | CUSIP: 194742GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2034727.86   | 0.07%             | 2042-08-15      | Fixed         | 4.00%                 | 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        |  14900000 | PA      | $14900000.00  | 0.51%             | 2043-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                       | Champaign County Community Unit School District No. 4 Champaign, School Building                                                                       | CUSIP: 158249LE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45511.51     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Project No. 3, Series 2022A-1                                                                       | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054799.80   | 0.04%             | 2029-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                   | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2023-141A                                                                          | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   5275000 | PA      | $5568399.19   | 0.19%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                                  | Town of Hempstead                                                                                                                                      | CUSIP: 424672T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1907746.40   | 0.07%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                 | County of Hennepin, Series 2023A                                                                                                                       | CUSIP: 425507PB0<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2254587.80   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                               | Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Series 2021A, Class 1                         | CUSIP: 888794BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115747.51    | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                | Permanent University Fund - University of Texas System, Series 2025A                                                                                   | CUSIP: 915130BY3<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2257127.20   | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                            | Middleton Community Development District A, City of Wildwood, Florida Special Assessment                                                               | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $257545.25    | 0.01%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series A-1                                                                                                           | CUSIP: 709224YV5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61926.14     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                                    | CUSIP: 04052FEL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004325.70   | 0.03%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Weslaco Independent School District                                                   | Weslaco Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 950885WD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $876720.64    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                               | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                             | CUSIP: 499526AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $459661.32    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                       | Casino Reinvestment Development Authority, Inc., Luxury Tax, Series 2024A                                                                              | CUSIP: 14760RBB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $740873.28    | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FZE7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082856.20   | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Longview Independent School District                                                  | Longview Independent School District, Unlimited Tax                                                                                                    | CUSIP: 543264ZC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1326123.15   | 0.05%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                           | Dublin City School District, Ohio School Facilities Unlimited Tax, Series 2024B                                                                        | CUSIP: 26371GYQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923044.00    | 0.03%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin Township-Marion County Multiple School Building Corp.                        | Franklin Township-Marion County Multiple School Building Corp., Valorem Property Tax First Mortgage, Series 2024                                       | CUSIP: 355137FY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1485499.95   | 0.05%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                                  | Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series 2024                                                                  | CUSIP: 606092PT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1193991.48   | 0.04%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                    | Virginia Public Building Authority, Series 2015A                                                                                                       | CUSIP: 928172K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004014.00   | 0.17%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Natural Resources, Series 2017V                                                                                                         | CUSIP: 677522VH4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36798.43     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018B                                                                                                       | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9370000 | PA      | $8983122.07   | 0.31%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health and Higher Educational Facilities Authority, Series 2024A                                                                                 | CUSIP: 56042SDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1522280.83   | 0.05%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                               | Energy Southeast A Cooperative District, Series 2023A-1                                                                                                | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5338375.50   | 0.18%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                                 | Northwest Independent School District, Unlimited Tax, Series 2022A                                                                                     | CUSIP: 667826DU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018983.40   | 0.04%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington Motor Vehicle Fuel Tax, Series R-2025E                                                                                             | CUSIP: 93974FAW3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   6860000 | PA      | $7439275.55   | 0.26%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                                          | CUSIP: 13048VY51<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051028.20   | 0.04%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group, Series 2017B                                               | CUSIP: 49126KKP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $170370.52    | 0.01%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                   | Geisinger Authority, Health System, Series 2020A                                                                                                       | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4444033.50   | 0.15%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                             | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-1                                                                             | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3385576.92   | 0.12%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington Motor Vehicle Fuel Tax, Series 2025C                                                                                               | CUSIP: 93974E5W2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5040000 | PA      | $5533717.90   | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing Options, Inc.                                                                 | Housing Options, Inc., The Culbreath                                                                                                                   | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5034473.50   | 0.17%             | 2045-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMU4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3443460.80   | 0.12%             | 2055-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018057.00   | 0.04%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade, Jackson Health System                                                                                                            | CUSIP: 59333TGC8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3176172.30   | 0.11%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                      | JEA Water and Sewer System, Series 2024A                                                                                                               | CUSIP: 46615SFP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5266234.50   | 0.18%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority, Series 2024A                                                                                                    | CUSIP: 452252QS1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2535377.50   | 0.09%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLE1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3426098.85   | 0.12%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Junior Lien, Wastewater System, Series 2023                                                                   | CUSIP: 71883PMK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109506.80   | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Regional Wastewater Authority                                            | Three Rivers Regional Wastewater Authority, Series 2024                                                                                                | CUSIP: 885754AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1368533.36   | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                    | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   2750000 | PA      | $2651625.08   | 0.09%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Series 2022A                                                                                                              | CUSIP: 682001HP0<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1299192.09   | 0.04%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                          | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2017D                                                                                  | CUSIP: 5917453X0<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35452.81     | 0.00%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Drinking Water Assistance, Series 2024A                                                                              | CUSIP: 67765QPG5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1415161.28   | 0.05%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                        | Massachusetts State College Building Authority, Series 2017D                                                                                           | CUSIP: 575831DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46916.20     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City, Airport System, Series 2023A                                                                                                   | CUSIP: 795576LX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1105424.18   | 0.04%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                                    | State of Tennessee, Series 2023A                                                                                                                       | CUSIP: 880541J40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5445648.50   | 0.19%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp.                                                  | Texas State Affordable Housing Corp., Juniper Creek Apartments Project, Series 2023                                                                    | CUSIP: 88271FFP3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3013953.60   | 0.10%             | 2044-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2025A                                                      | CUSIP: 93978HZD0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060872.30   | 0.04%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System, Series 2019A                                                                     | CUSIP: 71883MNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010786.80   | 0.07%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Series 2023B                                                                                              | CUSIP: 79739GRD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126576.40   | 0.07%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8870000 | PA      | $8921800.80   | 0.31%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Infrastructure Improvement, Series 2024A                                                                                                | CUSIP: 677523HS4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $3076129.42   | 0.11%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7255000 | PA      | $7381662.14   | 0.25%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                            | Great Lakes Water Authority Sewage Disposal System, Second Lien, Series 2023A                                                                          | CUSIP: 39081HER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077528.40   | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $2058250.95   | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, Customer Facility Charge Senior Lien, Series 2023                                                                | CUSIP: 1675933Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1364905.65   | 0.05%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Adventist Health System, Series 2024A                                                                | CUSIP: 13032UT73<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5586871.50   | 0.19%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                                 | State of Rhode Island and Providence Plantations Consolidated Capital Development Loan, Series 2018A                                                   | CUSIP: 76222RWG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79333.96     | 0.00%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orchard Farm R-V School District                                                      | Orchard Farm R-V School District, Missouri Direct Deposit Program, Series 2024A                                                                        | CUSIP: 68562PHU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5325000 | PA      | $5990194.21   | 0.21%             | 2041-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Series 2023A                                                                                                         | CUSIP: 67765QNF9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1474197.91   | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County Housing Authority                                                        | Adams County Housing Authority, Maiker Housing Partners Multifamily Housing, Overlook At Thornton, Series 2023                                         | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3300000 | PA      | $3322521.51   | 0.11%             | 2042-05-01      | Variable      | 4.50%                 | 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 2025H, Sub H-1                                 | CUSIP: 64972JTF5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046284.70   | 0.04%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia Project, Series 2024B                                                                                          | CUSIP: 62620HJF0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046862.70   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023                   | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3257105.70   | 0.11%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                           | Vancouver Housing Authority, Series 2025                                                                                                               | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5718343.80   | 0.20%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                                                                                      | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984389.40    | 0.03%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2068031.56   | 0.07%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York and New Jersey, Consolidated, Series 248                                                                                    | CUSIP: 73358XPY2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050590.40   | 0.07%             | 2050-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.                                                                              | CUSIP: 041807BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108712.20    | 0.00%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                          | Alaska Housing Finance Corp., State Capital Project, Series II 2024A                                                                                   | CUSIP: 011839N86<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047157.30   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                | Permanent University Fund - University of Texas System, Series 2016B                                                                                   | CUSIP: 9151158E2<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   7985000 | PA      | $7610438.02   | 0.26%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2021, Series 2021F, Subseries F-1                                                                                        | CUSIP: 64966QVM9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060646.10   | 0.04%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 101 La Center                                        | Clark County School District No. 101 La Center, Unlimited Tax                                                                                          | CUSIP: 181211EV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52262.80     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Subordinate, Series 2023-1                                                                                           | CUSIP: 709225GY6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $817409.63    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Amherst College Issue, Series 2025A                                                                          | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5631426.00   | 0.19%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Consolidated Loan of 2020, Series 2020E                                                                                 | CUSIP: 57582RK47<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3249328.92   | 0.11%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bryan TX Waterworks & Sewer Revenue                                           | City of Bryan Waterworks and Sewer, Series 2025                                                                                                        | CUSIP: 117622PG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2587485.18   | 0.09%             | 2045-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                              | Maine Turnpike Authority                                                                                                                               | CUSIP: 560551RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1999602.99   | 0.07%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                | Township of Hampton                                                                                                                                    | CUSIP: 409468LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $619069.08    | 0.02%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                                      | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2459824.75   | 0.08%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                               | Wyoming Community Development Authority, Series 2023-1                                                                                                 | CUSIP: 98322QE78<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1416474.41   | 0.05%             | 2053-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2 CL 1, Class 1                                                                           | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2470726.44   | 0.09%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                           | CUSIP: 199546DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019443.70   | 0.04%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                          | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $899888.46    | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Meriden CT                                                                    | City of Meriden, Series 2023                                                                                                                           | CUSIP: 5895355L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $867490.83    | 0.03%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series 2023G                                                                    | CUSIP: 57584Y4R7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $792751.80    | 0.03%             | 2029-07-01      | 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        |   2215000 | PA      | $2366801.04   | 0.08%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 1 Tucson                                      | Pima County Unified School District No. 1 Tucson, Project of 2023, Series 2024A                                                                        | CUSIP: 721799H98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091572.60   | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                  | City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien, Series 2019D                                                                     | CUSIP: 04780TDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2272072.59   | 0.08%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                             | CUSIP: 49151F4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $4016133.33   | 0.14%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                  | County of Harnett, Limited Tax                                                                                                                         | CUSIP: 41333TCV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $984029.43    | 0.03%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                                  | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037261.20   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                               | Trinity River Authority of Texas, Livingston Regional Water Supply System Project, Series 2023                                                         | CUSIP: 896560XU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1260291.14   | 0.04%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                       | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                             | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4446705.60   | 0.15%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                               | Trinity River Authority, Water Project                                                                                                                 | CUSIP: 89657PGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60745.28     | 0.00%             | 2026-02-01      | 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 2021E                                                           | CUSIP: 64990KFV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2641309.85   | 0.09%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                 | City of Chicago Waterworks, Second Lien, Series 2001                                                                                                   | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5843789.60   | 0.20%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, State Loan Program, Series 2023A                                                                                       | CUSIP: 67920QY69<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   3720000 | PA      | $3526788.41   | 0.12%             | 2043-10-01      | 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 2024C                                                                       | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.04%             | 2054-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                                        | Public Power Generation Agency, Whelan Energy Center Unit 2, Series 2024A                                                                              | CUSIP: 744434EZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1502365.58   | 0.05%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                    | City of Decatur                                                                                                                                        | CUSIP: 243127VN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131956.37    | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Sales Tax, Series 2024B                                                                                      | CUSIP: 64990AWV3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3070871.10   | 0.11%             | 2049-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                     | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025B                                                                      | CUSIP: 451295H51<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   8295000 | PA      | $8872555.14   | 0.31%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK                                                          | Municipality of Anchorage, Series 2024A                                                                                                                | CUSIP: 033252BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1946475.18   | 0.07%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                              | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc., Series 2022                                                                     | CUSIP: 906420BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303267.57    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                      | City of Los Angeles, Wastewater System, Subordinate, Series 2025A                                                                                      | CUSIP: 53945CMD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024906.70   | 0.04%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Power Supply, Series 2024A                                                                                            | CUSIP: 45884AK77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1683366.90   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Multi-Family Housing, View At San Bruno, Series 2024A-1                                                        | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1831151.35   | 0.06%             | 2056-06-01      | Variable      | 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 2015GG                                                    | CUSIP: 64972GHJ6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002065.80   | 0.10%             | 2039-06-15      | Fixed         | 5.00%                 | 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, Series 2009BB-2                                    | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.08%             | 2039-06-15      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                          | State of Kansas Department of Transportation, Series 2025A                                                                                             | CUSIP: 485424UB9<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2145000.04   | 0.07%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                     | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                      | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  41135000 | PA      | $6050501.90   | 0.21%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                | County of Clark Department of Aviation, Series 2019D                                                                                                   | CUSIP: 18085PSJ4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4748160.38   | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                             | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040379.20   | 0.07%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                      | State of Florida Board of Education, Public Education Capital Outlay, Series 2017B                                                                     | CUSIP: 34153QKS4<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77622.13     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                | Bucks County Water and Sewer Authority, Series 2022A                                                                                                   | CUSIP: 118683JN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $127051.34    | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                      | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project, Series 2019A                                                     | CUSIP: 011903GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560599.25   | 0.05%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX Utility System Revenue                                          | City of Georgetown, Utilities System, Series 2023                                                                                                      | CUSIP: 373064Q72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $521929.25    | 0.02%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2018A                                                                    | CUSIP: 6461364C2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253258.75    | 0.01%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Episcopal-Presbyterian Hospitals, Series 2015B                        | CUSIP: 60637AJZ6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165131.08    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2025B-2                                                                           | CUSIP: 89602HJB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10754841.00  | 0.37%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation, Series 2020A                                                                                      | CUSIP: 592647HQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1720295.68   | 0.06%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp.                                                               | Louisiana Housing Corp., Single Family Mortgage, Series 2025A                                                                                          | CUSIP: 54627DTY7<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2172199.40   | 0.07%             | 2055-06-01      | Fixed         | 6.00%                 | 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 2023, Series 2023AA Subseries AA-1     | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3094189.50   | 0.11%             | 2052-06-15      | Fixed         | 5.25%                 | 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        |   7000000 | PA      | $7001617.70   | 0.24%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2017C-1                                                                                    | CUSIP: 59261AQE0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  14360000 | PA      | $14763065.10  | 0.51%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                        | CUSIP: 64966SLS3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3901160.20   | 0.13%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 1 Tucson                                      | Pima County Unified School District No. 1 Tucson, Project of 2023, Series 2024A                                                                        | CUSIP: 721799J54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1800768.52   | 0.06%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                           | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024A                                   | CUSIP: 821691AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3208899.00   | 0.11%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project, Series 2021B                                        | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1260237.98   | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Consolidated Loan of 2023, Series 2023A                                                                                 | CUSIP: 57582R2Q8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $2034624.70   | 0.07%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                   | Allegheny County Sanitary Authority, Sewer, Series 2024                                                                                                | CUSIP: 017357P81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1177144.73   | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                      | Lower Alabama Gas District (The), Gas Project, Series 2016A                                                                                            | CUSIP: 547804AD6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1313005.75   | 0.05%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                 | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                                   | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $173650.08    | 0.01%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Southern Illinois University                                                          | Southern Illinois University, Housing and Auxiliary Facilities, Series 2022A                                                                           | CUSIP: 8431465P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $851821.76    | 0.03%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.                               | Mississippi State University Educational Building Corp., New Facilities and Refinancing Project                                                        | CUSIP: 605699QD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35106.81     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport          | San Francisco City and County Airport Comm-San Francisco International Airport, Series 2016B                                                           | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1184505.36   | 0.04%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Personal Income Tax, Series 2021E                                                                            | CUSIP: 64990KDS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5238.31      | 0.00%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                            | Denver City and County School District No. 1, Series 2025A                                                                                             | CUSIP: 249174YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4240000 | PA      | $4841066.22   | 0.17%             | 2035-12-01      | Fixed         | 5.25%                 | 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        |  10000000 | PA      | $10005959.00  | 0.35%             | 2025-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petaluma Public Financing Authority                                                   | Petaluma Public Financing Authority, Road Improvement Projects                                                                                         | CUSIP: 71600NAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153023.16    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032BC2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919119.60    | 0.03%             | 2056-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                         | Central Texas Turnpike System, First Tier, Series 2024A                                                                                                | CUSIP: 88283KBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102960.90   | 0.04%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2022A                                                                   | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499962.05   | 0.05%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Indiana State University                                                              | Indiana State University, Housing and Dining System                                                                                                    | CUSIP: 455114NB0<br>LEI: 5493004D3AY6L1VGGU46 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76908.03     | 0.00%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                  | CUSIP: 45506EMB6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135010.90   | 0.04%             | 2035-02-01      | 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 2023B                                  | CUSIP: 92778VNG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $168559.71    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Unlimited Tax, Series 2023C                                                                                                           | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1294976.76   | 0.04%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                       | State of Oregon, Article XI-F Project, Series 2025F                                                                                                    | CUSIP: 68609URJ6<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114177.50   | 0.04%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Academies of Math and Science Projects                                                                       | CUSIP: 04052BSW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $503548.91    | 0.02%             | 2033-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Waxahachie Independent School District                                                | Waxahachie Independent School District, Series 2024                                                                                                    | CUSIP: 944097ZX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079514.70   | 0.04%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project                                                   | CUSIP: 928104NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $245585.65    | 0.01%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                        | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                      | CUSIP: 454898YD3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1288991.88   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mason County School District No. 309 Shelton                                          | Mason County School District No. 309 Shelton, Unlimited Tax                                                                                            | CUSIP: 575141KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46397.35     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series 2025B-2                                                                  | CUSIP: 45204FM85<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5229749.50   | 0.18%             | 2044-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, California Baptist University, Series 2025A                                                                    | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1283594.88   | 0.04%             | 2035-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Town of Ocean City MD                                                                 | Town of Ocean City, Series 2023                                                                                                                        | CUSIP: 674667WN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953054.20    | 0.03%             | 2043-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury Ultra Bond                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -87 | NC      | $-232560.23   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| TSASC, Inc.                                                                           | TSASC, Inc., Series A                                                                                                                                  | CUSIP: 898526FD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006560.80   | 0.03%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Senior Lien, Series 2024A                                                                                              | CUSIP: 79467BHN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642538.10   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Series 2021A-2                                                  | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5032038.50   | 0.17%             | 2046-10-01      | Variable      | 4.60%                 | 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        |   1000000 | PA      | $1032495.60   | 0.04%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                              | City of Paso Water and Sewer                                                                                                                           | CUSIP: 283822ZH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1325235.41   | 0.05%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                        | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                      | CUSIP: 454898YE1<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050689.20   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spotsylvania VA Water & Sewer System Revenue                                | County of Spotsylvania Water and Sewer System, Series 2024                                                                                             | CUSIP: 849269MM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1039700.97   | 0.04%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, LCRA Transmission Services Corp. Project                                                                               | CUSIP: 54811BQT1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993347.80    | 0.03%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                                       | Tarrant County College District, Series 2022                                                                                                           | CUSIP: 87638KCR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062175.50   | 0.04%             | 2028-08-15      | 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 2009-2                                                   | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1415000 | PA      | $1417321.87   | 0.05%             | 2026-03-06      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group, Series 2017C                                                                    | CUSIP: 45470YEN7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    115000 | PA      | $114642.05    | 0.00%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Brookline MA                                                                  | Town of Brookline, Purpose Loan                                                                                                                        | CUSIP: 113746EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2696897.81   | 0.09%             | 2044-05-15      | 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 248                                                                                    | CUSIP: 73358XPJ5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1899036.85   | 0.07%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                      | Energy Northwest, Project 1, Series 2017A                                                                                                              | CUSIP: 29270CU52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57189.17     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Series 2025                                                                                        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2865555.90   | 0.10%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032AW9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544268.60   | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2024                                                                               | CUSIP: 187145TQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042326.90   | 0.04%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                                   | Bartow County Development Authority, Georgia Power Co. Plant, Series 2009-1                                                                            | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2025185.80   | 0.07%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Second Lien, Series 2020A                                                                                              | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1645876.23   | 0.06%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                             | CUSIP: 49151F3U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1524210.38   | 0.05%             | 2030-10-01      | 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        |   1000000 | PA      | $1088760.60   | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2024G                                                                    | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4112640.00   | 0.14%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                         | Maryland Community Development Administration, Multi- Family, Villages At Marley Station, Series 2024D-2                                               | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2496476.75   | 0.09%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp.                                              | Suffolk Regional Off-Track Betting Corp., Series 2024                                                                                                  | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $3008360.29   | 0.10%             | 2044-12-01      | Fixed         | 5.75%                 | 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: 64972JQC5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2235642.00   | 0.08%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                        | State of Texas, College Student Loan                                                                                                                   | CUSIP: 8827242T3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2300864.45   | 0.08%             | 2029-08-01      | 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 2024, Series 2024C                                                       | CUSIP: 64972JCG1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2534272.25   | 0.09%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $215578.86    | 0.01%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Personal Income Tax, Series 2019D                                                                                  | CUSIP: 64990FPM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142335.20   | 0.07%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Township-Marion County Multiple School Building Corp.                        | Franklin Township-Marion County Multiple School Building Corp., Valorem Property Tax First Mortgage, Series 2024                                       | CUSIP: 355137FW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1758294.24   | 0.06%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                         | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                         | CUSIP: 154871CF2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    320000 | PA      | $336221.25    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                        | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                      | CUSIP: 454898YG6<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    690000 | PA      | $747036.09    | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                                 | Maricopa County Unified School District No. 60 Higley                                                                                                  | CUSIP: 56756QAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214146.94    | 0.01%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                    | State of Wisconsin, Series 2023B                                                                                                                       | CUSIP: 97705MD93<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1401842.82   | 0.05%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2020                                                                    | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3999883.60   | 0.14%             | 2045-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1075657.00   | 0.04%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                               | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                                           | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $3048258.62   | 0.11%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                           | JEA Electric System, Series 2024A-3                                                                                                                    | CUSIP: 46613SSF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2703465.00   | 0.09%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2023B                                                                                                                        | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $384184.80    | 0.01%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                          | Albuquerque Municipal School District No. 12, Series 2024                                                                                              | CUSIP: 013595ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $644376.90    | 0.02%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2021, Series 2021A-1                                                                                                     | CUSIP: 64966QMF4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    185000 | PA      | $200999.54    | 0.01%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Celanese Corp., Series 2016C                                                                                                 | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1825257.36   | 0.06%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board, Series 2023A                                                                                                            | CUSIP: 88285ADK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1856228.64   | 0.06%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center                                                             | CUSIP: 87638QTK5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2097788.02   | 0.07%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                      | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195DV9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055064.70   | 0.04%             | 2038-12-01      | 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        |   2550000 | PA      | $2568849.60   | 0.09%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                                 | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023B                                                                | CUSIP: 197479AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072163.60   | 0.07%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vinton-Tecumseh School Building Corp.                                                 | Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax                                                                                         | CUSIP: 927557NS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1246751.00   | 0.04%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PH99<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    240000 | PA      | $255205.58    | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                    | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                                               | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5533896.50   | 0.19%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                   | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1674063.61   | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.                                                                              | CUSIP: 041807BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $151547.85    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                  | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    790000 | PA      | $753364.86    | 0.03%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                          | Los Angeles Department of Water and Power Water System, Series 2017A                                                                                   | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884307.50    | 0.03%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                            | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                            | CUSIP: 95737TEU6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7803499.50   | 0.27%             | 2056-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                             | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2                                                                             | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079234.60   | 0.04%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Consolidated Loan of 2024, Series 2024H                                                                                 | CUSIP: 57582TBQ4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1214289.07   | 0.04%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                                   | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2387067.02   | 0.08%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                        | Texas Public Finance Authority, Texas Southern University, Series 2023                                                                                 | CUSIP: 88277PAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506788.30    | 0.02%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                        | CUSIP: 64966SMF0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1026953.73   | 0.04%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                  | CUSIP: 45471FAE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    430000 | PA      | $425795.89    | 0.01%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                  | Allegheny County Higher Education Building Authority, Carnegie Mellon University, Series 2008A                                                         | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.21%             | 2037-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC Waterworks & Sewer System Revenue                             | County of Dorchester, Waterworks and Sewer System, Series 2023                                                                                         | CUSIP: 258193EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1840247.40   | 0.06%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX Utility System Revenue                                          | City of Georgetown, Utilities System, Series 2023                                                                                                      | CUSIP: 373064S47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1453374.18   | 0.05%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VDY6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    180000 | PA      | $184984.40    | 0.01%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                          | Southern Illinois University, Housing and Auxiliary Facilities, Series 2022A                                                                           | CUSIP: 8431465Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $617611.30    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                  | Allegheny County Higher Education Building Authority, University Refunding Duquesne University, Series 2024                                            | CUSIP: 01728RPZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015777.40   | 0.04%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024               | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014100.80   | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Lehigh PA                                                                   | County of Lehigh, Lehigh Valley Health Network Hospital, Series 2016A                                                                                  | CUSIP: 52480GCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $170915.99    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                           | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                       | CUSIP: 82170KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $108118.91    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King and Pierce Counties Valley Regional Fire Authority                               | King and Pierce Counties Valley Regional Fire Authority, Washington Unlimited Tax                                                                      | CUSIP: 92007ABV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123423.10   | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023068.30   | 0.04%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                | City of Mesa Utility System                                                                                                                            | CUSIP: 5905452Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120737.20   | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                                   | Redevelopment Authority of the City of Philadelphia, Service Agreement, Series 2024B                                                                   | CUSIP: 717868JR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $743801.28    | 0.03%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, White Plains Hospital, Series 2024                                                                                 | CUSIP: 65000B7G7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055774.60   | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                 | City of Farmington, San Juan Project, Series 2010D                                                                                                     | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1100000 | PA      | $1107675.69   | 0.04%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                | Illinois Housing Development Authority, Series 2024A                                                                                                   | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    955000 | PA      | $1024243.13   | 0.04%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                     | Plano Independent School District, Unlimited Tax                                                                                                       | CUSIP: 727199F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3043361.10   | 0.11%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin Township-Marion County Multiple School Building Corp.                        | Franklin Township-Marion County Multiple School Building Corp., Valorem Property Tax First Mortgage, Series 2024                                       | CUSIP: 355137FX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1226277.23   | 0.04%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Community Health System, Series 2021A                                                                          | CUSIP: 13048VYY8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $848684.56    | 0.03%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2023A                                                    | CUSIP: 896035CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875244.50    | 0.03%             | 2058-05-15      | 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        |   1000000 | PA      | $1000670.60   | 0.03%             | 2025-06-26      | 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 2024A                                                                                      | CUSIP: 44244CU54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1301796.75   | 0.04%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507ND2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068823.80   | 0.07%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, Valley Christian Schools Project, Series 2023A                                                       | CUSIP: 56678RAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $913160.40    | 0.03%             | 2043-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                            | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B                                                                               | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452870.35    | 0.02%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                  | State of Connecticut, Series 2025B                                                                                                                     | CUSIP: 20772KC31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100407.50   | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mankato MN                                                                    | City of Mankato, Series 2022B                                                                                                                          | CUSIP: 563657VN2<br>LEI: 5493003B18DJ507ZEG20 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154977.74    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                                   | City of Rockport, Indiana Michigan Power Co. Project, Series 2025A                                                                                     | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $4986974.00   | 0.17%             | 2047-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                            | City of North Las Vegas, Water and wastewater Reclamation System Limited Tax, Series 2024B                                                             | CUSIP: 660393Y37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $2046730.15   | 0.07%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1870320.80   | 0.06%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507MT8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105279.60   | 0.04%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                 | North Ridgeville City School District, Series 2024                                                                                                     | CUSIP: 661870LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1927540.50   | 0.07%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                     | Palm Beach County School District, Series 2024A                                                                                                        | CUSIP: 696550L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2219339.47   | 0.08%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 10 Year Ultra Note                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -184 | NC      | $-254649.62   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Yellowstone and Carbon Counties School District No. 7-70 Laurel                       | Yellowstone and Carbon Counties School District No. 7-70 Laurel, Series 2023                                                                           | CUSIP: 985686CF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1768989.95   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                                    | CUSIP: 04052FEG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1981888.55   | 0.07%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072640.70   | 0.04%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2024E                                                                    | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3149538.30   | 0.11%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                   | Jarrell Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 471146XM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100935.40   | 0.04%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                 | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                    | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8950828.10   | 0.31%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Trinity Health Credit Group, Series 2016 MI                                                                                | CUSIP: 59447TGX5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5054947.50   | 0.17%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                             | City of Glendale Water and Sewer, Senior Lien                                                                                                          | CUSIP: 378352RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $506746.20    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                        | CUSIP: 64966SLZ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5208067.50   | 0.18%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Senior Lien                                                                                                                  | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2810878.63   | 0.10%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3634635.55   | 0.13%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                   | Geisinger Authority, Health System, Series 2020B                                                                                                       | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $463534.34    | 0.02%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Series 2023C                                                                                                     | CUSIP: 167562TH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2596296.50   | 0.09%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors University of North Florida Dormitory Revenue        | Florida State Board of Governors University of North Florida Dormitory, Series 2023A                                                                   | CUSIP: 34157XAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2764560.34   | 0.10%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Series 2024                                                              | CUSIP: 762244MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1200953.28   | 0.04%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                    | State of Wisconsin, Series 2016-2                                                                                                                      | CUSIP: 97705MEH4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50958.69     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                                      | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5430469.30   | 0.19%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                                | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1290455.79   | 0.04%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2024B                                                                                                                        | CUSIP: 452153JJ9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030798.80   | 0.04%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4U9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    460000 | PA      | $472174.87    | 0.02%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority, First Tier, Series 2023A                                                                                                | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3784439.05   | 0.13%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, Series 2024                                                                                                            | CUSIP: 54811GN89<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4322742.80   | 0.15%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                     | Iowa Student Loan Liquidity Corp., Student Loan, Series 2023B                                                                                          | CUSIP: 462590NS5<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    900000 | PA      | $926304.48    | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                  | State of Connecticut, Series A                                                                                                                         | CUSIP: 20772J6T4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    135000 | PA      | $138659.50    | 0.00%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                      | Minnesota Housing Finance Agency, Series 2023F                                                                                                         | CUSIP: 60416TQ68<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2437583.14   | 0.08%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2018B                                                                                                                        | CUSIP: 4521523B5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086140.00   | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berkley School District                                                               | Berkley School District, Unlimited Tax                                                                                                                 | CUSIP: 084482DV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232887.89    | 0.01%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                         | Lee County School Board (The), Series 2023A                                                                                                            | CUSIP: 523494RK0<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1311146.25   | 0.05%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Consolidated Loan of 2023, Series 2023A                                                                                 | CUSIP: 57582R2Z8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13262392.00  | 0.46%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLJ0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1421083.43   | 0.05%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts, Series 2024                                                   | CUSIP: 13034A5V8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2062731.64   | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series B                                                                                                           | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4957144.00   | 0.17%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                    | State of Louisiana, Series 2016-B                                                                                                                      | CUSIP: 5464152B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30399.46     | 0.00%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                | Bucks County Water and Sewer Authority, Series 2022A                                                                                                   | CUSIP: 118683JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $412817.48    | 0.01%             | 2036-12-01      | 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 2025A                                           | CUSIP: 64985H4A2<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    465000 | PA      | $520441.49    | 0.02%             | 2037-09-15      | 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 2024, Series 2024C                                                       | CUSIP: 64972JCD8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072944.60   | 0.07%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2458874.64   | 0.08%             | 2051-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                           | Long Island Power Authority, Electric System, Series 2019A                                                                                             | CUSIP: 542691CK4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005478.20   | 0.07%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                      | Katy Independent School District, Unlimited Tax, Series 2024                                                                                           | CUSIP: 486063W63<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1348684.08   | 0.05%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5272391.78   | 0.18%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                                  | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $611438.09    | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                              | Arizona Board of Regents, Series 2020A                                                                                                                 | CUSIP: 040664AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $460634.10    | 0.02%             | 2033-07-01      | 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: 576553CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2034912.75   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                       | County of King Sewer, Series 2016A                                                                                                                     | CUSIP: 4952893K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4947313.00   | 0.17%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Cornell University, Series 2019D                                                                                   | CUSIP: 64990GSH6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    135000 | PA      | $152948.49    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project                                                   | CUSIP: 928104NU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903600.80   | 0.07%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                                   | Napa Valley Unified School District, Election of 2024, Series A                                                                                        | CUSIP: 630362GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462407.90   | 0.05%             | 2055-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PH81<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316567.86    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Centro Financing Authority                                                         | El Centro Financing Authority, Police Station Project, Series 2023A                                                                                    | CUSIP: 28282RBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $548751.67    | 0.02%             | 2025-10-01      | 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, Series 2024B                                                                                             | CUSIP: 79625GKF9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625246.70   | 0.06%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water and Power, Series 2024C                                                                                                | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3671878.05   | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                | Township of Hampton                                                                                                                                    | CUSIP: 409468LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $162098.09    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                      | Texas Municipal Gas Acquisition and Supply Corp. V Gas supply, Series 2024                                                                             | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8420875.20   | 0.29%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Series 2025A                                                                                                                            | CUSIP: 677523LG5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8955000 | PA      | $9984401.43   | 0.34%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, Holy Family University Project                                                                      | CUSIP: 71780TBE2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    610000 | PA      | $626004.81    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series 2024B                                                              | CUSIP: 87638THK2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1131071.91   | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, KIPP Nashville Project, Series 2022A                                                                         | CUSIP: 04052BSN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $241905.36    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                          | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2023A                                                                                  | CUSIP: 591746AM4<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    900000 | PA      | $970340.85    | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | 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 2011, Series DD-1                      | CUSIP: 64972FX27<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.07%             | 2043-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Brookline MA                                                                  | Town of Brookline, Purpose Loan                                                                                                                        | CUSIP: 113746EL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $4726467.71   | 0.16%             | 2045-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Junior Lien, Wastewater System, Series 2023                                                                   | CUSIP: 71883PMM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4160868.40   | 0.14%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PJ22<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    440000 | PA      | $470791.77    | 0.02%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge & Tunnel Enterprise                                                   | Colorado Bridge and Tunnel Enterprise, Series 2024A                                                                                                    | CUSIP: 19633TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034236.90   | 0.04%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                      | City of Los Angeles, Wastewater System, Subordinate, Series 2025A                                                                                      | CUSIP: 53945CMB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050834.30   | 0.04%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                                  | Fayette County Development Authority, United States Soccer Federation, Inc. Project                                                                    | CUSIP: 31222PAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2262669.53   | 0.08%             | 2054-10-01      | Fixed         | 5.25%                 | 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        |   1385000 | PA      | $1404623.79   | 0.05%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Cormont Public Infrastructure District                                           | Mida Cormont Public Infrastructure District, Limited Tax, Series 2025A-1                                                                               | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022859.00   | 0.04%             | 2055-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10575000 | PA      | $10427856.28  | 0.36%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Loan Council                                                        | Florida Municipal Loan Council, Village of Palmetto Bay, Series 2021A                                                                                  | CUSIP: 34282CSM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77269.97     | 0.00%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                               | Memphis-Shelby County Airport Authority, Series 2021A                                                                                                  | CUSIP: 586111PM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979355.60    | 0.03%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington, State and Local Agency Real and Personal Property, Series 2015C                                                                   | CUSIP: 939720SM1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55504.14     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                                  | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility, Series 2019E                                  | CUSIP: 181006HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $164145.28    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.                                                                              | CUSIP: 041807BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159620.40    | 0.01%             | 2028-08-15      | 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: 19662UBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1097723.76   | 0.04%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2607295.78   | 0.09%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                                    | CUSIP: 678514DX5<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1393587.88   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spotsylvania VA                                                             | County of Spotsylvania, Public Improvement                                                                                                             | CUSIP: 849254WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $90339.57     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                                           | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6740580.60   | 0.23%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                                | Vista Joint Powers Financing Authority, Series 2025A                                                                                                   | CUSIP: 928317FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1398271.75   | 0.05%             | 2036-05-01      | 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: 181108E31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1179179.91   | 0.04%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                           | University of Alabama (The), Huntsville General Fee, Series 2018B-2                                                                                    | CUSIP: 914025FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $100440.93    | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series 2024B                                                              | CUSIP: 87638THM8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3153642.00   | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Series 2021A                                                                                          | CUSIP: 45528UT35<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4943309.50   | 0.17%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Haven Unified School District                                                     | New Haven Unified School District, Election of 2024, Series A                                                                                          | CUSIP: 645002M78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6699524.30   | 0.23%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2023, Series 2023E, Subseries E-1                                                                                        | CUSIP: 64966QZ86<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1117471.66   | 0.04%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2018, Series 2018E                                                                                                       | CUSIP: 64966QAA8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.15%             | 2048-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, CommonSpirit Health, Series 2024A                                                                                | CUSIP: 19648FXR0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7630000 | PA      | $8126372.70   | 0.28%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa-Hillsborough County Expressway Authority                                        | Tampa-Hillsborough County Expressway Authority, Series 2017B                                                                                           | CUSIP: 875301GD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42076.14     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington Motor Vehicle Fuel Tax, Series R 2025 C                                                                                            | CUSIP: 93974E5Y8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4487273.60   | 0.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District Project No.06, Series 2023B                                                                          | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5870000 | PA      | $6116993.75   | 0.21%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                               | Wyoming Community Development Authority, Series 2024-1                                                                                                 | CUSIP: 98322QM46<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2686773.19   | 0.09%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025B                                                           | CUSIP: 199546DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036474.70   | 0.04%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                                  | Texas A&M University, Financing System, Series 2017E                                                                                                   | CUSIP: 88213AKZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $160014.58    | 0.01%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Bucks School District                                                         | Central Bucks School District                                                                                                                          | CUSIP: 152735ZS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $219728.48    | 0.01%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                          | Southern Illinois University, Housing and Auxiliary Facilities, Series 2022A                                                                           | CUSIP: 8431465R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $551183.47    | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tracy Public Financing Authority                                                      | Tracy Public Financing Authority, Legacy Fields, Series 2022A                                                                                          | CUSIP: 89239PAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1135149.71   | 0.04%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                  | CUSIP: 64613CFV5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098594.70   | 0.04%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Series 2016A                                                                                    | CUSIP: 97712JMD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1354610.24   | 0.05%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project                                                 | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1902763.40   | 0.07%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                         | Central Plains Energy Project, Gas Project No. 5, Series 2022-1                                                                                        | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1392217.47   | 0.05%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects, Tax Exempt, Series 2018A                                 | CUSIP: 67759HKN3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    220000 | PA      | $229773.39    | 0.01%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                 | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                                      | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4193986.09   | 0.14%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority, Series 2025B                                                                                                  | CUSIP: 8371516L8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264672.88   | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                          | Albuquerque Municipal School District No. 12, Series 2024                                                                                              | CUSIP: 013595ZJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065637.20   | 0.04%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Industrial Development Agency                                                 | Yonkers Industrial Development Agency, New Community School Project                                                                                    | CUSIP: 986094BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1495836.55   | 0.05%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                        | State of Maryland, Department of Transportation                                                                                                        | CUSIP: 574204H55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77033.54     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Smithtown Central School District                                                     | Smithtown Central School District                                                                                                                      | CUSIP: 832492ZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2530167.21   | 0.09%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A                                                           | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2250110.00   | 0.08%             | 2047-06-01      | 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        |   3250000 | PA      | $3268920.53   | 0.11%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2020B                                                                                                                        | CUSIP: 4521526X4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2370304.08   | 0.08%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fishers Redevelopment Authority                                                       | Fishers Redevelopment Authority, Lease Rental, Geist Park Improvement Project, Series 2024B                                                            | CUSIP: 33803TTW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1010454.18   | 0.03%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, LCRA Transmission Services Corp. Project                                                                               | CUSIP: 54811BRV5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    155000 | PA      | $159386.89    | 0.01%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                            | Delaware Valley Regional Finance Authority, Local Government, Series 2022D                                                                             | CUSIP: 246579LR5<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024380.50   | 0.04%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                    | Charleston County Airport District                                                                                                                     | CUSIP: 160070DX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262812.88    | 0.01%             | 2035-07-01      | 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        |   1000000 | PA      | $1000628.90   | 0.03%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Davidson NC                                                                 | County of Davidson                                                                                                                                     | CUSIP: 238595MR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36531.70     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                             | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1212036.25   | 0.04%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Series 2024E                                                                                          | CUSIP: 45528VDY2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    750000 | PA      | $759443.33    | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                          | State of Kansas Department of Transportation, Series 2024A                                                                                             | CUSIP: 485424TB1<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118699.60   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                   | Prosper Independent School District                                                                                                                    | CUSIP: 7436003M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1214456.02   | 0.04%             | 2040-02-15      | 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 244                                                                                    | CUSIP: 73358XLY6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068942.50   | 0.04%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                      | County of Lee, Airport, Series 2021B                                                                                                                   | CUSIP: 523470GW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1959563.20   | 0.07%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                  | Allegheny County Higher Education Building Authority, University Refunding Duquesne University                                                         | CUSIP: 01728RPY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2612661.15   | 0.09%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2022D-1A                                                                          | CUSIP: 89602HEF0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076146.20   | 0.04%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                | State of West Virginia, Series 2019A                                                                                                                   | CUSIP: 956553G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1106767.58   | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                 | City of Chicago, Waterworks, Second Lien, Series 2023A                                                                                                 | CUSIP: 167736U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $369250.68    | 0.01%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                  | Desert Sands Unified School District, Election of 2024                                                                                                 | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2287526.50   | 0.08%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                | University of Illinois, Auxiliary Facilities System, Series 2021A                                                                                      | CUSIP: 9143535P8<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |    450000 | PA      | $482389.38    | 0.02%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                               | City of Jacksonville, Series 2024                                                                                                                      | CUSIP: 469487VM1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1409742.43   | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2025A                                                      | CUSIP: 93978HZB4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034376.30   | 0.04%             | 2027-03-01      | 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: 64972JTS7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5231423.50   | 0.18%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4770000 | PA      | $1119114.98   | 0.04%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023                   | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3075302.70   | 0.11%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                      | State of Florida, State Board of Education, Lottery, Series 2016A                                                                                      | CUSIP: 341507P62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76788.64     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax, Series 2025A                                                 | CUSIP: 45130ADQ5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2229825.75   | 0.08%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                                  | City of New Haven                                                                                                                                      | CUSIP: 645021DR4<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3337946.70   | 0.12%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX                                                                 | City of Georgetown, Series 2022                                                                                                                        | CUSIP: 373029SH1<br>LEI: 549300BSO7ULYERIVM97 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2327815.14   | 0.08%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 1 Tucson                                      | Pima County Unified School District No. 1 Tucson, Project of 2023, Series 2024A                                                                        | CUSIP: 721799G65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101630.53   | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue             | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024A                                                                      | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1035911.10   | 0.04%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Lake Forest College, Series 2022A                                                                                          | CUSIP: 45204FQX6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    205000 | PA      | $213225.89    | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                               | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                    | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1222247.31   | 0.04%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Bucks School District                                                         | Central Bucks School District                                                                                                                          | CUSIP: 152735ZT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $381760.09    | 0.01%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                   | California Public Finance Authority, Senior Living The James, Series 2024A                                                                             | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3030000 | PA      | $2824897.79   | 0.10%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                                | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19250000 | PA      | $16655948.93  | 0.57%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                       | Truckee Meadows Water Authority                                                                                                                        | CUSIP: 897825HE8<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51764.92     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020, Series 2020A, Subseries A-2                                        | CUSIP: 64971XLG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $272054.43    | 0.01%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Series 2025A                                                                                         | CUSIP: 13032U2Y3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036920.00   | 0.04%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92260.32     | 0.00%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Collier County Educational Facilities Authority                                       | Cobb County Kennestone Hospital Authority, Ave Maria University, Inc. Project, Series 2023                                                             | CUSIP: 19463TBG0<br>LEI: 5493003XVBWC2SNPMX57 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1952067.43   | 0.07%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                    | City of Garland Electric Utility System                                                                                                                | CUSIP: 366133TR7<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093376.20   | 0.04%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                         | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                 | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $243271.03    | 0.01%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                      | Tulsa Airports Improvement Trust, American Airlines Group, Inc.                                                                                        | CUSIP: 899661EL2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1725000 | PA      | $1725000.00   | 0.06%             | 2035-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ann Arbor MI Water Supply System Revenue                                      | City of Ann Arbor                                                                                                                                      | CUSIP: 035573YK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1538523.80   | 0.05%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2024A                                                                    | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5246329.00   | 0.18%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                | Utah Transit Authority, Sales Tax, Series 2023                                                                                                         | CUSIP: 917567HB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1304775.15   | 0.05%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $262549.63    | 0.01%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-5                                                                               | CUSIP: 59447TW58<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1190358.30   | 0.04%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2023G-1                                                                  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4101460.97   | 0.14%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                      | CUSIP: 592647KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1455474.31   | 0.05%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Series 2024A-1                                                                                                             | CUSIP: 59447T5Q2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002450.50   | 0.03%             | 2025-07-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                       | Casino Reinvestment Development Authority, Inc., Luxury Tax, Series 2024B                                                                              | CUSIP: 14760RBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024956.80   | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881285.30    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                                    | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2943146.59   | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Coffee TN                                                                   | County of Coffee, Rural High School, Series 2021A                                                                                                      | CUSIP: 192162XW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132642.51    | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                             | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TH9<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108553.40   | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDL4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2688799.08   | 0.09%             | 2039-10-01      | 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, Series 2017A-2                               | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4002058.00   | 0.14%             | 2042-11-01      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4V7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $560934.61    | 0.02%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                    | City of Houston, Combined Utility System, First Lien, Series 2018D                                                                                     | CUSIP: 44244CSQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47695.15     | 0.00%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                          | Salt River Project Agricultural Improvement and Power District, Series 2025A                                                                           | CUSIP: 79574CFA6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597008.30   | 0.06%             | 2042-01-01      | 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 248                                                                                    | CUSIP: 73358XPT3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2131716.00   | 0.07%             | 2041-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                | Utah Transit Authority, Sales Tax                                                                                                                      | CUSIP: 917567HP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1685197.51   | 0.06%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                           | George L Smith II Congress Center Authority, Convention Center Hotel First, Series 2021A                                                               | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1673008.08   | 0.06%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                                       | CUSIP: 12008ETR7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    585000 | PA      | $617991.19    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                  | City of Charlotte, North Carolina Government Facilities, Series 2023B                                                                                  | CUSIP: 1610374S2<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    460000 | PA      | $479857.19    | 0.02%             | 2027-06-01      | 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        |  10000000 | PA      | $10006359.00  | 0.35%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                      | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195EF3<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3882997.20   | 0.13%             | 2063-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLF8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3641978.20   | 0.13%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project                                              | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3070000 | PA      | $2810313.31   | 0.10%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                              | Arizona Board of Regents, State University, Series 2020A                                                                                               | CUSIP: 040664AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $114550.28    | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507NC4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1456241.08   | 0.05%             | 2045-10-01      | Fixed         | 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        |   6375000 | PA      | $6370874.10   | 0.22%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, Honorhealth, Series 2024D                                                                            | CUSIP: 56678PCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2900700.36   | 0.10%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                               | Trinity River Authority, Tarrant County Water Project, Series 2023                                                                                     | CUSIP: 89657PPG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $703333.73    | 0.02%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                     | City of Charlotte                                                                                                                                      | CUSIP: 161045SW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2548025.84   | 0.09%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mabank Independent School District                                                    | Mabank Independent School District, Unlimited Tax, Series 2024                                                                                         | CUSIP: 554086NV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2785181.75   | 0.10%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series 2022B                                                                                                         | CUSIP: 709225GF7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066227.70   | 0.04%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                               | Indio Finance Authority, City of Indio, Series 2022A                                                                                                   | CUSIP: 45571LDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $220763.28    | 0.01%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax, Series 2023A                                                                                                         | CUSIP: 207758P98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080631.30   | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Hill Independent School District                                                | Cedar Hill Independent School District, Unlimited Tax, Series 2024                                                                                     | CUSIP: 1504294C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3546496.80   | 0.12%             | 2050-02-15      | 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        |   3400000 | PA      | $3400000.00   | 0.12%             | 2049-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                                                                                            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6000000 | PA      | $5369811.60   | 0.19%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Solano Irrigation District                                                            | Solano Irrigation District, Water                                                                                                                      | CUSIP: 834130AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $293252.40    | 0.01%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                  | City of Colorado Springs Utilities System, Series 2022B                                                                                                | CUSIP: 1966324E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2060735.21   | 0.07%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                          | Massachusetts Bay Transportation Authority Sales Tax, Series 2020B-1                                                                                   | CUSIP: 575579J57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4004276.40   | 0.14%             | 2050-07-01      | 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, Subordinate, Fiscal Year 2020, Series 2020S1, Subseries S-1B                                | CUSIP: 64972H3K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1369312.20   | 0.05%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                | University of Colorado, Enterprise System, Series 2017A-2                                                                                              | CUSIP: 91417NHZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5102.62      | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                           | JEA Electric System, Series 2024A- 3                                                                                                                   | CUSIP: 46613SSD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2483762.18   | 0.09%             | 2036-10-01      | 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        |   3225000 | PA      | $3320618.99   | 0.11%             | 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        |  17000000 | PA      | $17165500.10  | 0.59%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2024B, Subseries B-1                                                           | CUSIP: 89602HHH3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3096763.50   | 0.11%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PH65<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $299942.71    | 0.01%             | 2027-11-15      | 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        |   2250000 | PA      | $2415620.03   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Water Revenue                                                      | City of Oshkosh, Water, Series 2022D                                                                                                                   | CUSIP: 688259QU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $188880.14    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                             | University of Connecticut, Series 2017A                                                                                                                | CUSIP: 914233K67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128803.58    | 0.00%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norwalk CT                                                                    | City of Norwalk, Series 2023                                                                                                                           | CUSIP: 668844XN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $681379.30    | 0.02%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                      | CUSIP: 592647MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1295051.26   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                   | Melissa Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 585488YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267974.73    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project                                              | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3831322.26   | 0.13%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stillwater Central School District                                                    | Stillwater Central School District                                                                                                                     | CUSIP: 860797ND7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002034.30   | 0.10%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1                                                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6670018.58   | 0.23%             | 2031-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                                    | CUSIP: 04052FEE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027145.80   | 0.04%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                              | Los Angeles County Development Authority, West LA Building 156 and 157 Apartments, Series 2023C                                                        | CUSIP: 54467WAH5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3005089.80   | 0.10%             | 2046-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507MS0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1850279.33   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.                                                                              | CUSIP: 041807BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $139820.04    | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bell County Water Control & Improvement District No. 1                                | Bell County Water Control and Improvement District No. 1, Series 2024                                                                                  | CUSIP: 078043QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060218.00   | 0.04%             | 2039-07-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, KIPP Nashville Project, Series 2022A                                                                         | CUSIP: 04052BSM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230688.54    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                                  | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302228.31    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                        | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                      | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8900000 | PA      | $8025292.87   | 0.28%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Scottsdale AZ                                                                 | City of Scottsdale, Project of 2019                                                                                                                    | CUSIP: 810454FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2743757.80   | 0.09%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, AFCO Airport Real Estate Group, Series 2023                                                                                  | CUSIP: 74442PYV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454685.04    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PH57<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280663.43    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crandall Independent School District, Unlimited Tax, Series 2023                                                                                       | CUSIP: 228130KB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2997905.68   | 0.10%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                  | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series 2024B-1                                                      | CUSIP: 70917TRS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1354302.76   | 0.05%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                                  | Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series 2024                                                                  | CUSIP: 606092PR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1434732.35   | 0.05%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $321865.93    | 0.01%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Power Supply, Series 2024A                                                                                            | CUSIP: 45884AK51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2750912.58   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                           | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    630000 | PA      | $643137.64    | 0.02%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                              | County of Miami-Dade, Aviation System, Series 2024A                                                                                                    | CUSIP: 59333P7M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4805000 | PA      | $5089920.64   | 0.18%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                     | Utah Telecommunication Open Infrastructure Agency, Sales Tax and Telecommunications                                                                    | CUSIP: 91756SAM5<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    325000 | PA      | $359931.85    | 0.01%             | 2034-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Electric System, Series 2024D                                                                                             | CUSIP: 682001NP3<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2820581.46   | 0.10%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                          | Los Angeles Department of Water and Power Water System, Series 2020C                                                                                   | CUSIP: 544525ZS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062485.40   | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No. 86 Joliet                                             | Will County School District No. 86 Joliet, Series 2024                                                                                                 | CUSIP: 968767PH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012724.30   | 0.03%             | 2043-03-01      | 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 2020A                                                                      | CUSIP: 67766WZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012753.50   | 0.03%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2018A                                                                                                | CUSIP: 249182LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2984828.62   | 0.10%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $839972.95    | 0.03%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Yes Prep Public School, Inc., Series 2023                                                                      | CUSIP: 187145RJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253831.18    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade, Jackson Health System, Series 2015A                                                                                              | CUSIP: 59333TDU1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Series 2024                                                              | CUSIP: 762244LY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1019088.38   | 0.04%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                               | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15260000 | PA      | $2769236.78   | 0.10%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                     | Texas Municipal Gas Acquisition and Supply Corp. IV Gas supply, Series 2023B                                                                           | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   6135000 | PA      | $6705969.11   | 0.23%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3623119.15   | 0.13%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                           | University of Wisconsin Hospitals and Clinics, Series 2024B                                                                                            | CUSIP: 915260FU2<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162401.60   | 0.07%             | 2031-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Augusta Development Authority                                                         | Augusta Development Authority, AU Health System, Inc. Project, Series 2018                                                                             | CUSIP: 05115CAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3995000 | PA      | $3851309.44   | 0.13%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                | Township of Hampton                                                                                                                                    | CUSIP: 409468LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $908479.21    | 0.03%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                              | Maine Turnpike Authority                                                                                                                               | CUSIP: 560551SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1704401.23   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2019A                                                                     | CUSIP: 64990GSW3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74678.35     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                          | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                                    | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927608.10    | 0.03%             | 2046-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                           | Metropolitan Washington Airports Authority Aviation, Series 2023A                                                                                      | CUSIP: 592647LH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $879091.76    | 0.03%             | 2025-10-01      | 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, Fiscal Year 2018, Series 2018S-4A                                                          | CUSIP: 64972HG48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109485.52    | 0.00%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                              | County of Fort Bend Toll Road, Senior Lien, Series 2024                                                                                                | CUSIP: 346817EQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039732.90   | 0.04%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                      | Kentucky Public Energy Authority, Gas Supply, Series 2023A-1                                                                                           | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3522905.90   | 0.12%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                   | Melissa Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 585488YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361120.55    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melissa Independent School District                                                   | Melissa Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 585488YY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $239225.34    | 0.01%             | 2030-02-01      | Fixed         | 5.00%                 | 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        |   1410000 | PA      | $1420349.54   | 0.05%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                         | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                               | CUSIP: 88283KBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5522693.50   | 0.19%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                      | Katy Independent School District, Unlimited Tax, Series 2024                                                                                           | CUSIP: 486063W55<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2237686.60   | 0.08%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                                 | Northwest Independent School District, Unlimited Tax, Series 2023                                                                                      | CUSIP: 667826EE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2662684.00   | 0.09%             | 2039-02-15      | 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: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3449687.15   | 0.12%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                              | CUSIP: 63610FBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $913257.56    | 0.03%             | 2037-12-01      | 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 2021A                                                       | CUSIP: 89546RSJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1153025.18   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                                                | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  16310000 | PA      | $16988176.32  | 0.59%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                            | City of Lincoln, Electric System                                                                                                                       | CUSIP: 534272J42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87249.58     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FYZ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050366.10   | 0.04%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority, John Muir Health, Series 2024A                                                                 | CUSIP: 13080SR55<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    875000 | PA      | $935249.09    | 0.03%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                                | City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project, Series 2025                                                       | CUSIP: 151452CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1176301.02   | 0.04%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware, Series 2024                                                                                                                        | CUSIP: 246001ZY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $687696.62    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County Housing Finance Authority                                                 | Polk County Housing Finance Authority, Episcopal Catholic Apartments, Series 2023                                                                      | CUSIP: 731903BN9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    750000 | PA      | $756108.75    | 0.03%             | 2040-12-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                            | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   6500000 | PA      | $6670582.10   | 0.23%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                               | Prince William County Service Authority, Water and Sewer System                                                                                        | CUSIP: 741765HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129070.50   | 0.04%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                     | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2021A                                                                      | CUSIP: 451295B65<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37041.79     | 0.00%             | 2029-03-01      | 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: 6461364E8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076030.80   | 0.07%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2024                                                                               | CUSIP: 187145TP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $613608.90    | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                     | City of Charlotte, Series 2024                                                                                                                         | CUSIP: 161045TA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2186789.21   | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington, Various Purpose, Series 2022A                                                                                                     | CUSIP: 93974ERY4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1208227.29   | 0.04%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Lake Forest College, Series 2022A                                                                                          | CUSIP: 45204FQW8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    320000 | PA      | $331900.51    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                            | CUSIP: 04052FEZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1111674.54   | 0.04%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2023C                                                                                                | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2611789.75   | 0.09%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Vail Home Partners Corp.                                                              | Vail Home Partners Corp., Colorado Housing Facilities                                                                                                  | CUSIP: 91879VAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014446.80   | 0.07%             | 2055-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project No. 8, Series 2022A                                                                                        | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2756495.01   | 0.10%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                           | TSASC, Inc., Series A                                                                                                                                  | CUSIP: 898526FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8065000 | PA      | $8099606.11   | 0.28%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2023D                                                                                                                        | CUSIP: 452153GA1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1146435.49   | 0.04%             | 2025-07-01      | 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        |   2000000 | PA      | $2054347.20   | 0.07%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington, Various Purpose, Series 2020C                                                                                                     | CUSIP: 93974EER3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    700000 | PA      | $716801.40    | 0.02%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                     | County of Wake, Series 2025A                                                                                                                           | CUSIP: 930876JF5<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    625000 | PA      | $693314.19    | 0.02%             | 2037-05-01      | 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        |   1000000 | PA      | $1000705.20   | 0.03%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                     | Northeast Ohio Medical University, Series 2022                                                                                                         | CUSIP: 66433RCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055011.10   | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                       | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A                                                             | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2465000 | PA      | $2487006.78   | 0.09%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                           | Ohio Housing Finance Agency, Mortgage- Backed Securities Program, Series 2023B                                                                         | CUSIP: 67756Q4R5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2068685.26   | 0.07%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2024, Series 2024A                                                                                                       | CUSIP: 64966Q6P0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1172164.41   | 0.04%             | 2048-08-01      | 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 223                                                                                    | CUSIP: 73358XAS1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    510000 | PA      | $500382.22    | 0.02%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                              | Colorado Springs School District No. 11 Facilities Corp.                                                                                               | CUSIP: 19662UBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $586273.05    | 0.02%             | 2037-12-15      | 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 2014, Series D-3                                                         | CUSIP: 64971WEY2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15700000 | PA      | $15700000.00  | 0.54%             | 2044-02-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| County of Sullivan TN                                                                 | County of Sullivan                                                                                                                                     | CUSIP: 865287TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30570.68     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                             | State of Wisconsin Environmental Improvement Fund, Series 2018A                                                                                        | CUSIP: 97709TBR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Unlimited Tax, Series 2021A                                                                                                           | CUSIP: 2510935E6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1005864.80   | 0.03%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                           | Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024B                                                                               | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567728.30   | 0.05%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                               | Montgomery County Higher Education and Health Authority, Thomas Jefferson University                                                                   | CUSIP: 613603ZW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $479138.53    | 0.02%             | 2027-09-01      | 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 2017A                                                                      | CUSIP: 67766WXP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46475.09     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                          | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  24000000 | PA      | $23248250.40  | 0.80%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| City of Farmington NM                                                                 | City of Farmington, San Juan Project, Series 2010C                                                                                                     | CUSIP: 311450GE4<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1502841.60   | 0.05%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                    | Denver Health and Hospital Authority, Series 2025A                                                                                                     | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975095.30    | 0.03%             | 2050-12-01      | Fixed         | 5.12%                 | 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        |   5000000 | PA      | $5252742.00   | 0.18%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                          | District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien, Series 2022C1                                                       | CUSIP: 254845SQ4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1897225.20   | 0.07%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 87 Berkeley                                           | Cook County School District No. 87 Berkeley                                                                                                            | CUSIP: 214165LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36123.16     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                                          | CUSIP: 13048VY44<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1490547.49   | 0.05%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                       | State of Oregon, Article XI-F Project, Series 2025F                                                                                                    | CUSIP: 68609URG2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1593528.80   | 0.05%             | 2029-08-01      | 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: 19662UBJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2304997.43   | 0.08%             | 2048-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                          | University of Oklahoma (The), Series 2024A                                                                                                             | CUSIP: 91476PZN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1099436.35   | 0.04%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                    | Ontario Public Financing Authority, Series 2025A                                                                                                       | CUSIP: 68304REK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1893725.80   | 0.07%             | 2055-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                           | CUSIP: 199546CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3511790.64   | 0.12%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue          | Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System, Series 2024B                                  | CUSIP: 70870EEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1330189.07   | 0.05%             | 2050-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                               | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL E                                              | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1268481.38   | 0.04%             | 2031-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board, Series 2023A                                                                                                            | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1750114.45   | 0.06%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                 | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2235200.60   | 0.08%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CDP4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    450000 | PA      | $494413.02    | 0.02%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                | Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022A                                                                                | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1007396.60   | 0.03%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority, Series 2025B-1                                                        | CUSIP: 45528VFJ3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536852.05    | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                               | Prince William County Service Authority, Water and Sewer System                                                                                        | CUSIP: 741765HE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121257.90   | 0.04%             | 2032-07-15      | 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 2021, Series 2021C, Subseries C-1                                        | CUSIP: 64971XTX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751585.43    | 0.03%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                      | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195DU1<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062415.30   | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                               | Capital Trust Authority, IPS Enterprises, Inc., Projects, Series 2023A                                                                                 | CUSIP: 14054WAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1661098.89   | 0.06%             | 2033-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                    | Tennessee Energy Acquisition Corp., Gas Project, Series 2023A-1                                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1279828.88   | 0.04%             | 2028-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                    | State of Wisconsin, Series 2025 2                                                                                                                      | CUSIP: 97705MM85<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4333017.28   | 0.15%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Series 2008B                                               | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    910000 | PA      | $910000.00    | 0.03%             | 2035-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Series 2016B                                                                                                         | CUSIP: 67765QCK0<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35755.74     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                           | Long Island Power Authority, Electric System, Series 2024B                                                                                             | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14415001.50  | 0.50%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority, Series 2025B-1                                                        | CUSIP: 45528VFG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    375000 | PA      | $409130.40    | 0.01%             | 2037-01-01      | 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: 19662UAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $359445.94    | 0.01%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLG6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3852039.98   | 0.13%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thousand Islands Central School District                                              | Thousand Islands Central School District                                                                                                               | CUSIP: 885465HK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500636.45   | 0.05%             | 2025-06-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Water Revenue                                                      | City of Oshkosh, Water, Series 2022D                                                                                                                   | CUSIP: 688259QT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $170451.62    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  13500000 | PA      | $4307366.70   | 0.15%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2016                                                                                                                         | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027250.00   | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, State Loan Program, Series 2024A                                                                                       | CUSIP: 67920Q3U0<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072387.40   | 0.04%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                   | State of California, Various Purpose                                                                                                                   | CUSIP: 13063DZE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $366604.50    | 0.01%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                     | Desert Community College District, Election of 2016                                                                                                    | CUSIP: 250375NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3634124.80   | 0.13%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lenoir City TN Electric System Revenue                                        | City of Lenoir City, Electric System, Series 2022                                                                                                      | CUSIP: 526138MN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $182057.27    | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Consolidated Loan of 2016, Series 2016J                                                                                 | CUSIP: 57582RME3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2423352.03   | 0.08%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                     | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                            | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 351495915 | NS      | $351531065.09 | 12.13%            |  |  |  | No            |                  1 | On Loan: No      |
| New York State Housing Finance Agency                                                 | New York State Housing Finance Agency, 160 Madison Avenue LLC, Series 2013A                                                                            | CUSIP: 64986UA72<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.17%             | 2046-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                    | County of Adams                                                                                                                                        | CUSIP: 005596FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1273016.25   | 0.04%             | 2054-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4K1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    620000 | PA      | $666925.32    | 0.02%             | 2032-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                               | City of Jacksonville, Series 2024                                                                                                                      | CUSIP: 469487VL3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1490507.62   | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                        | CUSIP: 45527CDT6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553518.95    | 0.02%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Township-Marion County Multiple School Building Corp.                        | Franklin Township-Marion County Multiple School Building Corp., Valorem Property Tax First Mortgage, Series 2024                                       | CUSIP: 355137GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053983.30   | 0.04%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health and Educational Facilities Authority, Yale New Heaven Health, Series 2024B                                                    | CUSIP: 20775DYS5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6334023.00   | 0.22%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                            | South Dakota Housing Development Authority, Series 2025A                                                                                               | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1405091.63   | 0.05%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2017A                                                                                                                        | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024854.40   | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2022B                                                                                                | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1806256.73   | 0.06%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                            | Stamford Housing Authority, Mozaic Concierge Living Project, Series 2025A                                                                              | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474015.65   | 0.05%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                              | Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Mobility Partners LLC, Series 2019A             | CUSIP: 882667AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1045663.13   | 0.04%             | 2039-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects, Series 2025A                                                | CUSIP: 64542UHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2164121.25   | 0.07%             | 2045-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                                    | Austin Independent School District, Unlimited Tax                                                                                                      | CUSIP: 052430WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050564.20   | 0.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                              | City of Grand Prairie, Series 2023                                                                                                                     | CUSIP: 386138R37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603117.78    | 0.02%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grandview Heights City School District                                                | Grandview Heights City School District                                                                                                                 | CUSIP: 386694FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1769080.99   | 0.06%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                                 | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3203618.10   | 0.11%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                     | County of Hays, Limited Tax                                                                                                                            | CUSIP: 421020A99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20279.70     | 0.00%             | 2026-02-15      | 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        |   1680000 | PA      | $1769063.02   | 0.06%             | 2029-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Senior Lien, Airport System, Series 2023                                                                      | CUSIP: 71883MQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500513.10    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032AX7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049302.20   | 0.07%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                               | Montgomery County Higher Education and Health Authority, Series 2022B                                                                                  | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933640.80   | 0.07%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stony Point NY                                                                | Town of Stony Point                                                                                                                                    | CUSIP: 862089NC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78299.69     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Brynt University Issue, Series 2024                                                                | CUSIP: 762197T84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2398859.75   | 0.08%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                      | Virginia Public School Authority, 1997 Resolution, Series 2025A                                                                                        | CUSIP: 92818HH53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $4280067.46   | 0.15%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                                | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4370610.63   | 0.15%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                               | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  10000000 | PA      | $9379476.00   | 0.32%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series A-1                                                                                                           | CUSIP: 709224YT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108890.44    | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Holland MI                                                                    | City of Holland, Series 2023                                                                                                                           | CUSIP: 435164WW4<br>LEI: 5493006PATL0IAK3G383 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1121409.76   | 0.04%             | 2041-05-01      | 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 2022, Series 2022B, Subseries B-1                                        | CUSIP: 64971XE61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8370000 | PA      | $7476353.51   | 0.26%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                         | New York State Environmental Facilities Corp.,Solid Waste Disposal, Waste Management, Inc. Project                                                     | CUSIP: 649852AN0<br>LEI: 549300QJ33JJW73OQO60 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3001336.50   | 0.10%             | 2030-05-01      | Variable      | 4.10%                 | 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        |  14030000 | PA      | $13731158.19  | 0.47%             | 2049-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| City of Clarksville TN Water Sewer & Gas Revenue                                      | City of Clarksville Water Sewer and Gas, Series 2021A                                                                                                  | CUSIP: 182618PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3770209.04   | 0.13%             | 2041-02-01      | Fixed         | 4.00%                 | 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        |   2100000 | PA      | $2100430.50   | 0.07%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Senior Lien, Series 2023C                                                                                              | CUSIP: 79467BGF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070413.20   | 0.04%             | 2033-01-01      | 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        |   3600000 | PA      | $3770929.44   | 0.13%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                   | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444ES1<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177080.68    | 0.01%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4P0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1469379.29   | 0.05%             | 2036-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                | City of Mesa Utility System                                                                                                                            | CUSIP: 5905452Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2227480.20   | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                                 | City of San Marcos, Combination Tax                                                                                                                    | CUSIP: 798765ET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $175905.17    | 0.01%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glen Rose Independent School District                                                 | Glen Rose Independent School District, Unlimited Tax, Series 2023                                                                                      | CUSIP: 377856KA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060186.90   | 0.04%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                             | Florida Atlantic University Finance Corp., Student Housing Project, Series 2019B                                                                       | CUSIP: 31200CCW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264200.65    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                    | State of Wisconsin, Series 2025 1                                                                                                                      | CUSIP: 97705MK53<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   4320000 | PA      | $4871103.26   | 0.17%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX Utility System Revenue                                      | City of Corpus Christi, Utility System, Series 2022B                                                                                                   | CUSIP: 220245U51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $360027.85    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                      | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project, Series 2019A                                                     | CUSIP: 011903GF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2365839.06   | 0.08%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Senior Lien, Series 2023C                                                                                        | CUSIP: 167562TF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3717106.75   | 0.13%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chico Unified School District                                                         | Chico Unified School District, Election of 2024, Series 2024A                                                                                          | CUSIP: 168520RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463860.95   | 0.05%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                   | California School Finance Authority, Kipp SoCal Public Schools, Series 2019A                                                                           | CUSIP: 13059TFT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $830096.52    | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                  | Kansas Development Finance Authority, AdventHealth, Series 2021B                                                                                       | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    200000 | PA      | $217490.22    | 0.01%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                            | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3257132.70   | 0.11%             | 2049-07-01      | Variable      | 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 2022, Series 2022F, Subseries F-1                                        | CUSIP: 64971XT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975493.20    | 0.03%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                       | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                               | CUSIP: 01728A4S2<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1884496.50   | 0.07%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2018A                                                                                                                        | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2677463.26   | 0.09%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Series 2024E                                                                                          | CUSIP: 45528VEB1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1816797.14   | 0.06%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                    | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Series 2024                                                              | CUSIP: 762244MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012748.50   | 0.03%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2020B-2                                                    | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1961498.03   | 0.07%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                  | County of Jefferson sewer                                                                                                                              | CUSIP: 472682ZG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2115920.00   | 0.07%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                                   | City of Richmond, Public Improvement, Series 2017B                                                                                                     | CUSIP: 76541VRV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183131.74    | 0.01%             | 2027-07-15      | 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        |   4365000 | PA      | $4672732.06   | 0.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                       | Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority, Series 2025B-1                                                        | CUSIP: 45528VFK0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    230000 | PA      | $244602.84    | 0.01%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                         | Florida Housing Finance Corp., Northside Transit Village III, Series 2023B                                                                             | CUSIP: 34074HGZ9<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010471.70   | 0.03%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                       | Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project, Series 2024          | CUSIP: 160131ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1417500.64   | 0.05%             | 2028-12-01      | 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: 60637ANA6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    180000 | PA      | $189381.10    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                             | Maine Municipal Bond Bank, Series 2025A                                                                                                                | CUSIP: 56045SBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $713453.72    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                 | County of Buncombe, Limited Tax                                                                                                                        | CUSIP: 120525KF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129455.50   | 0.04%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Public Facilities Financing Authority                             | South San Francisco Public Facilities Financing Authority, Community Civic Campus and Multiple Capital Projects, Series 2021A                          | CUSIP: 840035BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $230119.34    | 0.01%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Electric System, Series 2022A                                                                                             | CUSIP: 682001HM7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3469052.25   | 0.12%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                                | University of Kentucky, General Receipts, Series 2015A                                                                                                 | CUSIP: 914378HP2<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4756940.50   | 0.16%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                               | Indio Finance Authority, City of Indio, Series 2022A                                                                                                   | CUSIP: 45571LDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $352311.31    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                   | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                          | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2136294.72   | 0.07%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                  | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503113.85    | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                                                                                      | CUSIP: 452153KW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3178767.90   | 0.11%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                          | Clark County School District, Limited Tax, Series 2018A                                                                                                | CUSIP: 181059ZR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $99245.39     | 0.00%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                           | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                       | CUSIP: 82170KAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $118509.69    | 0.00%             | 2034-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority, Series 2025B                                                                                                  | CUSIP: 8371516N4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507807.00   | 0.09%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                              | City of Austin, Airport System, Series 2017B                                                                                                           | CUSIP: 052398FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979260.70    | 0.03%             | 2046-11-15      | Fixed         | 5.00%                 | 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 2020, Series 2022FF                    | CUSIP: 64972GWZ3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1647916.16   | 0.06%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                                    | Ontario Public Financing Authority, Civic Center Improvements, Series 2022A                                                                            | CUSIP: 68304RCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $156765.49    | 0.01%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1                                                                              | CUSIP: 19648FJX3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1454879.72   | 0.05%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fircrest Properties                                                                   | Fircrest Properties, State of Washington Dshs Project                                                                                                  | CUSIP: 318094AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5269045.00   | 0.18%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                              | River Islands Public Financing Authority, Facilities District No. 2003, Series 2022A-1                                                                 | CUSIP: 76827QGF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $357781.48    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                  | CUSIP: 45506ELZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2254748.80   | 0.08%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power System Revenue                                | Los Angeles Department of Water and Power, Power System, Series 2022A                                                                                  | CUSIP: 544532DP6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    235000 | PA      | $250929.57    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025, Series 2025E                                                         | CUSIP: 64972JPR3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1143537.38   | 0.04%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PJ30<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    460000 | PA      | $493266.65    | 0.02%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Series 2024B                                                                                                    | CUSIP: 59261A3L9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060256.20   | 0.07%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                                  | City of Milwaukee, Promissory Notes, Series 2023N3                                                                                                     | CUSIP: 602366W69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1812436.84   | 0.06%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                                      | City of Miami, Series 2024A                                                                                                                            | CUSIP: 59338CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1583022.15   | 0.05%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                     | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $5422382.05   | 0.19%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                | New York State Energy Research and Development Authority, Series 1997A                                                                                 | CUSIP: 649845HE7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7540000 | PA      | $7533368.57   | 0.26%             | 2032-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4123527.60   | 0.14%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                          | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                     | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25795.03     | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City, Airport System, Series 2021A                                                                                                   | CUSIP: 795576JM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2473709.88   | 0.09%             | 2029-07-01      | 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 2025A                                                                                   | CUSIP: 546475WY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2192582.04   | 0.08%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Sonoma County Securitization Corp., Series 2020B 2                                                    | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $201048.50    | 0.01%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                              | New York Power Authority, Green Transmission Project, Series 2023A                                                                                     | CUSIP: 65000XBU3<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010884.90   | 0.03%             | 2053-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                         | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2025B                                   | CUSIP: 69650MBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8485000 | PA      | $8109494.63   | 0.28%             | 2049-11-15      | 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        |   2500000 | PA      | $2620550.75   | 0.09%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Round Rock TX                                                                 | City of Round Rock                                                                                                                                     | CUSIP: 779223JJ6<br>LEI: 549300VJM2Z2IGVYF523 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1207468.16   | 0.04%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water and Power System, Series 2021C                                                                                         | CUSIP: 544532CQ5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   6285000 | PA      | $6315486.65   | 0.22%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832KU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1390600.00   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC                                                                       | Town of Cary, Series 2021                                                                                                                              | CUSIP: 147051YK6<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   5475000 | PA      | $5711593.91   | 0.20%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                     | State of Maryland, State and Local Facilities Loan of 2022, Series 2022A                                                                               | CUSIP: 574193VK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114741.40   | 0.04%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mabank Independent School District                                                    | Mabank Independent School District, Unlimited Tax, Series 2024                                                                                         | CUSIP: 554086NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575076.65    | 0.02%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                  | County of Harnett, Limited Tax                                                                                                                         | CUSIP: 41333TCL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $197190.20    | 0.01%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Commission                                           | Northern Virginia Transportation Commission, Transforming Rail in Virginia Program                                                                     | CUSIP: 66604PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $678305.22    | 0.02%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                | Bucks County Water and Sewer Authority, Series 2022A                                                                                                   | CUSIP: 118683JP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $116377.84    | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                         | New Jersey Turnpike Authority, Series 2022B                                                                                                            | CUSIP: 646140EQ2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560471.90   | 0.05%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLK7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1332019.44   | 0.05%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                               | County of Williamson, Limited Tax                                                                                                                      | CUSIP: 9698874J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40584.61     | 0.00%             | 2026-02-15      | 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 2013-1                                                     | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1015000 | PA      | $1008329.42   | 0.03%             | 2027-03-12      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Series 2024A                                                                                           | CUSIP: 64613CEQ7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12702600.00  | 0.44%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                     | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205180.60    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  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        |   5000000 | PA      | $5236915.00   | 0.18%             | 2039-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Rapids Community School District Infrastructure Sales Services & Use Tax        | Cedar Rapids Community School District Infrastructure Sales Services and Use Tax, Series 2023                                                          | CUSIP: 150539CT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1121945.34   | 0.04%             | 2036-07-01      | 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, Belmont University, Series 2023                        | CUSIP: 592029CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $415846.60    | 0.01%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series 2016B                                                                                                         | CUSIP: 709224PF0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    575000 | PA      | $576440.84    | 0.02%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                  | Tennessee Housing Development Agency, Series 2025-1A                                                                                                   | CUSIP: 88046KQU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5446329.00   | 0.19%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                    | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2018A                                                                | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4547068.20   | 0.16%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Highland Park IL                                                              | City of Highland Park                                                                                                                                  | CUSIP: 430434ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36138.60     | 0.00%             | 2028-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                               | Tobacco Securitization Authority of Southern California, Series 2019A, Class 1                                                                         | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2927591.10   | 0.10%             | 2048-06-01      | Fixed         | 5.00%                 | 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 2024, Series 2024, Subseries AA-1      | CUSIP: 64972GF41<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2805131.25   | 0.10%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                | San Antonio Education Facilities Corp., Trinity University Project, Series 2024A                                                                       | CUSIP: 796247EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1386209.50   | 0.05%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                   | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                           | CUSIP: 199546CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5243837.50   | 0.18%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494100.95    | 0.02%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                               | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                             | CUSIP: 499526AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519742.10    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crandall Independent School District, Unlimited Tax, Series 2023                                                                                       | CUSIP: 228130KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5365012.83   | 0.19%             | 2041-02-01      | 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 2024, Series 2024, Subseries CC-1                                      | CUSIP: 64972GH98<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556548.20   | 0.05%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                                  | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511621.75    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                             | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2018A-1                                                                 | CUSIP: 38122NZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265260.65    | 0.01%             | 2032-06-01      | 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 2024B                                                  | CUSIP: 79574CGM9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6556087.80   | 0.23%             | 2039-05-01      | Fixed         | 5.00%                 | 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 2023, Series 2023CC                    | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   2105000 | PA      | $2105000.00   | 0.07%             | 2053-06-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230540.29    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brushy Creek Regional Utility Authority, Inc.                                         | Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project                                          | CUSIP: 117467DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86785.37     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wylie Independent School District/Collin County                                       | Wylie Independent School District                                                                                                                      | CUSIP: 98306EBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2695000 | PA      | $2880346.20   | 0.10%             | 2039-08-15      | 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        |   2500000 | PA      | $2517109.00   | 0.09%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2019, Series 2019E                                                                                                       | CUSIP: 64966MR43<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105093.97    | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                | Illinois Housing Development Authority, Series 2025A                                                                                                   | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4454117.60   | 0.15%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Paulding County School District                                                       | Paulding County School District                                                                                                                        | CUSIP: 703600GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1930609.28   | 0.07%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996358.90    | 0.03%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2025A                                                      | CUSIP: 93978HZE8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072152.60   | 0.04%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                 | Metropolitan St. Louis Sewer District, Wastewater System Improvement, Series 2017A                                                                     | CUSIP: 592481JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52101.60     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                                             | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1654003.40   | 0.06%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                            | Finance Authority of Maine, Casella Waste System, Inc. Project                                                                                         | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1995332.60   | 0.07%             | 2035-08-01      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Virginia Resources Authority                                                          | Virginia Resources Authority, Virginia Pooled Financing Program, Series 2024A                                                                          | CUSIP: 92818PWD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2278726.38   | 0.08%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                   | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5495000 | PA      | $5578344.31   | 0.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series 2024B                                                              | CUSIP: 87638THN6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2640056.05   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | 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        |   5000000 | PA      | $5022669.00   | 0.17%             | 2025-12-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Multi-Family The Ranches At Gunsmoke Project                                                                 | CUSIP: 04062PCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2639664.31   | 0.09%             | 2058-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                 | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                            | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14500000 | PA      | $1788734.50   | 0.06%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                       | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                               | CUSIP: 01728A4V5<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4161463.20   | 0.14%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                | University of Colorado, Enterprise System, Series 2017A-2                                                                                              | CUSIP: 91417NJK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35730.28     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                        | CUSIP: 64966SLJ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4220498.40   | 0.15%             | 2028-02-01      | 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 2021E                                                           | CUSIP: 64990KFU2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183340.97    | 0.01%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                | Oklahoma Development Finance Authority Health System, OU Medicine Project, Series 2018B                                                                | CUSIP: 67884XCH8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5386211.73   | 0.19%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Series 2023B                                                                                              | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5460000 | PA      | $5443528.82   | 0.19%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020542.00   | 0.04%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                                  | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084957.80   | 0.04%             | 2031-12-01      | 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        |   4000000 | PA      | $4147099.20   | 0.14%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                   | Jarrell Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 471146XR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1334720.90   | 0.05%             | 2040-02-15      | 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 2018A                                                       | CUSIP: 89546RQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47065.34     | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2024A                                                                 | CUSIP: 54811BN64<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4126064.00   | 0.14%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fishers Redevelopment Authority                                                       | Fishers Redevelopment Authority, Lease Rental, Geist Park Improvement Project, Series 2024B                                                            | CUSIP: 33803TTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $931911.90    | 0.03%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FZC1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1200857.90   | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irion County Independent School District                                              | Irion County Independent School District, Unlimited Tax, Series 2024                                                                                   | CUSIP: 462695FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1230626.41   | 0.04%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                  | CUSIP: 45506ELX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107222.20   | 0.04%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $799710.60    | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Board of Regents                                                              | Arizona Board of Regents, State University, Series 2024                                                                                                | CUSIP: 04048RXB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049198.50   | 0.04%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Culture and Sports Facilities Building Fund Projects, Series 2025A                                                                      | CUSIP: 677523LY6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323275.88   | 0.05%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Electric System, Series 2016A                                                                                             | CUSIP: 682001EX6<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40553.92     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public Private Partnership Project                                                  | CUSIP: 546399SX5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017884.30   | 0.04%             | 2054-09-01      | Fixed         | 5.50%                 | 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 2023F, Subseries F-1                                        | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1097581.63   | 0.04%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rogers MN                                                                     | City of Rogers, Sales Tax, Series 2024B                                                                                                                | CUSIP: 775252XW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1277198.13   | 0.04%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Culture and Sports Facilities Building Fund Projects, Series 2025A                                                                      | CUSIP: 677523MA7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090839.20   | 0.04%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| College Park Housing Authority                                                        | College Park Housing Authority, Series 2025                                                                                                            | CUSIP: 194307AA2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1503799.20   | 0.05%             | 2044-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Lawrenceville Housing Authority                                                       | Lawrenceville Housing Authority, Applewood Towers Project, Series 2024B                                                                                | CUSIP: 520628AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1678181.55   | 0.06%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                               | District of Columbia, Income Tax, Series 2019A                                                                                                         | CUSIP: 25477GNZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107247.84    | 0.00%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Series 2024A                                                                                                       | CUSIP: 65000BX86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1941255.79   | 0.07%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                    | State of Wisconsin, Series 2025A                                                                                                                       | CUSIP: 97705MT39<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |  12300000 | PA      | $13905416.91  | 0.48%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                  | County of Jefferson sewer                                                                                                                              | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077654.60   | 0.07%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                 | County of Buncombe, Limited Tax                                                                                                                        | CUSIP: 120525KC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1490302.40   | 0.05%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, Clean Water Program                                                                                                    | CUSIP: 67919PVB6<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1654397.01   | 0.06%             | 2043-04-01      | 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 2018B-1                                                                        | CUSIP: 64971XCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2524521.45   | 0.09%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                           | Ohio Higher Educational Facility Commission, Denison University 2017 Project, Series 2017A                                                             | CUSIP: 67756BC99<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75625.15     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Kahala Nui Project                                                                                                           | CUSIP: 74442PJ55<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    680000 | PA      | $731090.71    | 0.03%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                | Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022B                                                                                | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2014454.60   | 0.07%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                 | New York State Housing Finance Agency, 160 West 62nd Street Housing, Series 2011A-2                                                                    | CUSIP: 64987JZ38<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1485472.80   | 0.05%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025B                                                                   | CUSIP: 74439YFX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $291404.11    | 0.01%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                                                                                      | CUSIP: 452151YD9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5331502.50   | 0.18%             | 2029-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Holland MI                                                                    | City of Holland, Series 2023                                                                                                                           | CUSIP: 435164WX2<br>LEI: 5493006PATL0IAK3G383 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038487.60   | 0.04%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                  | Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-1                                                   | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1855629.00   | 0.06%             | 2054-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                            | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228588.63    | 0.01%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                    | City of Garland Electric Utility System                                                                                                                | CUSIP: 366133TL0<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014409.40   | 0.04%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                        | Empire State Development Corp., State Personal Income Tax, General Purpose, Series 2020A                                                               | CUSIP: 650036AN6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446622.25    | 0.02%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2018A                                                                                                | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3380000 | PA      | $3026059.58   | 0.10%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                      | County of Lee, Airport, Series 2021A                                                                                                                   | CUSIP: 523470GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425992.00    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health and Higher Educational Facilities Authority, Series 2024A                                                                                 | CUSIP: 56042SDE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1201637.67   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                     | Utah Telecommunication Open Infrastructure Agency, Sales Tax and Telecommunications                                                                    | CUSIP: 91756SAN3<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    580000 | PA      | $639135.06    | 0.02%             | 2035-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                             | City of Atlanta, Georgia Airport, Series 2019B                                                                                                         | CUSIP: 04780MVM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1897345.53   | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berrien Springs Public Schools                                                        | Berrien Springs Public Schools, School Building and Site, Unlimited Tax                                                                                | CUSIP: 085743KQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107237.46    | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                          | District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B                                                                 | CUSIP: 254845NG1<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65433.56     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Great Lakes Sanitation District/IA                                               | Iowa Great Lakes Sanitation District                                                                                                                   | CUSIP: 462457LJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1165730.34   | 0.04%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                           | District of Columbia Housing Finance Agency, Multi Family Housing 2911 Rhode Island Apartments Project, Series 2025A                                   | CUSIP: 25477PQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3647371.70   | 0.13%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                                 | South Jersey Transportation Authority, Series 2025A                                                                                                    | CUSIP: 838536NR7<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1592435.05   | 0.05%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Lebanon Hospital Authority                                                      | Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project                                                                                  | CUSIP: 621820DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $1842749.69   | 0.06%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                           | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497812.50    | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                        | CUSIP: 64966SME3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5203183.00   | 0.18%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                             | Maine Municipal Bond Bank, Series 2025A                                                                                                                | CUSIP: 56045SBE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2214793.37   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                 | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                   | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3754159.30   | 0.13%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                       | Casino Reinvestment Development Authority, Inc., Luxury Tax, Series 2024A                                                                              | CUSIP: 14760RAZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1844922.24   | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                          | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1367499.00   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                    | County of Boone, Duke Energy Kentucky, Inc., Series 2008A                                                                                              | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501361.40    | 0.02%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington Motor Vehicle Fuel Tax, Series R-2025E                                                                                             | CUSIP: 93974FAX1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3275703.91   | 0.11%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                              | New York Power Authority, Green Transmission Project, Series 2023A                                                                                     | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2795491.33   | 0.10%             | 2058-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                        | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                      | CUSIP: 454898YF8<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1201242.04   | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                                   | County of Nassau, General Improvement, Series 2025A                                                                                                    | CUSIP: 63165T6X8<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   5780000 | PA      | $5244656.98   | 0.18%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, State Loan Program, Series 2024B                                                                                       | CUSIP: 67920Q4N5<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1286864.88   | 0.04%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.                                       | Casino Reinvestment Development Authority, Inc., Luxury Tax, Series 2024A                                                                              | CUSIP: 14760RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006727.50   | 0.03%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, State Loan Program, Series 2024B                                                                                       | CUSIP: 67920Q4Q8<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059329.10   | 0.04%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irion County Independent School District                                              | Irion County Independent School District, Unlimited Tax, Series 2024                                                                                   | CUSIP: 462695FJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1127260.91   | 0.04%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                              | River Islands Public Financing Authority, Facilities District No. 2003, Series 2022A-1                                                                 | CUSIP: 76827QGE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $224681.96    | 0.01%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                               | Trinity River Authority of Texas, Livingston Regional Water Supply System Project, Series 2023                                                         | CUSIP: 896560XT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1212047.98   | 0.04%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Wilmette IL                                                                | Village of Wilmette, Series 2020B                                                                                                                      | CUSIP: 971481UJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $144313.90    | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $160754.58    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                               | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                                      | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2375108.78   | 0.08%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                            | City of Garland Electric Utility System                                                                                                                | CUSIP: 052414WC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097704.60   | 0.04%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook, Sales Tax                                                                                                                              | CUSIP: 213248BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062632.60   | 0.07%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Sales and Excise Tax Revenue                                | City of Salt Lake City, Sales and Excise Tax, Series 2022A                                                                                             | CUSIP: 79560TFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $161618.39    | 0.01%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkley School District                                                               | Berkley School District, Unlimited Tax                                                                                                                 | CUSIP: 084482DU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $218604.06    | 0.01%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                  | CUSIP: 45471FAD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $407807.28    | 0.01%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, State Revolving Fund                                                                                                           | CUSIP: 46246K4B5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31479.06     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                         | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1373074.71   | 0.05%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Series 2023A                                                                                                         | CUSIP: 67765QNH5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1669999.25   | 0.06%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                                | Syracuse Industrial Development Agency, Syracuse City School District Project, Series 2020A                                                            | CUSIP: 871683FH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1286358.47   | 0.04%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                 | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B1CL2                                   | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2363834.30   | 0.08%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project, Series 2023B-2                                                                                            | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1069136.21   | 0.04%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Weslaco Independent School District                                                   | Weslaco Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 950885WE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083351.60   | 0.04%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                          | City and County of Honolulu, Series D                                                                                                                  | CUSIP: 438687BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46617.59     | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | 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        |     55000 | PA      | $55366.86     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, AFCO Airport Real Estate Group, Series 2023                                                                                  | CUSIP: 74442PYU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265148.96    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                | Lewisville Independent School District, Series 2025                                                                                                    | CUSIP: 52882PHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $11907836.25  | 0.41%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project                                                                          | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3370463.70   | 0.12%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Bucks School District                                                         | Central Bucks School District                                                                                                                          | CUSIP: 152735ZP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $332156.25    | 0.01%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025A                                                                   | CUSIP: 74439YFP1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047530.80   | 0.04%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2021, Series 2021-1                                                                                                      | CUSIP: 64966QWD8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    235000 | PA      | $255324.00    | 0.01%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                        | Empire State Development Corp., State Sales Tax, Series 2021A                                                                                          | CUSIP: 64985TCT6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2206437.75   | 0.08%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Arlington VA                                                                | County of Arlington                                                                                                                                    | CUSIP: 041431XJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $226215.47    | 0.01%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025A                                                                   | CUSIP: 74439YFR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257599.45    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dryden Central School District                                                        | Dryden Central School District                                                                                                                         | CUSIP: 262477GU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7600000 | PA      | $7604781.16   | 0.26%             | 2025-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Series 2016C                                                                                                                | CUSIP: 45470RCT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35329.81     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Adventist Health System, Series 2021A                                                                            | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $4824728.98   | 0.17%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Culture and Sports Facilities Building Fund Projects, Series 2025A                                                                      | CUSIP: 677523LZ3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1344292.75   | 0.05%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade, Jackson Health System                                                                                                            | CUSIP: 59333TFQ8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2208999.53   | 0.08%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paulding County School District                                                       | Paulding County School District                                                                                                                        | CUSIP: 703600GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3325845.61   | 0.11%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Campbell WY                                                                 | County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities, Series 2019A                               | CUSIP: 134340AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13305000 | PA      | $11500915.18  | 0.40%             | 2039-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                    | State of Minnesota, Series 2021A                                                                                                                       | CUSIP: 60412AWW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975811.80    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832LJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1220286.28   | 0.04%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Series 2024B                                                                                                             | CUSIP: 686507ME1<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1342914.71   | 0.05%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Multi School Building Corp.                                            | Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage                                                                     | CUSIP: 715036AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35070.06     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                                       | IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2024                                                                   | CUSIP: 46263RUC7<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1377484.38   | 0.05%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, The New School, Series 2025A                                                                                       | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885435.20    | 0.03%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                   | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                         | CUSIP: 54659LBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $61865.95     | 0.00%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of St Mary's MD                                                                | County of St. Mary's, Public Improvement                                                                                                               | CUSIP: 792554YC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71649.77     | 0.00%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                             | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2023A                                                                | CUSIP: 68450LHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $804713.70    | 0.03%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                      | Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition Bonds, Series 2023A                                        | CUSIP: 93878YDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625359.05   | 0.06%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                            | City of North Las Vegas, Water and wastewater Reclamation System Limited Tax, Series 2024B                                                             | CUSIP: 660393X61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106481.30   | 0.04%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Energy Authority (The)                                                   | Philadelphia Energy Authority (The), Philadelphia Street Lighting Project, Series 2023A                                                                | CUSIP: 71780UAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $894324.75    | 0.03%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Brown University Health Obligated Group, Series 2025B                                                        | CUSIP: 57585BKC1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2423315.19   | 0.08%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion County School Board                                                            | Marion County School Board                                                                                                                             | CUSIP: 56879EHL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1531916.95   | 0.05%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                   | Jarrell Independent School District, Unlimited Tax, Series 2024                                                                                        | CUSIP: 471146XN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090459.60   | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority                                      | Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group                                                                    | CUSIP: 386523HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178191.21    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series 2025W                                                                    | CUSIP: 57585BHN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1781100.40   | 0.06%             | 2055-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, AFCO Airport Real Estate Group, Series 2023                                                                                  | CUSIP: 74442PYW9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    790000 | PA      | $806185.20    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                 | County of Buncombe, Limited Tax                                                                                                                        | CUSIP: 120525KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $764159.06    | 0.03%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                          | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1289140.56   | 0.04%             | 2039-07-01      | 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 2021E                                                           | CUSIP: 64990FL44<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916178.00    | 0.03%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                            | Great Lakes Water Authority Sewage Disposal System, Second Lien, Series B                                                                              | CUSIP: 39081HAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2007866.15   | 0.07%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                      | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                  | CUSIP: 734195DW7<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    565000 | PA      | $591518.73    | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Miguel County School District R-1 Telluride                                       | San Miguel County School District R-1 Telluride, Series 2024                                                                                           | CUSIP: 799098GG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057296.50   | 0.04%             | 2042-12-01      | 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 248                                                                                    | CUSIP: 73358XPK2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1687507.05   | 0.06%             | 2033-01-15      | 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 2017A-1                                                                            | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7500000 | PA      | $7499666.25   | 0.26%             | 2026-07-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                                        | Public Power Generation Agency, Whelan Energy Center Unit 2, Series 2024A                                                                              | CUSIP: 744434FA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1868405.35   | 0.06%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Lake Forest College, Series 2022A                                                                                          | CUSIP: 45204FQY4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    235000 | PA      | $244671.26    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                  | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2024B                                                                       | CUSIP: 1675935D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015866.60   | 0.04%             | 2048-01-01      | 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        |   1300000 | PA      | $1422250.83   | 0.05%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                | County of Baltimore                                                                                                                                    | CUSIP: 05914GLU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12450000 | PA      | $13135521.90  | 0.45%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Independent School District                                                | Montgomery Independent School District, Unlimited Tax, Series 2024A                                                                                    | CUSIP: 614121ZK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3160563.80   | 0.11%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                  | State of Mississippi, Series 2016B                                                                                                                     | CUSIP: 605581HN0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20199.35     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                                | Harris County-Houston Sports Authority, Senior Lien, Series 2024A                                                                                      | CUSIP: 413890GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3599400.35   | 0.12%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing and Finance Association, Transportation Expansion and Congestion Mitigation Fund, Series 2022A                                           | CUSIP: 45130AAN5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548227.30    | 0.02%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                          | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5070369.45   | 0.17%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mabank Independent School District                                                    | Mabank Independent School District, Unlimited Tax, Series 2024                                                                                         | CUSIP: 554086NW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614396.76    | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Trinity Health Credit Group, Series 2022B                                                                                  | CUSIP: 59447T2Y8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052345.50   | 0.04%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                      | Energy Northwest, Project 1, Series 2025A                                                                                                              | CUSIP: 29270C6Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2243636.80   | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                                         | San Jose Evergreen Community College District, Series C                                                                                                | CUSIP: 798189TF3<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937043.80   | 0.07%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                       | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                        | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3795000 | PA      | $3797829.55   | 0.13%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                                | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15825000 | PA      | $1518980.03   | 0.05%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                              | County of Fort Bend Toll Road, Senior Lien, Series 2024                                                                                                | CUSIP: 346817EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104751.00   | 0.04%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                      | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832KX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1897442.85   | 0.07%             | 2034-12-01      | Fixed         | 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